F/F were buying.So you're saying it wasn't so-called deregulation (since lots of shonky loans were by firms that weren't ever closely regulated) but F/F buying the shonky loans?
In that case you'll be delighted to hear the announcement minutes ago that FF executives have received... yes, you guessed it! Million dollar retention bonuses.
"... They ne'er cared for us
yet: suffer us to famish, and their store-houses
crammed with grain; make edicts for usury, to
support usurers; repeal daily any wholesome act
established against the rich, and provide more
piercing statutes daily, to chain up and restrain
the poor. If the wars eat us not up, they will; and
there's all the love they bear us."
-- Shakespeare: Coriolanus, Act 1, scene 1