Senate Republicans moved on Tuesday to kill part of a far-reaching Democratic Wall Street reform bill that seeks to crack down on mortgage securitization, a financial practice blamed widely for helping to inflate the subprime mortgage bubble.The Republicans (like some Democrats) are all for reform that doesn't actually reform anything.
A provision in the Democratic bill would force some lenders to retain on their books at least five percent of the risk in mortgages that they bundle and package for resale as securities on the secondary debt market. The idea, known as requiring "skin in the game," is opposed by the mortgage industry.
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Wednesday, May 12, 2010
Party of Hoover Continues to Stand Up for the Banksters
It is, after all, what they do.
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