accountability: You couldn't get a bad loan today if you wanted to... - 01/09/10 01:37 AM

I believe there will always be loans going bad no matter how tough the underwriting, life happens.  With higher lending standard I believe it will all be manageable.  Where in the past it wasn't.
With the mortgage insurance on the low or no down payment loans.  As long as the premiums cover the default rate (if it doesn't raise the insurance premium).  Why should we care? (speaking as a taxpayer) The high risk borrowers are paying the extra expense.
I believe the changes are good and I happy to see the accountability.
Elvin wrote the great thought provoking post below.  Enjoy....

accountability: Fire Prevention...Did we get our monies worth? Warning... Unpopular Opinion Ahead! - 01/11/09 04:38 AM


We paid the government for fire prevention (regulation of the mortgage and securities industries) to STOP the arsonists from setting fires and creating huge damage to the housing and stock market.  They FAILED.
Why are the Arsonists still running around free spending the money they earned from setting these fires?
We are current paying the government to repair the fire damage.  FAILING.
If you had an employee this incompetent would you keep them on the payroll or let them drive your business into bankruptcy?
I have always been a realist … (7 comments)

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