Predatory financing: ten years of warnings

Predatory financing: ten years of warnings

Congress, Fed fiddled as subprime crisis spread

Introduction

More than about ten years ago, William Brennan foresaw the collapse that is financial of.

As manager of the property Defense Program in the Atlanta Legal help Society, he viewed as subprime lenders attained profits that are enormous mortgages to individuals who demonstrably couldn’t manage them.

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The loans were detrimental to borrowers — Brennan knew that. He additionally knew the loans were harmful to the Wall Street investors purchasing up these mortgages that are shaky the thousands. In which he talked up about his worries.

“I think this home of cards may tumble some time, and it’ll suggest losses that are great the investors whom have stock in those companies, ” he told people of the Senate Special Committee on Aging in 1998.

As it happens that Brennan didn’t understand how right he had been. Not jPredatory financing: 10 years of warnings

Congress, Fed fiddled as subprime crisis spread

Introduction

A bit more than a decade ago, William Brennan foresaw the collapse that is financial of.

As director of the property Defense Program in the Atlanta Legal help Society, he viewed as subprime lenders received profits that are enormous mortgages to those who plainly couldn’t manage them.

Related Articles

The loans had been harmful to borrowers — Brennan knew that. He additionally knew the loans had been harmful to the Wall Street investors purchasing up these mortgages that are shaky the thousands. Continue reading “Predatory financing: ten years of warnings”