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America, Welcome to the Poorhouse: What You Must Do to Protect Your Financial Future and the Reform We Need by Jane White

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Chapter 4How Laws Protect Banks, Not Borrowers, and the Reform We Need

How did America’s mortgage industry become so lawless—the Wild West of finance? Along with Alan Greenspan, on a federal level the finger of blame is probably pointed at former Sen. Phil Gramm (R-TX), who essentially undid the law that Franklin D. Roosevelt enacted that not only succeeded in ending the Depression, but probably played a strong role in preventing future Depressions. Former President Bill Clinton also played a significant role by buying into “lawless enterprise” and signing Gramm’s deregulatory legislation into law. On a state and local level, while honest and gutsy politicians attempted to rein in reckless lending, they ended up being defeated by the ...

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