William K. Black was one of the last regulators to actually work at his job. Now he has settled into the role of a commentator on the constantly evolving financial industry.
I don't believe that PHH is a systemically dangerous institution. They appear to hold only 3% or so of the real estate in America. I think they're actually 'too little to give a shit about.' We're managing fine without WAMU, Countrywide, Bear Stearns...I'll let Jaime Dimon pick up the pieces of PHH when we're done.