Did that title catch your attention?
We haven’t even seen the tip of the iceberg on this issue, yet, I fear. Once Congress gets involved, there’ll be much more media attention.
There was a very good article in today’s New York Times about subprime lending, covering the major issues (thanks to the commenter who sent the link).
Why, what’s at stake, really?
Hanging in the balance is the nation’s housing market, which has been a big driver of the economy. Fewer lenders means many potential homebuyers will find it more difficult to get credit, while hundreds of thousands of homes will go up for sale as borrowers default, further swamping a stalled market …
While real estate prices were rising, the market for home loans operated like a well-oiled machine, providing ready money to borrowers and high returns to investors like pension funds, insurance companies, hedge funds and other institutions. Now this enormous and important machine is sputtering, and the effects are reverberating throughout Main Street, Wall Street and Washington.
What else do the experts say?
“Decreased funding for residential mortgage-backed securities could set off a downward spiral in credit availability that can deprive individuals of home ownership and substantially hurt the U.S. economy.”
Crisis Looms in Market for Mortgages – By Gretchen Morgenson
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