1.0 link 77260 <![CDATA[Federal Reserve Ignored Warnings Housing Slump Was Coming]]> http://www.huffingtonpost.com/2007/12/18/federal-reserve-ignored-w_n_77260.html Until the boom in subprime mortgages turned into a national nightmare this summer, the few people who tried to warn federal banking officials might as well have been talking to themselves.

Edward M. Gramlich, a Federal Reserve governor who died in September, warned nearly seven years ago that a fast-growing new breed of lenders was luring many people into risky mortgages they could not afford.

But when Mr. Gramlich privately urged Fed examiners to investigate mortgage lenders affiliated with national banks, he...

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