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The Mortgage Professor: Don't expect much from unregulated regulators

The seeds of this article were planted in my brain some 30 odd years ago, when I did a consulting project for the United State Department of Housing and Urban Development, or HUD, for which they contracted to pay me $2,500. Three months after delivery and acceptance of my report by HUD, I realized I had not yet been paid and I contacted the person who had retained me. This elicited what I came to realize was a stock reply of an unregulated regulator: The payment was "in process." The same Q-and-A was repeated multiple times, and a year went by. At that point, in a fit of pique, I wrote a letter to the secretary of HUD asking why it was not possible for his agency to discharge an ...

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