And you thought the greedy bastards who handed out subprime loans, snookering both borrowers and government regulators, were gone. Think again! This is the scariest article of government incompetence I've read yet.
The Business Week diary describes how companies are using FHA-backed loans to once again attract borrowers of modest means to take out loans with their firms.
Worst of all, they are using the protections of bankruptcy law, the ease of reincorporation and re-entry into the same business (with government approval!!!) despite fraud indictments, and the utter cluelessness (or possibly corruption) of government bureaucrats to keep their scams going.
Unbelievable!