Word: mortgagee
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Federal regulators stood by while this went on, but don't blame Munnell's study or the desire to encourage lending to minorities. "The point of that study was never to say, 'Let's go out and lend to people who aren't going to be able to carry the...
The boom in risky mortgage lending was driven instead by firms beyond the reach of the feds. Some of these state-regulated mortgage lenders belong to the same corporate families as banks, but they weren't subject to visits from the same finger-wagging federal bank examiners. As a result...
This is the way of financial innovations, which tend to be used to excess at least once until people figure out what the true risks are. It's also why those on the financial cutting edge (like hedge funds) are often barred from pitching their products to anyone but the...
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...
When the levees broke in New Orleans, the Rev. Jerry Kramer scrambled to get his family out alive. Hurricanes Katrina and Rita destroyed their tiny house, but within days, Kramer, pastor of the Free Church of the Annunciation, was wading through the filthy floodwaters to help others. Before rebuilding his...