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Consolidated Financial Statements For the years ended December 31, 2022, 2021 and 2020 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING... | May 4, 2023
The CFPB calls out predatory tactics relating back to the 2008 financial crisis that trapped borrowers in home loans they could not afford, focusing on piggyback or 80/20 mortgages.
Businesses that borrow from a federal pandemic loan relief program tended to be small and heavily indebted, says a report by the Department of Industry. Losses under the program are estimated to be in the billions.
The collapse of the subprime mortgage market has created depression-like conditions in the housing market and driven the economy to the brink of recession, but many of those who call formore federal regulation fail to recognize that earlier and morecomprehensive regulatory efforts did little to deter housing marketproblems and in some cases may have made them worse.