Wednesday, June 25, 2008

The railing against big government that led to lots of deregulation under Ronald Regan et seq. has had yet another consequence. The LAT reports that the attorneys general of California and Illinois have filed suit against Countrywide Financial for forcing thousands of homeowners into foreclosure by deceptively marketing risky adjustable-rate mortgages to borrowers who didn't understand that their monthly payments would one day explode.

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