By HECTOR TORRES, PROJECT SYNDICATE
"Indeed, in its 2006 annual review of the American economy, the IMF was extraordinarily benign in its assessment of the risks posed by the relaxation of lending standards in the American mortgage market. It noted that 'borrowers at risk of significant mortgage payment increases remained a small minority, concentrated mostly among higher-income households that were aware of the attendant risks,' and concluded that 'indications are that credit and risk allocation mechanisms in the U.S. housing market have remained relatively efficient.' This, it added, 'should provide comfort.'"
[Read More:The New York Sun: ]
No comments:
Post a Comment