Ouch.
Print media is a bad way to express sarcasm or cynicism.
Most of the time.
This guy’s point of view is coming through loud and clear, no?
The housing boom is over; time to whoop on the bankers.
Mortgage delinquencies are rising, subprime lenders are going belly-up –another company filed for bankruptcy Monday — and the Senate Banking Committee is holding hearings today on “predatory lending.” All of this can only mean one thing: Congress is looking for someone to blame now that the housing boom is over.
The noted banking expert Jesse Jackson is scheduled to be a featured witness at today’s hearing, along with a couple of unfortunate consumers who were sold mortgages they couldn’t afford to repay.
… if anything, the recent spate of bankruptcy among subprime lenders suggests that they were charging too little interest to compensate for the credit risk they were taking by lending to people with bad credit histories.
Read on for what he thinks is the real problem with lending, these days, and why he believes government intervention may worsen this situation, not make it better.
More: Subprime politics – By Roger Cruzen, InmanWiki
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