Byron Dorgan: How Do We Stop Predatory Lending?
North Dakota Senator Byron Dorgan made an appearance on MSNBC today talking about so-called “predatory lending.” Which is a practice better described as mortgage lenders giving cruddy loans to people dumb enough to take them.
Click the image below to watch the video.
What’s interesting is that Dorgan asks during the interview “How do we stop these predatory loans.” Dorgan’s answer was the one you’d expect from a big government liberal (give government regulators more power), but maybe Dorgan and his colleague Senator Kent “VIP Loans” Conrad could start with not voting for massive bailouts for the mortgage companies that make these loans.
Both Dorgan and Conrad voted for the Foreclosure Prevention Act of 2008 which was a massive bailout of the mortgage industry. If we’re going to reward the mortgage industry for issuing stupid loans that lendees can’t pay off by bailing them out after the fact why should we be surprised when they keep offering those stupid loans?
