It's really not that complicated. Lenders used to make money when people paid their loans back. Then the rules changed. They started making money off commissions whether the loan was paid back or not. I suppose you could blame the people who'd played by the new rules, but no matter how much of a free marketeer you may or may not be, I can't imagine why you'd rather pay $700 million than admit that one of governments responsibilities is to ensure that lenders make their profits by getting paid back.
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