The U.S. mortgage market has experienced an “irrational restriction” of credit as lenders and regulators overreact to the loose lending during a bubble that burst in 2007, mortgage-bond pioneer Lewis Ranieri said.
“If this legacy persists the consequences will be more profound for the country than the economic losses” caused by the bust, Ranieri said Monday at an annual conference hosted by the Mortgage Bankers Association in Washington.
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