Here's the thing.  Why more laws to protect people from themselves?  Most of the fraud that was commited, there are already laws against.  Are new laws going to deter people more than the old laws did?  I doubt it.  There are already laws about what we disclose to potential buyers about the loan that they are about to sign. Are more laws going to make buyers understand it better or make those who failed to disclose before, disclose more now?  I doubt it.  I teach lots of classes to adults who are, or wish to be agents and what we have come down to is that the foreclosure disaster is caused by only two things....

Greed and ignorance.

I'mnot talking about the greed of the professionals alone, but also of the buyers who wanted more than they could rationally afford.  I'm also not talking about only the borrower's ignorance, but also that of some professionals who squeezed borrowers into inappropriate loans, when there was a better product available to the borrow that the professional was unaware of. 

 I hate to say it, but it's alot like gun legislation.  Guns don't kill people, people kill people.    Loan products and laws don't cause foreclosure, people do.  I have simpathy for those who had a job loss or catastrophic injury, but those that haul their 5 flat screen tvs out while the sherrif padlocks the house don't get my tears.