Wealth Builder University Blog: Subprime-FHA-The FED-Gramlich & YOU

Mr. Gramlich, we wish you all the best in this moment of challenge. Unless one knows better they might very well mistake your words below as comments in ref to our current subprime and capital market woes which you have warned us about for years.

As a People we can learn from your own self-inquiry and answers as they relate to your personal circumstance. Despite how bad things are or still might get, what do we do now? As you said for yourself, personally, we..."make the best of it".

As a People, beyond even making the best of it we have an opportunity to create solutions. The easiest place to start is with ourselves. What is the financial well being 'in our own house'? What are we doing now to ensure our financial health and well being? Are these really simplistic questions? Perhaps. But the answers are not as evidenced by massive debt and underfunded retirement accounts. Ask yourself, AM I WHERE I WANT TO BE? Is there something for us all to learn from Gramlich's personal experience and professional outlook?

Greg Johnson, Co-Founder
www.wealthbuilderuniversity
www.wealthdollars.com

clipped from www.nytimes.com

“This whole thing, I have to say, is tremendously unfair, that it hit. But it did hit, and what do you do now? You make the best of it.”

For more than a decade, even before he was named a governor of the Federal Reserve Board in 1997, Mr. Gramlich was warning of dangers in the housing market, a stance that has made him a sought-after expert in the current crisis.
As chairman of the Neighborhood Reinvestment Corporation, he urged legislators to better protect consumers against predatory lenders, and toughen regulation of mortgage lenders and banks. Nonetheless, his efforts met resistance within the Fed and on Capitol Hill, and even he admits he could have pushed earlier for reform.
Still, in June, he published a timely book, “Subprime Mortgages: America’s Latest Boom and Bust,” that has linked his name once more to the home loan situation, which he says he never could have expected would become so dire.