Posts Tagged ‘subprime’
No Oversight on Subprime Affiliates
What good are banking regulations designed to stop predatory lending practices if they aren’t used? This is just how the subprime lending catastrophe happened according to a recent Washington Post article detailing how the FED may have been watching banks, but not their subprime affiliates. Furthermore, evidence has surfaced that minority neighborhoods were targeted for these risky mortgages with fine print that often went unnoticed which referred to adjustable interest rates. Community groups requested oversight and action from the FED to no avail. Millions of people have lost their homes due to these deceptive lending practices.
See full article here.
