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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Road Walker who wrote (356116)	10/27/2007 2:43:55 PM
From: tejek	Read Replies (1) \| Respond to of 1572931

You know the more I thought about the subprime mortgage legislation, the more I am for it. In a million years, I never thought the American lending industry would have pulled the boner that it did with subprime loans but it would appear they have become as corrupt and incompetent as the feds. I think the only way to prevent such crap in the future is through some kind of legislation making it totally illegal. Increased subprime lending has been associated with higher levels of delinquency, foreclosure and, in some cases, abusive lending practices.” So declared Edward M. Gramlich, a Federal Reserve official. These days a lot of people are saying things like that about subprime loans — mortgages issued to buyers who don’t meet the normal financial criteria for a home loan. But here’s the thing: Mr. Gramlich said those words in May 2004. And it wasn’t his first warning. In his last book, Mr. Gramlich, who recently died of cancer, revealed that he tried to get Alan Greenspan to increase oversight of subprime lending as early as 2000, but got nowhere.