Words to remember
“Where once more-marginal applicants would simply have been denied credit, lenders are now able to quite efficiently judge the risk posed by individual applicants and to price that risk appropriately. These improvements have led to rapid growth in subprime mortgage lending.”
The former chairman of the organization that many people hope will assume more responsibilities of oversight over the financial markets.
Tags: Greenspan, Sub Prime Mortgage, The Federal ReserveRelated posts
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It'll be interesting to see how history views Alan Greenspan after a decade.
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Alan Greenspan should have known better. I suspect that the power and the desire to keep it, and to please his political masters blinded him.
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