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March 12, 2007


Blame the Homeless Mortgage Brokers

Best unintentionally funny line in a Page A1 article in the WSJ on New Century Financial: At a Mortgage Lender, Rapid Rise, Faster Fall

[Mortgage] Brokers “work out of homes and cars and little offices,” Mr. LaMalfa says, and they’re often willing to go to customers’ homes in the evening or on the weekend.

Cars?

And there’s this amusing blame game the reporters go on: it’s the fault of the lenders, no the mortgage brokers, no the banks that securitized the loans, no the investors who bought those mortgage-backed securities.

No blame for the dumbass borrowers who took out loans they didn’t understand or obviously couldn’t handle in the first place.

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