These too, shall come back!
I’m sure Wall Street has been tipped off prior to this and they’re already front and center formulating a new exotic product to hit main street. Oh and lets see who’s the first government official that stands behind this product.
Watch how this is done: Eddie Murphy’s “The Distinguished Gentleman” is by far the most accurate movie about procedure, lobbying, and the House of Representatives
HuffPO-
It took awhile, but more than five years after a wave of failing subprime loans wrecked the American economy, regulators have instituted new rules that prevent lenders from offering prospective buyers the worst types of mortgages.
The rules, imposed by the Consumer Financial Protection Bureau, force lenders to do something they actively and intentionally avoided during the build up to the mortgage bubble: determine if the person they were loaning money to buy a house had the ability to repay that loan. So no more of the “no doc” or “liar’s loans” that failed in epic numbers. The interest-only loans that blew up when the market started to tank are also outlawed.