Sub-Prime Mortgages, New Regulations?
By Kurt O'Keefe, Attorney at Law on Oct 16, 2007 in Chapter 13 Bankruptcy, Michigan
With the horses way out of the barn, the powers that be have started to notice something needs changing.
Regulation of mortgage brokers is among the ideas being floated by the Secretary of the Treasury.
My preference is for more disclosure requirements. Those who think the government solves problems point to new regulations as the fix we need, and blame the evil Republicans for under regulating. I await evidence of a specific situation that was remedied, solved, or improved by Federal regulations.
I advocate a return to common law principles, get the story told in front of a jury of your peers, and they will mete out justice much quicker, cheaper and more appropriately, than any Federal agency.
I believe a jury would nail the bad guys, the crooked brokers and appraisers, if they can still be found, the mortgage companies that conspired with them, the ratings agencies that approved the junk securities based on the mortgage mess, and, to the extent they lied, deceived, or otherwise improperly helped the process along, the Wall Street firms that sold the securities.
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