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The Subprime VirusReckless Credit, Regulatory Failure, and Next Steps$
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Kathleen C. Engel and Patricia A. McCoy

Print publication date: 2011

Print ISBN-13: 9780195388824

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780195388824.001.0001

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Blind Spot

Blind Spot

Greenspan’s Federal Reserve

(p.189) 10 Blind Spot
The Subprime Virus

Kathleen C. Engel

Patricia A. McCoy

Oxford University Press

This chapter discusses the Federal Reserve Board's enforcement actions during the housing bubble. It describes Fed chairman Alan Greenspan's aversion to regulation and the distinct ideological imprint he put on the Fed, which was most evident in mortgage lending. It also covers the Fed's power to regulate reckless mortgages; the Truth in Lending Act disclosures, the main form of mortgage regulation at the Fed; supervision of lending institutions by the Fed; and other Fed enforcement actions affecting mortgage lending.

Keywords:   Federal Reserve Board, Alan Greenspan, financial regulation, mortgage lending, Truth in Lending Act, banking regulation, enforcement actions

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