Herb & Marion Sandler, the founders of Center for Responsible Lending, and two of the culprits behind the subprime mortgage meltdown, are still in the news:
Major media have begun to scrutinize the Sandlers’ role. Time magazine has listed them among the 25 people most responsible for our crisis. Last Sunday, CBS’ “60 Minutes” featured a segment on World Savings. The “Pick-A-Pay” methodology was the focus. A whistleblower, Paul Bishop, was the star. He had warned the top management at World Savings that loans were being aggressively promoted and made to people with little or no regard for their ability to afford them. The term “Enron” was waved about like a red flag but to no avail.
The Center for Responsible Lending has been extremely quiet about the Sandlers.