A scan through Ben's speech today leaves one ... underwhelmed.
More than a year after the prognostications of rate-resets and the prospect for widespread defaults/foreclosures, and the Fed has its first conference that ... touches on preventable foreclosure.
More than two years after housing prices peaked, the implications for the real economy from foreclosure ... er, get high-level attention?
And you know just how bad it is, when you dig into the references and you find out that the Federal Government, in 2008, is licensing the data it desperately needs in order to do policy formation and that data is ... incomplete:
We use data licensed from LoanPerformance as the basis for our analysis. We define a subprime loan as a loan in a subprime pool and likewise an Alt-A loan as a loan in an Alt-A pool. Thus, these data will not include risky mortgages that lenders keep rather than securitize; about 75 percent of subprime originations were securitized in recent years ...To measure is to manage.
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