john maddente | midwestern clarity

O n  Bloomberg TV last month ,  former U.S. Senator Phil Gramm discussed the housing meltdown, as well as, his own work to deregulate the banks .   Phil Gramm, Wikipedia During the course of the interview, Mr. Gramm highlights " concerted government action and pressure on banks " to make sub prime loans and destructive decisions in Washington " to force feed housing " ownership. The Bloomberg interviewer insinuates that there were as many predatory lenders as predatory borrowers.  So, exactly, what is a predatory lender?  I believe many borrowers were unaware of the potential risks of their variable rate mortgages.  That's fair.   However, were millions of people buying more home than they could afford, or sucking more equity out of their homes than they could afford to lose; all largely duped?  I never believed so and still don't believe so. Gramm asserted that for every subprime borrower who actually got swindled by ...