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Fools Never Learn

David4 Wrote: Apr 04, 2013 3:38 PM
The Official Story is that the mess happened because of predatory lending -> poor and ordinary folk. Loan terms that they couldn't repay. The truth back then: no need to go into that. The truth now is that the bankers SHOULD try and figure out what measuring stick the regulators are using. Then they come up with their own mapping from real life to the regulators' measuring stick. We the customer should expect that if we are good credit risks, etc., that we will have a tougher-than-them time getting approved for a loan and pay higher-than-we-deserve interest and fees, to balance out the losses that the banks will endure on protected-class customers. You may play "The World Turned Upside Down."

Proving that fools never learn, the Obama administration pushes banks to make home loans to people with weaker credit

President Obama’s economic advisers and outside experts say the nation’s much-celebrated housing rebound is leaving too many people behind, including young people looking to buy their first homes and individuals with credit records weakened by the recession.

In response, administration officials say they are working to get banks to lend to a wider range of borrowers by taking...