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The US Economy, and bailouts.	by Illiad	2007-08-08 14:25:04
It is a condemnation of the free market	by Peace_man	2007-08-08 15:02:23
FYI the industry is regulated	by DesertRat66	2007-08-08 15:07:26
If the industry is regulated,	by Peace_man	2007-08-08 15:11:47
Regulation is hard to do.	by ShadoCat	2007-08-08 16:22:27
You have X number of people thinking of things to protect against and you have 10X or 100X number of people thinking of ways around the regulations. Also, regulations generally hapen after the fact. Just this past year, they created a new regulation. For loans that have a low minimum rate (1-3%), lenders must now qualify the borrower based on the full rate (6-7%) rather than the minimum rate. It's nice that they created that regulation but it's a bit late because there are already 3 years woth of loans based on incomes that qualify for the minimum rate. The theory is that peoples incomes will rise so basing it on a starting rate that will rise will not be risky. However, most incomes haven't gone up that much and many of the loans written in 2004 are recasting this year (jumping to the full rate). This, at minimum, doubles the payment in a time of rising inflation and stagnant wages.
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