Word: mortgagees
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Petro-economies once seemed impervious to the American sub-prime mortgage mess. That view is reflected in a grim joke making its way around Wall Street and the City of London about the options left for laid-off bankers: "It's Dubai, Mumbai, Shanghai, or goodbye." But the reality may...
Also unconvincing is the claim made by some conservatives that the Clinton Administration's 1995 Community Reinvestment Act (CRA) regulations, which pushed banks to lend in poor communities, caused the subprime mortgage lending binge that sparked the current troubles. It's certainly conceivable that Washington's long-held obsession with...
No, starting in 2003, as a long boom in house prices and mortgage lending that had at least some foundation in economic reality (lower interest rates, higher incomes) gave way to an orgy of ever-sharper price increases fueled by ever-dodgier loans, the folks in the drivers' seat were...
And these people were barely regulated at all, at least not in the sense that bankers are regulated. "You had a regulatory mechanism that was targeted very narrowly to prudential regulation of the banking industry," says Gene Ludwig, who as Comptroller of the Currency oversaw the nation's big banks...
There's an argument to be made that if this kind of regulatory approach had continued into the Bush years, some emerging financial market excesses might have been nipped in the bud. Until very recently, the Bush Administration has showed no interest whatsoever in tightening financial regulation, and at the...