Thoughts on the latest insane interference in the housing market, from Charlie Gasparino and Kevin Williamson. Also this does is punish good behavior, and reward bad, with the inevitable consequences.
2 thoughts on “The Latest Deadbeat Bailout”
Comments are closed.
So, the Federal Government tells banks they must provide mortgages to people who can’t pay the money back. The banks respond with “no-doc” mortgages. Anyone can get a mortgage, because there’s no documentation required. (If there WERE documentation required, they’d be liable for making loans to people who weren’t qualified, which is a violation of fiduciary duty, and is actionable.)
When it all collapses, the Federal Government fines the banks 26 billion for not adequately documenting their foreclosures.
There is an Abbott & Costello routine here somewhere.
More like the Marx Brothers…lolololol