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Tuesday, August 7, 2007 12:00 AM

Hillary Clinton: It's the mortgage lending industry, stupid

Campaigning on the economy in New Hampshire, the senator from New York delivers a major speech on the housing mess.
Andrew Leonard

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  • Tuesday, August 7, 2007 01:09 PM

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    One part of the mortgage industry that will probably die a well deserved death soon is Mortgage Brokering. These storefront operators have operated for years with a central conflict of interest - the lenders pay them more for originating a bad loan than a good loan. About half of the people with toxic loans could have qualified for better terms, but they went to brokers who simply screwed them over for the YSPs.

    The system needs more light shined on it - in particular the lenders who pay the YSPs (at least those that haven't already folded).

    —Downpuppy Read Downpuppy's other letters

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