William K. Black, now associate professor of economics and law at the University of Missouri, Kansas City School of Law, was responsible for exposing the savings and loan scandal in the 1980s.
Here he speaks before the House Financial Services Committee in late April 2010 on “liars loans,” (1) the failure of regulation in the financial industry, and other hot topics as a former “stern regulator,” to use his term.
Black reveals what wasn’t done in the recent financial crash and why and what his team of regulators did many years ago during a similar time of scams and fraud. Again, like Burrell, a major whistleblower in these times. A “must see” if you have an interest in accountability.
(1) “A category of mortgages known as low-documentation or no-documentation mortgages that have been abused to the point where the loans are sometimes referred to as liar loans. On certain low-documentation loan programs, such as stated income/stated asset (SISA) loans, income and assets are simply stated on the loan application. On other loan programs, such as no income/no asset (NINA) loans, no income and assets are given on the loan application form. These loan programs open the door for unethical behavior by unscrupulous borrowers and lenders.” http://www.investopedia.com/terms/l/liar_loan.asp.