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National News - Media One Radio Group (WWSE | WJTN | WHUG | WKSN | WQFX

National News - Media One Radio Group (WWSE | WJTN | WHUG | WKSN | WQFX
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New York , United States , North Carolina , Kathleen Engel , Carolyn Carter , Ben Bernanke , Alan White , Justin Sullivan Getty , Phil Angelides , Michael Calhoun , Michael Lewis , Hattie Dorsey , Estella Adams , Carolina Fair Housing Center , Suffolk University Law School , Atlanta Neighborhood Development , Lehman Brothers , Bear Stearns , Federal Reserve , Community Legal Services , Great Depression , Ruhi Maker , Wall Street , Big Short , Inside Mortgage Finance , Responsible Lending ,

Housing advocates forecasted the 2008 financial crisis, they said they were ignored - WEIS

Housing advocates forecasted the 2008 financial crisis, they said they were ignored - WEIS
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Housing advocates forecasted the 2008 financial crisis, they said they were ignoredMax Zahn, ABC News

Housing advocates forecasted the 2008 financial crisis, they said they were ignoredMax Zahn, ABC News
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Housing advocates forecasted the 2008 financial crisis, they said they were ignored

Housing advocates forecasted the 2008 financial crisis, they said they were ignored
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National - KSYL-AM

Justin Sullivan/Getty ImagesNEW YORK Four years before Lehman Brothers collapsed and set off the worst U.S. financial disaster since the Great Depression, Ruhi Maker warned top officials at the Federal Reserve that the nation s housing bubble could wreak "enormous" economic damage.

Maker, a housing attorney in Rochester, New York, told Fed officials that a flood of faulty home loans could imperil the soundness of major investment banks, even naming Lehman Brothers, according to a transcript of the meeting.

The testimony drew on experience at the frontlines of a foreclosure crisis fueled by subprime loans thrust upon borrowers who couldn t afford them, Maker told ABC News.

"I remember one woman, a widow, sitting across from me and crying. She said she was so happy her husband had died, so he couldn t see what a mess she had made of the house," Maker said.

This fall marks the 15th anniversary of the onset of the 2008 financial crisis, whi ....

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