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The problem is the non-bank lenders had really punitive exit fees for the first 5 years of any mortgage. Some lenders like Ironbark had exit fees north of $5,000 just for a normal mortgage - and the client couldn't leave even though they jacked up the rate to 1-2% above the market price for the...

Agreed Pete. Whenever the government gets involved they always stuff it up, and the taxpayer/end consumer is the one who pays for it.