A Lot More

Observations on housing's wreckage and recovery

Why reform died

In The Washington Independent, the consistently excellent Mary Kane has a sharp piece explaining why efforts in Congress to directly prohibit many predatory lending practices have been a non-starter. Expect the new Obama administration financial industry regulation plan and its promise of a Consumer Financial Protection Agency to doom whatever chances such legislation had. As I noted earlier this week, nothing  – no, not even a 5 percent stake in a loan’s performance – will stop financial institutions from continuing to create harmful mortgages.

June 17th, 2009 | Tags: , , ,
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