THE BASIS POINT

Obama On Mortgage Brokers

In his LinkedIn town hall meeting Monday, president Obama said this about mortgage brokers:

And the fact of the matter is, is that if what happened on Wall Street ends up having a spillover effect to all of Main Street, it is our responsibility to make sure that we have a dynamic economy, we have a dynamic financial sector, but we don’t have a mortgage brokerage operation that ends up providing people loans that can never be repaid and end up having ramifications throughout the system.

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Full text for context:
Remarks By The President In Town Hall With LinkedIn