"It is no exaggeration to say that since the 1980s, much of the global
financial sector has become criminalised, creating an industry culture
that tolerates or even encourages systematic fraud. The behaviour that
caused the mortgage bubble and financial crisis of 2008 was a natural
outcome and continuation of this pattern, rather than some kind of
economic accident...And yet none of this conduct has been punished in
any significant way."
Charles Ferguson, Inside Job
“The suspicions that the system is rigged in favor of the largest banks
and their elites, so they play by their own set of rules to the disfavor
of the taxpayers who funded their bailout, are true. It really
happened. These suspicions are valid.”
Neil Barofsky
"The historical evidence is overwhelming. Many societies have done well
for a while – until powerful people get out of hand. This is an easy
pattern to see at a distance and in other cultures. It is typically
much harder to recognize when your own society now has an elite less
subject to effective constraints and more able to exert power in an
abusive fashion. And given the long history of strong institutions in
the United States, it appears particularly difficult for some people to
acknowledge that we have serious governance issues that need to be
addressed."
Simon Johnson
FHFA’s National Mortgage Database: Outstanding Mortgage Rates, LTV and
Credit Scores
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Today, in the Calculated Risk Real Estate Newsletter: FHFA’s National
Mortgage Database: Outstanding Mortgage Rates, LTV and Credit Scores
A brief excerpt:...
3 hours ago
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