Predatory financing: 10 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 director of the property Defense Program during the Atlanta Legal help Society, he viewed as subprime lenders attained profits that are enormous mortgages to individuals who obviously couldn’t manage them.

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The loans had been detrimental 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. And then he talked up about their worries.

“I think this home of cards may tumble some time, and it’ll suggest great losings for 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 didn’t discover how right he had been. Not j

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 director of the house Defense Program during the Atlanta Legal Aid Society, he viewed as subprime lenders received profits that are enormous mortgages to individuals who obviously couldn’t manage them.

Related Articles

The loans had been harmful to borrowers — Brennan knew that. Continue reading