Last Monday, when I had lunch with Linda S. Finley to talk about the subprime mortgage crisis, was the beginning of an eventful week.
The same day, Rep. Barney Frank D-Mass. introduced an anti-predatory mortgage lending bill that would assign liability for predatory lending to some of the investors buying those loans on the secondary markets and make it more difficult for lenders to make loans that borrowers can’t afford. Then Merrill Lynch on Wednesday announced it had written off $8.4 billion in the third quarter on mortgage-backed bonds-far higher than the $5 billion write-off it had estimated just two-and-a-half weeks earlier.
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