It appears the federal government is working at assessing blame for the current state of affairs. Naturally, since FIRREA took care of the dangers of over-valuations on appraisal, that is no longer worth addressing. The President's Working Group Policy statement therefore focuses on the socially dangerous people who viciously, and without good reason, lend money to people who need it.
I will be enchanted to learn which lenders decide that their loan business in the US should be restricted only to those whose net worth already exceeds the value of the house they propose to buy, as appraised.
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