In a shocking development banks have actually chosen to not make mortgage loans to as many deadbeats, losers and homeless people with no assets, no income and a history of defaulting on debt. You might think this is because these bankers have learned their lesson about loaning money to people who won’t pay them back, but you would be wrong. The reason they have tightened up their standards is because the mortgage derivatives market dried up and shriveled away. They no longer can package thousands of shit mortgages into one big package of shit and get it stamped AAA by the whore rating agencies. If they could, they would.
Instead they are supporting the Government driven effort to provide as many cars to deadbeats with subprime auto loans and put as many people into the University of Phoenix with subprime student loans as possible. Bubble, bubble, toil and trouble. I wonder what will happen next?