However, this is not what happened. The government either did not realize how subprime mortgages were fueling the housing boom, or the regulators did recognize the problem but decided to take advantage of borrowers [...] In either case, can we really trust these same regulators to solve a problem they did not see or saw but took advantage of? If the Government Can’t Make Subprime Loans, Can it Modify Foreclosed Ones? The loans that Superior issued while under FDIC control were just as bad as many other subprime loans, and had many of the same problems.
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