Letters to the Editor
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Self Regulation = Perpetual Motion
Contrary to what was implied, the reverse mortgage industry is very interested in maintaining agressive consumer safeguards, in fully disclosing fees, and making sure every borrower understands his rights and responsibilities.
You know, I recall hearing the same line of BS regarding the refi and subprime mortgage market 4-5 years ago, when folks started warning people about what a cesspit that was turning into. We can now see how that all turned out.
The idea that the industry will somehow regulate itself is a libertarian fantasy, right up there with perpetual motion machines. The government needs to apply the boot of regulation firmly to the mortgage industry's neck, and it needs to do so now, before that industry causes any more economic damage.