Monday, November 05, 2007

Lending Advice

House Financial Services Committee Chairman Barney Frank wants to reform the mortgage industry, including using the Federal Reserve as implementer of that mortgage reform.

With all due respect, here are the points of mortgage reform that need implementing:

1.) Don’t loan out more money than a borrower can reasonably be expected to pay back.
2.) Pay the note.
3.) Do not digress from Rule number one or two.

Any questions?

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