Meanwhile, in reality land...
Lender Lobbying Blitz Abetted Mortgage Mess
Wall Street Journal ^ | 31 Dec 2007 | GLENN R. SIMPSONDuring the housing boom, the subprime industry succeeded at more than just writing mortgages. It also shot down efforts by some states to curtail risky lending to borrowers with spotty credit.
Ameriquest Mortgage Co., until recently one of the nation's largest subprime lenders, was at the center of those battles. Working with a husband-and-wife team of Washington lobbyists, it handed out more than $20 million in political donations and played a big role in persuading legislators in New Jersey and Georgia to relax tough new laws. Those victories, in turn, helped blunt efforts by other states to crack down on reckless lending, critics of the industry contend....
I guess I imagined all the “lack of access to credit” racial pandering that has gone on; my bad.