[quote=fat_lazy_union_worker] Why not regulate everything. Let regulate the salaries or athletes. Let’s regulate the salary of lawyers. If your business makes too mich money, let’s regulate that too.
I use to recommend people who want to de-incentivize honest people making an honest living to move to a socialist/communist country like china. Well, even china doesn’t work this way today[/quote]
All I want to do is regulate commissions on loans that are back-stopped by the taxpayers. I want to stop abuses like this where an FDIC insured institution like Downey Savings is offering a $50K commission to mortgage brokers:
Who do you think is ultimately going to be on the hook for those 50K commissions? The Downey Savings executives? Hardly. The American taxpayer will be paying for those commissions retroactively when Downey is taken over by the FDIC.
You may consider it capitalism when mortgage brokers and realtors fleece the system while letting taxpayers pick up the bill once the system collapses. I actually consider that to be socialism and I think most of the American public would agree with me.
For those who are interested in emailing our representatives about this, I’ll try to have the email done later tonight.
