LESSONS STILL NOT LEARNED
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|Keynote speaker FDIC's Sheila Bair doesn't think lenders have learned their lesson, since she's still getting mail about 3.75% fixed-rate loans for 125% LTV. With 2.4M housing loans in foreclosure and another 2.7M more than 60 days past due, she says lenders need to move away from their lax underwriting, and robo-signers have underscored the problem. She encouraged commercial lenders to restructure some of the $1.4 trillion in commercial loans coming due over the last few years, if necessary. The Dodd-Frank Act should improve the ratings system across the board, preventing the financial crisis from taking such a serious turn again.|