Government Must Not Tighten Lending Standards
April 2, 2007
Irvine, CA--With more than twenty mortgage lenders going into bankruptcy, we are hearing increasing demands for the government to force lenders to tighten their lending standards.
"But lenders should not be denied their right to exercise their judgment and set the criteria upon which they are willing to lend their own money," said Dr. Yaron Brook, executive director of the Ayn Rand Institute.
"The effect of violating the rights of lenders to set their own standards will harm not only lenders, but also potential borrowers, who would no longer qualify for loans that lenders would be willing to make if free to do so. The fact that some people will borrow--or lend--money irresponsibly is no justification for violating the rights of those who are responsible."
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