My wife works in the corporate mortgage department of a fairly large US bank and she told me how many of her fellow employees cheered on this news a few months ago when it became clear regulations would be rolled back. Then a month ago about half of those same people lost they're jobs; turns out spending extra resources checking the accuracy of loans and applicant financials is not something banks do if they don't have to.

The other interesting tidbit I learned form her is that the bare minimal paperwork processing that will still get done is actively being outsourced to India. Just a reminder that one of the large problems to come out of the last financial crisis was that banks couldn't even tell who owned the actual morgages or provide the actual signed loan documents to many borrowers.

If (or rather when) we have the next mortgage crisis it's going to be an absolute mess.