http://www.nytimes.com/2009/07/20/business/20modify.html?_r=1&ref=business
So the subprime lenders that engaged in predatory practices - now that the subprime, and alt-a field has been picked clean (and then some) - are now selling themselves as the ones who can get you out of the mess, except they don't even intend to.
I know all my conservative and libertarian friends will say something to the effect of "Hey, they shouldn't have gotten themselves mess." or "The market will wash out all the bad players." And sure, on a macro scale, in enough time, the odds are most, of this will be cleaned up. What's funny is the whole world acted as if real estate would go up forever, and that these loans were sold on the premise that by the time the low intro/teaser rates re-set buyers would be able to re-fi with the new found equity. Of course many will also say - "investments always have the risk." How many of these were sold that risk in mind aside from the caveat "even real estate 'can' go down."
In the meantime - doesn't this sound like the guy who sold the elephant parade to the town, and then after the fact, the same person sells themselves as the best elephant poop cleaners ever.
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