Then yes. If the industry wants to set it's own criteria for making the loans, then it should not be looking to the fed for relief when it's bad investments come home to roost.
A few years ago, I raised my concern about the possibility of millions of people losing their homes because they could not meet the terms of these loans. Evie's opinion was that anyone knowingly signing a loan and then defaulting on it because they could not make payments would be getting what they deserved. Given that the mortgage banks took that same position when people started to default... then why should their lobbyists have any success in looking to the Fed to save their butts?
A few years ago, the credit card industry and the banking industry joined together to lobby for federal action revamping the bankruptcy laws so that these companies interests would be looked after before anyone else's. Now they want the Fed to bend over backwards to prevent their own bankruptcy?
Talk about having your cake and eating it too.