This page contains a single entry from the blog posted on October 20, 2008 1:11 PM. The previous post in this blog was Twisting Measure 59. The next post in this blog is Book burning in Halsey. Many more can be found on the main index page or by looking through the archives.

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Monday, October 20, 2008

More barn door closing

The State of Oregon is now shutting down sleazy mortgage brokers. "So far in 2008 it has revoked five mortgage lending licenses and issued more than 30 enforcement orders." Whoopdee doo. Where were they five years ago?

Comments (4)

The falling housing market has done more to regulate mortgage brokers, than any state regulation.

That said, I guess it's probably better late than never.

If you're looking for a villain in the housing bubble story, mortgage brokers/bankers who encouraged people to lie on their applications and/or pushed borrowers into (more profitable) creative mortgages while diminishing the benefits of fixed rate loans are central casting ready.

That said, the guilty already spent those outsized commission checks, and I seriously doubt that even 1% of them will ever see the inside of a prison cell for mortgage fraud. I wonder what the next scam will be?

so when do they close Paramount Equity down..That Haze Barnard guy is a total crook.

"I wonder what the next scam will be?"

selling crap assets/notes to the fed/treasury for arbitrage gains.

and a free tip: this will not end well.

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