Friday, March 02, 2007
Now that the horses have fled the barn and the barn is on fire there are some attempts to regulate the mortgage origination industry to ensure the borrowers using exotic products know the risks. Yeah, right. For nearly every one of these borrowers all they know is; Sign here -> get a house. Don't sign -> no house. No amount of warning, education, bamboo under the fingernails is going to make these kinds of credit users change. They have to be told "no."