The Man Nobody Wanted to Hear

[Slimprofits]

The Fed chairman was not even impressed by a letter the Mortgage Insurance Companies of America (MICA), a trade association of US mortgage providers, sent to the Fed on Sept. 23, 2005. In the letter, MICA warned that it was "very concerned" about some of the risky lending practices being applied in the US real estate market. The experts even speculated that the Fed might be operating on the basis of incorrect data. Despite a sharp increase in mortgages being approved for low-income borrowers, most banks were reporting to the Fed that they had not lowered their lending standards. According to a study MICA cited entitled "This Powder Keg Is Going to Blow," there was no secondary market for these "nuclear mortgages."

This study was authored by Richard Bove and did receive a minor level of attention from some in the MSM at the time:

http://securities.stanford.edu/news-...809_Times.html

[Master Shake]

The Man Nobody Wanted to Hear

Good article about BIS Chief Economist William White who tried warning central bankers about the impending financial crisis as far back as 2003.

http://www.spiegel.de/international/business/0,1518,635051,00.html

[Slimprofits]

Re: The Man Nobody Wanted to Hear

Something weird going on with this thread. Master Shake's post was first, not mine!

[ax]

Re: The Man Nobody Wanted to Hear

This study was authored by Richard Bove and did receive a minor level of attention from some in the MSM at the time:

http://securities.stanford.edu/news-...809_Times.html

This was before Bove got and bought and sold 3x in the last year, switching firms for higher pay and making great calls such as Lehman is a steal at $12.

[Master Shake]

Re: The Man Nobody Wanted to Hear

Something weird going on with this thread. Master Shake's post was first, not mine!

??? I started the thread.

[Slimprofits]

Re: The Man Nobody Wanted to Hear

??? I started the thread.

After I posted that reply, they switched in order. A bug?