Drug wars begin in mortgage lender back offices

Gain-on-sale accounting rules are a mess, but I wouldn’t blame them for all the sub-prime mortgage woes. Around here, unchecked greed combined with the floating consensus that if you don’t have 5,000 square feet and granite countertops (even if they’re the low-end tiled kind) you just aren’t human, comes to mind first.

Nevertheless, I loved the headline: Subprime Mess Fueled by Crack Cocaine Accounting.

Maybe it’s all a ruse to make people think accounting is a thrilling, risky, gang-in-streets profession?