Greenspan Admits Slow Pick-Up On Subprime Problems

Published September 16th, 2007 in The Fed. Tags: fed, greenspan, interest rates, mortgage rates, rate cut, subprime.

In tonight’s 60 minutes, Alan Greenspan admitted that he was slow to pick-up on the dangers of subprime problems. Rate cut after rate cut marshalled in by Greenspan as Federal Reserve Board Chairman, has been frequently brought up as the genesis of the subprime debacle. According to Greenspan on the show, “he didn’t really get it” with regard to the burgeoning subprime market and its risks.

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This blog discusses subprime mortgage problems. Subprime problems began when lenders offered loans to potential home owners with bad credit or credit / income that did not meet the standards of traditional lending. Subprime mortgages for people with bad credit or no credit face an uncertain future. Once the hope of many to enter into home ownership has now been corrupted both by overreaching consumers and predatory lenders. I hope to follow the aftermath of this crisis.

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Greenspan Admits Slow Pick-Up On Subprime Problems

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