Fixing mortgage lending is at the top of everyone’s list, and while some of us have a good idea on what we think will work, we might be wrong. Mortgage lending is not going to be a simple fix, and with all the great minds at work in our financial sector, surely we can come up with some ideas on how to regulate it better. This is in fact the word from Bill Black, but his ideas are a little out there.
Bill Black is the author of “The Best Way to Rob a Bank is to Own One”, and while he appeals to many readers the ideas are insurmountable. He is absolutely right in his approach, but the ideas not so much. Black actually states that by having fraud regulation, it could impose greater risk of fraud. The problem for many companies was in their accounting, and accounting fraud is what potentially poses an issue in his opinion. I see what he is saying, because those that work that closely with the books are readily able to see all documentation and financials on the company, and can access more information than they probably need. Or, am I crazy?
I don’t have any answers, at least not to solve the world’s problems. I don’t know, but I believe that all people should be accountable for themselves, and that everyone probably does need an accountability partner. How much is too much? I have been told that all things in moderation is good. Is that true?
Black’s biggest mistake with the book was not that he wrote it, but that he just didn’t think through his recommendation for a solution. Thus, he really didn’t have a solution!
-Mayer Dallal
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