Completely Typical Bedfellows

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One of the most annoying things about writing about banking is that I'm constantly coming across headlines like this: "Bankers, Consumer Groups Form Rare Alliance to Urge Risk Retention Easing."

Obviously, I added the emphasis above.

The story in American Banker leads with this: "Mortgage lenders and consumer advocates, two lobbies usually busy opposing each other, have joined forces to urge regulators..."

It's just not true the mortgage lenders and "consumer advocates" are usually "busy opposing each other." The housing bubble was largely built on their alliance. And their opposition to attempts to rein in lending standards is completely predictable.

This isn't man bites dog. It's dogs running around with dogs. Licking each other.


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