for some reason the quote I wanted to include from the above blog didn’t print.
Quote:
Let me state what I believe is the fundamental reality of this gross regulatory mismanagement: consumers are only protected from predatory practises when the situation grows from a regulatory problem into a political problem. I think this sudden rush of regs to limit the worst lending practises is a 9th-inning attempt to “inoculate” the regulatory agencies from the fully justified accusation that they did nothing while the U.S. lending industry ran amok. The inoculation will fail as rock-ribbed Republican voters start getting foreclosure notices, gigantic ARM re-sets, higher property taxes bills, etc.
