In this morning’s New York Times, Gretchen Morgenson warns of a new wave of foreclosures based on the upcoming $1 trillion dollars in “exploding mortgages.” For a solution, she quotes an article I wrote that will be out tomorrow in Democracy. I argue that a Consumer Product Safety Commission regulates the toaster market so that we don’t buy exploding toasters, and that we need the same kind of safety regulations for exploding mortgages and other financial products.
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=1250557