Predatory financing: ten years of warnings

Predatory financing: ten years of warnings

Congress, Fed fiddled as subprime crisis spread

Introduction

A bit more than about ten years ago, William Brennan foresaw the economic collapse of 2008.

As manager of the property Defense Program during the Atlanta Legal help Society, he viewed as subprime lenders attained enormous earnings making mortgages to individuals who obviously couldn’t manage them.

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

“I think this home of cards may tumble some time, and it’ll mean great losings for the investors whom have stock https://speedyloan.net/installment-loans-fl in those companies, ” he told people in the Senate Special Committee on the aging process in 1998.

As it happens that Brennan did know how right n’t he had been. Not jPredatory financing: ten years of warnings

Congress, Fed fiddled as subprime crisis spread

Introduction

A tad bit more than about ten years ago, William Brennan foresaw the collapse that is financial of.

As manager of the house Defense Program during the Atlanta Legal help Society, he viewed as subprime lenders received enormous earnings making mortgages to those who demonstrably couldn’t manage them.

Related Articles

The loans had been harmful to borrowers — Brennan knew that. He additionally knew the loans had been detrimental to the Wall Street investors purchasing up these mortgages that are shaky the thousands. And he talked up about their worries.

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

As it happens that Brennan did know how right n’t he had been. Continue reading