Wednesday, December 3, 2008

Lending Towards Depression

On the way into work this morning I heard a radio advertisement for a lending company. The ad bragged that they could write a home equity loan for 97% of home value. They also bragged that the recent government bailout was providing them with all the capital they needed.

Isn't this the exact sort of loans that got us in the current mess? Why hasn't Congress tightened lending standards already? What are they waiting for, Christmas?