“Does anybody else think that the BK law changed back in 05 was good timing for the banks or what?”
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Bad timing for the banks because the new law encourages people decide to walk from their mortgages rather than their credit card debts (which can no longer be discharged).

Underwriting is now upside-down where mortgages are riskier than credit card loans. Big problem for the banks is that mortgages pay low interest rates but have high risks. It’ll take the banks a few years to rethink their business models.