re: #506 Racer X

What was Chris Dodd doing for the past few years?

Barney Frank?

I think they were the chairmen of their respective banking committees, or something.

Let’s get this clear. I TOTALLY blame Democrats as well as Republicans for this mess. This problem is too big to just gve it over to the same old, same old, D versus R NFL game

But I want actual tight regulation in the housing markets, and on loans. And I want this shell-game of moving mortgage notes and hiding them to investors to end forever. I want all these shady adjustable rate mortgages to be outlawed, because unstable loans that are sold to unwitting people who have a hard time doing the math required to understand what happens if their ARM adjusts when they’re underwater and not paying back the principal, they’re bad for the country. We have so many people underwater on their loans because of this crap, it’s horrifying, and it happened because the bubble was allowed to grow unchecked, due to lack of regulation.

At the end of the day, I want regulation that works. Whether that’s Rs doing it, Ds doing it, or green dudes in flying saucers doing it.