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Making the Subprime Market Sensible; Call for Regulators to Act Now to Strengthen Underwriting Standards

Something had to be done about the subprime real estate market and last week, trade associations and Congress reacted.

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DURHAM, N.C. — Something had to be done about the subprime real estate market and last week, trade associations and Congress reacted.

Repercussions from the downward spiral fueled by foreclosures and losses in the subprime area made the joint statement issued by the American Bankers Association, America’s Community Bankers, Consumer Bankers Association, Housing Policy Council, the Financial Services Roundtable and the Mortgage Bankers Association a necessary first step in avoiding a repeat performance.

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