Bizarre new banking regulation
Bob Morris @ Jan 19th 2008 15:07 - Category: Credit crisis
Banks making sub-prime loans will be required to actually consider the borrower’s ability to pay and confirm a borrower’s income before handing over the money. Now there’s a radical notion.
And yes, some banks and mortgage companies are screaming about such onerous rules, and if the government would just leave the market alone, everything would magically fix itself. What they of course fail to mention is that such lack of regulation is precisely what led to the greedfest followed by the implosion of credit markets.
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Kriss Brink on 19 Jan 2008 at 8:18 pm #
Bill Clinton repealed the Glass-Stegall act that got us in this mess back in 1999 to begin with. Now it comes to roost.
reader on 19 Jan 2008 at 11:09 pm #
Bill Clinton repealed the Glass-Stegall act that got us in this mess back in 1999 to begin with.
Now there’s another reason to hate Clinton. And his wife has the nerve to ask for our votes?