The fragmented market structure of mortgage originators in the subprime-lending industry may also have contributed.
The mortgage lending business is hyper-competitive and mortgage originators come in all forms of education, training, experience and affiliation.
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Mortgage originators have already been crunched by defaults and the spotlight is now shifting to major banks holding the mortgages for investment.
The banks were as involved as the mortgage originators and the mortgagees.
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Another way of saying the same thing is that banks, mortgage originators, were not charging enough for the money they were lending.
Remember that mortgage originators rarely hold onto the mortgages they create.
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And any of the scores of mortgage originators and investment banks.
If Wall Street stopped the mortgage originators and not passed on that crap to investors and Fannie and Freddie much sooner, this crisis could have been abated.
The banks and even mortgage originators were also fooled into believing price rises could go on forever and had no idea what would happen if they did not.
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The bipartisan measure requires licensing and registration of mortgage originators.
What can be concluded from the report is that major banks and mortgage originators are still suffering the slings and arrows of the unfortunate financial crisis five years later.
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As unpalatable as it may be to consider, hospitals are of necessity and in fact credit grantors, not entirely dissimilar from auto finance lenders, mortgage originators, or credit card companies.
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Without a director, the CFPB cannot oversee payday lenders, private student loan providers, and other non-bank lenders, including certain mortgage originators and servicers, as well as debt collectors and credit reporting agencies.
Desmond Lachman, a fellow at the American Enterprise Institute in Washington has another, simpler, solution: Just require mortgage originators to be sufficiently capitalized and to hold at least a portion of the mortgage until maturity.
That due diligence did not take place, and instead, defendants were more concerned with getting high volumes of loans from mortgage originators who were rewarded by Credit Suisse based on loan volume, the complaint says.
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As befits a man who won the Nobel prize for his work on asymmetric information, Mr Stiglitz dwells on the market imperfections and misaligned incentives that distorted decisions made by everyone from mortgage originators to credit-rating agencies.
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Major mortgage originators like Bank of America and Citigroup are still sitting on substantial stocks of depressed homes, while regulators are upping the heat on those involved in the subprime mess during the glory years, limiting credit availability.
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On the other side, home builders, real estate agents, appraisers, mortgage brokers, mortgage originators, Wall Street brokerages that securitized the loans and the hedge fund clients who bought them were all getting rich as a result of booming credit.
Increasingly, says Kathleen Engel, at the Cleveland-Marshall College of Law in Ohio, borrowers are looking for redress further along the lending chain, bringing claims against participants in the secondary market for the predatory acts of mortgage brokers and originators.
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