Oh, man. Many in Congress are certainly in bed with financial institutions where, once again, they will create another financial crisis. Can’t blame the banksters first, Congress, since Congress is trying to pass another bill which I bet, the bank lobbyists wrote.
Submitted by Simon Black via Sovereign Man blog,
Say hello to the next financial crisis, brought to you courtesy of the dumbest new bill of the week: H.R. 5148: Access to Affordable Mortgages Act.
Ordinarily whenever an individual wants to borrow money for a mortgage, the bank conducts due diligence… both on the borrower as well as the property.
It’s in the banks’ interest (as well as the banks’ depositors) to ensure that the property is at least worth as much as the amount being borrowed. Duh.
Congress doesn’t agree. Apparently when banks conduct property appraisals, that seems to unfairly discriminate against some segment of the population…
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