TThis is the stuff that started the whole darn bubble,
Happy, finally,to see that you have to prove you can pay back the loan before you take the money and head to Mexico...
A lender and a borrower
should must be perfectly free to negotiate the terms of a mortgage without the government's dictating them. Why do you welcome more government interference?
The problem is that Washington will bail out the bank for having made poor decisions. They could have passed a law against that.
But, interestingly enough, they didn't.
DITTO! You never let the conniving groups who control banking invent complex products that no one understands and is used as camouflage for fraudulent schemes. To prevent white collar crimes, keep the system simple. That way regulators understand it and consumers of reasonable intelligence understand it. That way no one can lie, cheat and steal. More important the schemers cannot grow so big and widespread they can commit financial terrorism by demanding government (taxpayers) to bail them out or face economic implosion.