I would question whether the FMAE and FMAC collapses occurred in spite of sufficient regulation as your piece implies. The ethics of the industrry on top of which these two agencuies were perched was riddled with very slimy practices, not well-regulated, involving deceitful lending practices and improper precautions in lending. These unregulated opportunistic firms, driven by a continuous focus on the bottom line and nothuing else, completely distorted the field. The agencies inherited the wind of those practioces they neither regulated nor controlled the ethics of. (Pardon the syntax). To imply this weas a well regulated industry is disingenuous in the extreme.


A