Word: gramlich
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...lending rules even on non-banks, which it finally did earlier this year - banning, among other things, the making of loans "without regard to borrowers' ability to repay the loan from income and assets other than the home's value." Greenspan, though, rejected pleas from his Fed colleague Edward Gramlich to crack down earlier...
...Federal Reserve Chairman Alan Greenspan's free-market guru. Like President George W. Bush, Greenspan's belief in free markets blinded him to the dangers inherent in the subprime-mortgage market. How else can one explain his failure to respond to early and repeated warnings from the late Edward Gramlich, a member of the Fed board who recognized the dangers and addressed the matter (perhaps in frustration) last year in his book Subprime Mortgages: America's Latest Boom and Bust? Kim Gardey, President, Gardey Financial Advisors, Saginaw, Michigan...
...Edward Gramlich, a former Federal Reserve Board member now at the Urban Institute, says Congress should sic bank examiners on subprime lenders and ban certain kinds of loans--especially those involving balloon payments. But Gramlich, author of the forthcoming The Rise and Fall of the Subprime Mortgage Market, also sees benefits in the subprime boom. "There seem to be more gainers than losers, and unless the losers lose a lot more per household, the net gains would seem to outpace the losses," he wrote in February. So, yes, things may have gotten out of hand. But neither should we clamor...
...Some fodder for the advanced Fed-watcher: Wednesday brings speeches on lending from Fed Governor Edward Gramlich and Dallas Fed President Robert McTeer, and Thursday we get the minutes from that mysterious mixed-messages Fed meeting in June. Will the minutes explain why the Fed talked 50 points but only walked 25? Would it really change anything, at this point, if they did? Probably not - but it?ll be fun to pretend. Also Thursday: The Philly Fed issues its quarterly survey of professional forecasters. Interesting if your belief in collective economic sooth-saying hasn?t been completely shattered...
...their greater stability. But all agree that something must be done, and soon: while the fund is currently operating at a surplus, the retirement of millions of Baby Boomers will exhaust it by the year 2029 if no changes are made. In releasing the final report, panel chair Edward Gramlich stressed that whatever solutions prove acceptable, something must be done: "We must begin to evaluate our options now to assure the American people that the program can continue to be financially solvent for future generations...