06/17/2009
https://www.congress.gov...
"Loans were risky, were they? They had multiple risk factors layered on top of each other."
"But will you remind all the institutions?"
"What consequences can you expect when most customers only make minimum payment in terms of the borrower's reaction to a payment shock?"
"We followed our normal protocols under the interagency agreement, and on August 14, we sent the OTS a letter."