Word: mortgagees
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Now these laws are under fire, cited by critics - mostly but not exclusively on the political left - as major precipitating causes of the financial meltdown. And while both were signed into law by Bill Clinton, Gramm has taken the most heat. (It hasn't helped that, since leaving the Senate...
The other factor was where Gramm's culpability came in: "the politicization of mortgage lending." Gramm trotted out the Republican bogeymen of the fall election campaign: Fannie Mae, Freddie Mac and the Community Reinvestment Act. But then he did something really interesting. He didn't give them all the blame...
Instead, he said they were simply part of a decades-long, bipartisan push - from Capitol Hill, the White House, the Department of Housing and Urban Development (HUD) and even bank regulators - for ever more mortgage lending on ever easier terms. Gramm said he arrived in Washington in 1978 convinced as...
Gramm's solution is tougher mortgage regulation. Down payments should be at least 5%, borrowers should be required to provide tangible proof of income, adjustable rate mortgages should only be approved if the borrowers can afford to make the payments after the rates have adjusted upward, home equity loans should...
And yet as Brown and Darling gathered on Monday to unleash a slew of new schemes, the stakes for the Prime Minister - and the British economy as a whole - could scarcely have been higher. Central to those plans is the creation of a bumper insurance scheme that will permit banks...