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?
| Posted at 1:11 PM | Permalink |
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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.
Posted by Justin | October 20, 2008 1:48 PM
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?
Posted by Mister Tee | October 20, 2008 3:41 PM
so when do they close Paramount Equity down..That Haze Barnard guy is a total crook.
Posted by tonybelize | October 20, 2008 10:54 PM
"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.
Posted by squeezed | October 21, 2008 9:14 AM