Written by Leatherneck on August 09, 2007 under Archives, Definitions, Editorial
Years ago John Bley, Washington State’s Financial Institutions Director, at a Federal Reserve Board hearing in San Francisco once said “Predatory lending isn’t a new problem, it’s just that the name has changed. What was once called mortgage fraud is now called predatory lending. Under either name, our mission to investigate violations and enforce the law has remained the same.” If predatory lending is now called subprime that tells me that mortgage fraud and subprime are the same. Many investors are beginning to think so too.
