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Mortgage crunch a reminder of economic cycles

11/05/2007
The US treasury secretary offered lessons all around-some related to oil and gas-in a stinging Oct. 16 speech about the meltdown of housing finance.Henry M. Paulson Jr. had few comforting words for his audience at the Georgetown University Law Center in Washington, DC.While the US economy remains strong, he said, it has been wounded by a housing slump caused in part by “shameful” lending practices and won’t fully recover until housing starts rebound-a turn not yet in sight.Paulson noted fragmentation of the mortgage lending industry into parts that originate, package, and invest in mortgage loans. And he regretted a proliferation of nontraditional adjustable rate mortgag...
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