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HUD Knew About Subprime Problems

June 17th, 2008

For HUD to be indifferent as to whether these loans were hurting people or helping them is really an abject failure to regulate

– University of Michigan law professor, Michael Barr, talks about HUD’s involvement in the mortgage crisis.

It was just irresponsible

– University of Michigan law professor, Michael Barr, talks about HUD’s involvement in the mortgage crisis.

Given the very high concentration of these loans in low-income and African American neighborhoods, the growth in subprime lending and resulting very high levels of foreclosure is a real cause for concern

– A 2001, HUD agency report stated that the threat of foreclosure was a real concern, yet subprime backed securities rose tenfold by 2004.

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Technorati Tags: HUD, subprime, mortgage, lending

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