Never—that's when.
the Federal Reserve and the five other federal agencies that regulate banks issued this statement just last week:
"Prudent workout arrangements that are consistent with safe and sound lending practices are generally in the long-term best interest of both the financial institution and the borrower…Institutions will not face regulatory penalties if they pursue reasonable workout arrangements with borrowers."
Heebner: “The Greatest Price Decline in Housing since the Great Depression” (Bloomberg News interview)
“the bubble was caused by creative housing finance made possible by the emergence of a deregulated global credit market through finance liberalization. The low cost of mortgages lifted all US house prices beyond levels sustainable by household income in otherwise disaggregated markets”
Good words.
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