The Internet is abuzz with the recent revelation that Citibank, Countrywide and other major mortgage and home equity lenders have arbitrarily frozen or reduced funds available in their home equity lines of credit. Citibank, for one, claims that they have done this only after a review of each account and a determination that the current [...]
The Fed Takes a Baby Step
December 11, 2007 By
Readers of this column know that I blame the Federal Reserve for lighting the fire that led to the housing crash and the overall slowdown of the economy. I keep hoping that they will see the error of their ways and correct the downturn by taking immediate and positive action to get the housing industry [...]
The Subprime Mortgage Mess – Who's Really at Fault?
December 9, 2007 By
There are two facts about the subprime mess that everyone seems to ignore: 1. The Bush Administration, through the Republican Governors of the Federal Reserve, created the mess when the Fed raised the bank rate/prime rates so high so fast; and, 2. The Bush Administration, although slow to react by lowering rates, has now put [...]
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