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Impact of Financial Markets on Economic Stability and Growth: The Case of Sub-Prime Mortgage Lending - page 6 / 42

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1/23/2015

Jamshid Damooei, PhD

6

How Did It Come About?......Continued

Fed’s officials counted on the housing boom to support the economy after the stock market collapsed in 2000.

Mr. Greenspan, in an interview, vigorously defended his actions, saying the Fed was poorly equipped to investigate deceptive lending and that it was not to blame for the housing bubble and bust.

Officials enthusiastically praised subprime lenders for helping millions of families buy homes for the first time.

Mr. Greenspan wrote in his recent memoir, “The Age of Turbulence: Adventures in a New World.” “But I believed then, as now, that the benefits of broadened home ownership are worth the risk.”

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