Title: DODD-FRANK AND ITS IMPACTS ON MORTGAGE LENDING
Authors: Sali Bakare
University of the People, Business Administration Division
MLA 8 Bakare, Sali. "DODD-FRANK AND ITS IMPACTS ON MORTGAGE LENDING." Int. j. of Social Science and Economic Research, vol. 3, no. 12, Dec. 2018, pp. 6979-6988, ijsser.org/more2018.php?id=492. Accessed Dec. 2018.
APA Bakare, S. (2018, December). DODD-FRANK AND ITS IMPACTS ON MORTGAGE LENDING. Int. j. of Social Science and Economic Research, 3(12), 6979-6988. Retrieved from ijsser.org/more2018.php?id=492
Chicago Bakare, Sali. "DODD-FRANK AND ITS IMPACTS ON MORTGAGE LENDING." Int. j. of Social Science and Economic Research 3, no. 12 (December 2018), 6979-6988. Accessed December, 2018. ijsser.org/more2018.php?id=492.
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Abstract: The financial crisis of 2008 was caused partly by reckless lending practices. Lenders strayed
from traditional underwriting standards in order to meet mortgages demand from consumers with
sub-prime credit because Wall Street firms were paying high fees and premiums on no income
documentation loans. The damage that resulted from these reckless underwriting practices in the
mortgage industry has been a catastrophe on the US economy. If the housing market is made
productive again, the US economy will come back to normal. This spurs the Obama
administration to implement Dodd-Frank Act in 2010.
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