Ah, Congress, Suspenders of Common Sense
From "Musings from the Titanic" by Steven LaTulippe,LewRockwell.com, 03/17/08
"The official policy of our government over the past several decades has been to help people realize 'the American Dream.' In practice, this has meant wholesale government interference in the mortgage industry for one purpose: cajoling financial institutions into making loans to marginal customers who wouldn’t ordinarily qualify for a mortgage.
"In essence, the feds demanded easy loan policies, prompting financial institutions to loan money to practically anyone who could fog a mirror.
"And now (surprise!) we come to find that people with bad credit are, well, bad credit risks!"
posted by Burt @ 9:20 AM
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