NOW BATTING FOR AMERICA: THE OCC
"The lending system has run amok and real people are going to get hurt."[1] That was said, in an unguarded moment, by the lead author of BusinessWeek’s current cover story [3] on the human impact of toxic mortgages. She has evidently spent months with industry insiders, and these people aren’t just concerned, they’re emotional.
This episode will look at what people are saying now, and what smart people were saying months or years ago, about the "suicide loans" that proliferated during the great Millenium housing bubble. As well, we’ll be looking at what they plan to do about them. When the vital interests of U.S. borrowers are threatened, the go-to guys are the Office of the Comptroller of the Currency (OCC). All signs now point to them being ready to rock and roll on toxics. Here’s hoping the rest of the Administration and Congress stands aside and lets them do their thing.
