While the book on the free market and financial innovation is being written about sub-prime lending, comes a view that lenders may have pushed people during re-finance into subprime loans (or similar terms) to make money.
I suspect from anecdotal evidence that this allegation is not wholly untrue.
The notion that is evocative, that the innovation ultimately brought more or as many existing borrowers down into a new category of finance, rather than expand the set of borrowers altogether...
Thursday, November 29, 2007
Ugly Lenders or Successful Market Innovation
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