And what can be instituted as a substitute?
I can understand a gradual increase in banks' "skin-in-the-game" plan, say 5% to 10%, of issued mortgages, but, at 100%, the system will freeze up just like the 1930s.
Even the proposed Warner-Cocker bill envisions some GSE in the future. So here we are back in the same mess again.
The problem is not F&F, it was management of these GSEs that worked their bonuses on volume rathar than quality. They walked away scott free with $ Billions in bonuses and the shareholders are left hoding the bag.
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