The problem is that they’ve also targeted private money lenders like those who lend for purchase and renovation of “flip” properties. That’s an arms-length secured transaction between a real estate investor (the flipper) and a private person who will make 5-12% on a one-year or less note, secured by the property to be rehabbed, yet the PMLs are having to get licensed as lenders. Pushed, those of us in the reno/resale industry believe, by the large lenders because they’re being cut out of the pie.
I’m sure Obama hates those people too -
trying to garner some wealth without going through the “proper channels”.