Sorry I lost the recent, more comprehensive, news wire story — but here’s a good contemporaneous summary of how the Federal Government actively fought (and won!) the battle against mortgage oversight. The States of Georgia and Iowa, and the Mayor of Cleveland (and others) brought suits to halt the predatory and fraudulent mortgage industry beginning in 2003. Your Federal Government successfully argued that preemption prevented any useful oversight by State or local government.
When the true history of this truly disgusting period in American government is revealed, only the strongest among us will be able to read it without vomiting.
By the way, I make these predictions: I predict market gains, losses, and unexpected events. I predict an unending line of “experts” paraded on the media to tell you why something already happened.
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