Re: Summers on further regulation and mortgage bailouts
On Aug 29, 2007, at 8:24 AM, Eubulides wrote:
OFHEO “will keep under active consideration requests for an increase in the portfolio caps, but we are not authorizing any significant changes at this time,” James B. Lockhart III, the agency’s director, said in a news release.
As John Dizard wrote in yesterday’s FT:
At a time when America, or at least Wall Street, needs a spineless
hack as the head of a key agency, it is saddled with a credible man
of principle: James Lockhart, OFHEO’s director. Yale graduate,
Harvard MBA, lieutenant in the nuclear navy, risk management
software entrepreneur, senior insurance executive, and former head
of the Pension Benefit Guarantee Corporation. “A real hard-ass” in
the words of a mortgage finance executive. It doesn’t seem as
though he can be intimidated by the threat of being sent back to
Plano, Texas, to work in his uncle’s car dealership.