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Consequences foreseen

With tougher regulation of the mortgage industry and financial markets on the nation’s agenda, opponents are warning that government should “tread lightly” and beware of “unintended consequences.”

Unfortunately these folks showed no concern about the consequences of unfettered market “innovations” — ARMs, “stated-income” loans, interest-only mortgages, not to mention mortgage-backed securities — which have been devastating for thousands and thousands of families, and for the economy as a whole.

It’s hard to call these consequences “unintended,” strictly speaking, since consumer advocates like the Woodstock Institute and NTIC have been predicting them for years.

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Category: consumers, economy

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