Thanks for the link to the article. I get the magazine but don’t have time to read everything.

The article makes me think of how China’s banking system is in bad shape and may not survive economic shock because they never developed a good risk/credit management system. In America we have a good credit reporting system but the lenders threw that out the window and lent money willy nilly to boost origination fees/income. By the time the FBs default the mortgage executives would have pocketed their bonuses and been long gone.