Posted by Yen Ho
Congress is preparing to take up a comprehensive plan that would fundamentally reform the home mortgage market, starting this year.
Had the same rules and standards been in place earlier in the decade, congressional supporters say, it could have eliminated much of the funny-money loans, slipshod underwriting and Wall Street abuses that distorted the market from 2002 through 2006. The boom wouldn't have been as big, and the bust might not have happened.
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