● Hidden in Plain Sight: What Really Caused the Worlds Worst Financial Crisis and Why It Could Happen Again
by Peter J. Wallison
Essay by author via San Diego Union-Tribune
If there were ever any doubt that the lesson of the financial crisis has not been learned, it was dispelled last month, when the six federal regulatory agencies charged by the Dodd-Frank Act with defining the terms of a high-quality prime mortgage backed away from the idea. Instead, they issued a final rule that equates a prime mortgage with a loan that has no minimum down payment and no required minimum credit score.
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