Tuesday, February 5, 2008

Americans Against Fair Lending

There was a letter to the editor in today's NYT that I want to talk about. Go read it.

Some group called Americans for Fair Lending has taken a bold, inspiring stand:

A set of principles of fair lending, agreed to by Americans for Fairness in Lending, a coalition of national consumer groups, should be followed: responsibility, justice, equality, information, accountability, law and enforcement.


I know I'm impressed. They're for responsibility and information!

It's a good thing we have this thing called the market, that has strongly punished companies that violated those bold principles. It turns out that companies that did that stuff, they've already taken their beatings. People that signed contracts they didn't understand, or did understand and just ignored, yeah, it didn't work out too well for them either.

If the answer to every question you ever ask is government, you need to open up the playbook a little further.

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