As Subprime Lending Crisis Unfolded, Watchdog Fed Didn’t Bother Barking

Washington Post by Binyamin Appelbaum | Sep. 27, 2009 (Special Report)

Under a policy quietly formalized in 1998, the Fed refused to police lenders' compliance with federal laws protecting borrowers, despite repeated urging by consumer advocates across the country and even by other government agencies. Full Story »

Posted by Kaizar Campwala - via Columbia Journalism Review, Memeorandum

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Kaizar Campwala
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 by Kaizar Campwala - Sep. 27, 2009

The Fed’s reluctance was part of a broad governmental retreat from oversight of the financial industry. Greenspan and many politicians in both parties saw regulation as a blunt instrument that often deprived more people than it protected.

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