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Saturday, October 11, 2008
Update on polls, blame for the subprime collapse
The Atlanta Journal-Constitution
Gallup’s latest three-day tracking results put Obama’s lead at nine, down two from its high of 11 a few days ago but still significant.
And McClatchy’s Washington bureau dispels the notion that the Community Reinvestment Act had any major role whatsoever in the subprime crisis. Its key findings:
“Subprime lending offered high-cost loans to the weakest borrowers during the housing boom that lasted from 2001 to 2007. Subprime lending was at its height from 2004 to 2006.
Federal Reserve Board data show that:
_ More than 84 percent of the subprime mortgages in 2006 were issued by private lending institutions.
_ Private firms made nearly 83 percent of the subprime loans to low- and moderate-income borrowers that year.
_ Only one of the top 25 subprime lenders in 2006 was directly subject to the housing law that’s being lambasted by conservative critics.
The “turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007,” the President’s Working Group on Financial Markets reported Friday.
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The horror that lies within
The Atlanta Journal-Constitution
It’s sitting there, on the kitchen counter. And it won’t go away.
I see it out of the corner of my eye every time I walk past, but I pretend I don’t. I pretend it’s not there.
But it is. And it’s waiting for me.
Just waiting…
Maybe today? Maybe today I’ll rip open the envelope and take a look at what has happened to my 401-K?
Nah. Not today. It’s Saturday. The market can’t go down on a Saturday.
Can it?
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