Say hello to the next financial crisis, brought to you courtesy of the dumbest new bill of the week: H.R. 5148: Access to Affordable Mortgages Act.
With HR 5148, Congress aims to exempt certain ‘higher-risk mortgages’ from property appraisal requirements, reversing several provisions in the 1968 ‘Truth in Lending Act’.
It’s idiocy on an epic scale… and it makes one wonder what team of monkeys is coming up with these ideas.
Congress is trying to engineer yet another financial crisis by encouraging banks and other lenders to exercise minimal due diligence on their mortgage portfolio.