How is it that I'm sitting here all day at the "FDIC Forum on Mortgage Lending for Low and Moderate Income households," and the headline speakers so far have not so much as said one word about such a borrower?
Fed Chairman Ben Bernanke is making news for saying he may extend emergency lending to primary dealers, that came in the wake of Bear's downfall, past September and into next year. And JP Morgan CEO Jamie Dimon is making news for trashing our lack of energy policy and scratching his head about what's going to get investor confidence back into the housing and mortgage markets.
Treasury Secretary Henry Paulson is scheduled to be the final speaker, but I doubt he'll mention low-income borrowers either because essentially he and buddy Ben are laying the media groundwork for their trip to the House Financial Services Committee on Thursday. That's when they are going to suggest a complete regulatory overhaul of the U.S. financial system.
I know there were some meetings in between the speakers, and I'm guessing there was talk about the return of subprime borrowing. But if a tree falls in the forest...?