HUD Knew About Subprime Problems

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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Posted on June 17, 2008
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