Calculated Risk: "Sunday, April 13, 2008
The Sorry Mess That Is Alphonso Jackson's HUD
A long piece from the Washington Post, which I recommend reading in its entirety.
In late 2006, as economists warned of an imminent housing market collapse, housing Secretary Alphonso Jackson repeatedly insisted that the mounting wave of mortgage failures was a short-term 'correction.'
He pushed for legislation that would make it easier for federally backed lenders to make mortgage loans to risky borrowers who put less money down. He issued a rule that was criticized by law enforcement authorities because it could increase the difficulty of detecting and proving mortgage fraud."
No comments:
Post a Comment