Senator Dodd Gives Us A Giggle

Senator Dodd is going to fix the sub-prime mortgage mess.  He has a bill that outlaws the loaning of money to people who cannot pay it back.  So banks can no longer loan money if they know, on the distribution of the loan proceeds, that they will not get repaid.  This is good; the jails will be full.  What next?  A bill outlawing selling cars to the lowest bidder? or outlawing selling long-term life insurance to those near death?  New data from the Treasury's Financial Crimes Enforcement Network shows that over 60% of all Subprime mortgages involved fraud by the borrowers, not the lenders.  Borrowers lied about their ability to repay.