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View Diary: Our Economy: MASSIVE FRAUD By Mortgage Industry. (269 comments)

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  •  The predatory lending has a date that goes (5+ / 0-)

    with this part of diary

    When Bushco deregulated the banking laws in 2003, it set the tone for the next phase of the republican plan. This included speeches by Bush encouraging homeowners to buy, buy, and buy some more. This was a set up from the beginning to help Bush hide the fact that the economy was going south.

    Something else happened in 2003
    Predatory Lenders' Partner in Crime How the Bush Administration Stopped the States From Stepping In to Help Consumers

    They essentially stopped the enactment of laws and blocked lawsuits to stop the efforts in all 50 states to stop or punish predatory lenders

    All 50 states were involved too

    The federal government's actions were so egregious and so unprecedented that all 50 state attorneys general, and all 50 state banking superintendents, actively fought the new rules.

    I think that is stunning...and I don't know why it isn't brought up a lot more. How many predatory loans do you think happened in the years since 2003 because of bush administration active intervention that kept states from protecting people?

    The author of this piece was a state AG at the time this occurred but a governor when he wrote the article. Not for long since Spitzer was arrested less than a month after writing this. (Probably no connection though that was a very strange arrest)

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