Monday, July 19, 2010

Redux?


From the Wall St. Journal:

Fannie Mae,(...) launched an initiative in January that allows some first-time home buyers to get a loan with a down payment of as little as $1,000. Securities firm Morgan Stanley Smith Barney, a brokerage operation jointly owned by Morgan Stanley and Citigroup Inc., is offering some clients home-equity credit lines of as much as $2.5 million.

Credit-card issuers mailed 84.8 million offers of plastic to U.S. subprime borrowers in the first six months of this year, up from 43.7 million a year earlier, estimates research firm Synovate. Nearly 8% of loans for new cars in the latest quarter went to borrowers with the lowest range of credit scores, up from 6.2% in (...)'s fourth quarter, according to J.D. Power & Associates and Fair Isaac Corp.

(deletions, ours)

So when was this written? 3 years ago? Maybe 5? How about last week.

What does this tell us possibly about the financial reform bill's ability to address sub-prime lending and too big too fail?

It would appear that, at least on the surface, there has not been a fundamental change to how business will be done on Wall Street and that the large financial institutions know that Bailout Nation is here to stay.

4 comments:

SarahB said...

Having just gone through hell to get a home loan, I suppose our credit and financials were far too stable for such easy money. I'm really coming to hate the sight of men in suits...they are invariably either politicians, lawyers, or financial "consultant" blow holes...blech.

K T Cat said...

Saving for a house is hard. Let the government do it for you.

Slacker fascism.

cheap fut coins said...

Getting simply experienced heck to obtain a mortgage loan, I guess the credit score as well as financial records had been way too steady with regard to this kind of simple cash. I am truly visiting detest the actual view associated with males within fits... they're almost always possibly political figures, attorneys, or even monetary "consultant" whack openings... blech.


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