Subprime Mortgage Lending
2007-03-22T22:53:46-04:00https://ximage.c-spanvideo.org/eyJidWNrZXQiOiJwaWN0dXJlcy5jLXNwYW52aWRlby5vcmciLCJrZXkiOiJGaWxlc1wvZjlkXC8xOTcyNzYtbS5qcGciLCJlZGl0cyI6eyJyZXNpemUiOnsiZml0IjoiY292ZXIiLCJoZWlnaHQiOjUwNn19fQ==Witnesses testified at a hearing on the banking industry and subprime mortgage lending practices. Among the topics addressed were the numbers of foreclosures in recent years, credit solicitation by lenders, and the role of federal regulation of the mortgage industry. Several senators accused the Federal Reserve and its former chairman, Alan Greenspan, of a “pattern of neglect” that fostered a crisis in the mortgage industry that had put more than 2 million families at risk of losing their homes. They said the Federal Reserve had power to regulate risky lending practices but did not choose to use it even as exotic mortgages given to buyers with checkered credit had helped drive up housing prices across the country. They also urged banking executives to cut down on loans to borrowers who have little documentation to prove their income, and to more accurately evaluate how much debt people can afford.
Witnesses testified at a hearing on the banking industry and subprime mortgage lending practices. Among the topics addressed were the number… read more
Witnesses testified at a hearing on the banking industry and subprime mortgage lending practices. Among the topics addressed were the numbers of foreclosures in recent years, credit solicitation by lenders, and the role of federal regulation of the mortgage industry. Several senators accused the Federal Reserve and its former chairman, Alan Greenspan, of a “pattern of neglect” that fostered a crisis in the mortgage industry that had put more than 2 million families at risk of losing their homes. They said the Federal Reserve had power to regulate risky lending practices but did not choose to use it even as exotic mortgages given to buyers with checkered credit had helped drive up housing prices across the country. They also urged banking executives to cut down on loans to borrowers who have little documentation to prove their income, and to more accurately evaluate how much debt people can afford. close
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Irving Ackelsberg Attorney -
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Jennie Haliburton Homeowner
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Sandra L. Thompson Director Federal Deposit Insurance Corporation->Division of Supervision and Consumer Protection
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Al Ynigues Homeowner
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