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Soon we saw that money going to women brought much more benefit to the family than money going to the men. So we changed our policy and gave a high priority to women. As a result, now 96% of our four million borrowers in Grameen Bank are women.
What the mortgage bubble was all about was big banks like Goldman Sachs taking big bundles of subprime mortgages that were lent out largely to low-income, highly risky borrowers, and applying this kind of magic-pixie-dust math to these bundles of securities and slapping AAA ratings on them.
Conservatives may believe that impoverished borrowers destroyed Wall Street. But we liberals will not fool ourselves that stupid bankers sank conservatism for good.
Lenders look at potential borrowers from many angles before extending credit: How much of its income will a household need to put into debt repayment? How large is the down payment? Does the borrower have a job with a stable income? What is the borrower's credit score?
The average credit score of today's FHA borrowers is higher than the average American household with a score. As it becomes more costly and difficult to get a FHA loan, loans from private mortgage lenders will become more attractive and their market share will grow.
We are very much engaged across the government, very much engaged in streamlining and simplifying our activities with borrowers and lenders, because that saves time and saves costs and we believe we can do that while maintaining the same or increased levels of oversight and risk management.
You want to evaluate future borrowers, but in order to train an algorithm that will help you identify future defaults, you have to train it and evaluate it on past data.
It's never been more important for borrowers to arm themselves with knowledge and build sound financial-management skills.
Substantive and procedural law benefits and protects landlords over tenants, creditors over debtors, lenders over borrowers, and the poor are seldom among the favored parties.
No gentleman can be without three copies of a book: one for show, one for use, and one for borrowers.
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