Who could have known, especially when they were told it would happen?!
The shrub and the cabal backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown, according to a review of regulatory documents.
"Expect fallout, expect foreclosures, expect horror stories," California mortgage lender Paris Welch wrote to U.U. regulators in January of 2006, about one year before the housing implosion cost her a job.
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