A Banker Speaks, With Regret - NYTimes.com
Still believing the nonsense that it was greedy, undeserving consumers who brought on the mortgage crises and subsequent economic mess?
Read Nicholas Kristoff's report today from an actual mortgage banker. Plenty of greed blame to go around for sure, but let's disabuse ourselves of the notion that it was pressure to lend to those people (a.k.a. minorities) that put us in this mess.
Money quote: "...some account executives earned a commission seven times higher from subprime loans, rather than prime mortgages. So they looked for less savvy borrowers — those with less education, without previous mortgage experience, or without fluent English — and nudged them toward subprime loans."
