Sen. Obama was prescient in the current mortgage problem. I’d be more impressed if it had happened in March 2005, or even 2006. But it’s still worth noting.
Also worth noting is what he leaves out of his assessment of the problem. In filling out a standard critique against lenders, he can’t find a single word against borrowers. Sen. Obama does not suggest that borrowers might lie. He does not suggest that they had a duty to understand the terms of their mortgage contracts before signing. Any looming crisis would arise only from insufficient due diligence or outright deception by the lender.