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You must be assuming the gorrilla with the legal fee printing press gives a damn about the language or intent of any prior contractual commitments.

Thanks for your view, Dave. You need deep pockets to be in the home mortgage business. Not to fund loans, but to keep on top of regulatory issues. I don't see anyone new entering the mortgage origination business. Warren Buffet looks for companies that have a moat around their product / service. I see he continues to buy WFC and now owns 10% of the company. This is the company that currently provides about a third of all home loans.

This isn't about economics, law or logic, this is about revenge, blame & punishment.

Still more shoes to drop. FHA again looking to raise monthly MIP premiums and will need some type of govt bailout in Q1 2013. Most lenders underwriting standards were stricter than what FHA itself wanted to see. Lenders have overlays on top of the FHA guidelines, yet somehow there will be fingers pointed at the banks for providing FHA loans to borrowers who eventually defaulted.
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