The Glass-Steagall Act, which kept commercial banks and investment banks separate and set up the FDIC among other things, was revoked in 1999. This removed imp

The Glass-Steagall Act, which kept commercial banks and investment banks separate and set up the FDIC among other things, was revoked in 1999. This removed important barriers between the various players in the mortgage market which had acted to keep them at least somewhat honest. IMHO, YMMV etc.