The Government-Made Subprime Mortgage Meltdown
by Thomas J. DiLorenzo
by Thomas J. DiLorenzo
DIGG THIS
The thousands of mortgage defaults and foreclosures in the "subprime" housing market (i.e., mortgage holders with poor credit ratings) is the direct result of thirty years of government policy that has forced banks to make terrible loans to un-creditworthy borrowers. The policy in [...]

http://www.google.com/hostednews/ap/article/ALeqM5g7ffRdswXTlfgaQS0FCOZmrvbwcAD99L3JQO1
"Sheila Bair, chairwoman of the Federal Deposit Insurance Corporation, suggested that the new agency be allowed to write rules that protect consumers, but that existing regulators be tasked with enforcing them.
When questioned by Rep. Carolyn Maloney, D-N.Y. whether such an arrangement would work, Geithner said no, because enforcement would remain uncoordinated across the government.
The House [...]