loantech, "I worked in the industry for 23 years.Redlining was a practice not an underwriting tool..."
Technically speaking, you are absolutely correct.
23-years, huh? I entered the real estate and financial services sector late in 1969. I largely retired in '95 but retain a few contacts and consulting arrangements.
Getting back to the aftermath of the S&L Debacle, I represented interested professional groups regarding reforms. At all public hearings in these matters, attempts at meaningful reforms were blocked by bankers, or became so watered down under their influence as to become meaningless.
You must know what de minimis levels are. Prior to the S&L Debacle, de minimis levels were only around $1,500, raised to $10,000. Thanks to banking influence over "reforms," de minimis was raised over time to $250,000.
My point is, the simple desire for regulation and reform does not guarantee the hoped for results. IMO, it is better to free those markets and let banks compete honestly, than it is to continue allowing government, the servant of big banks, to continue as it has.
The first order of business in this regard is to end the Fed, ... and stop appointing Treasury secretaries who come from the (big) banking world.
Sorry. Emotion over our current state of affairs getting in the way this morning. |
