Monday, July 14, 2008
Fed Votes Unanimously To Ban Liar Loans
Snippet of information from Paul Krugman's blog that the Fed has moved to ban lenders from making high-interest, non-verified loans. It's only 5 years too late but they couldn't have interefered with that lovely bubble that brought so much paper wealth to so many, now could they? "Regarding higher-priced loans, the Fed’s new rules also prohibit lenders from: relying on income or assets that it does not verify to determine repayment ability"