The home loan mess is a tough customer to bring under control. Everyone agrees with that. The government and the private sector have tried all sorts of cures to change its course, with very little so far to show for their labors. Mortgage foreclosures are going to continue by some reliable estimates at least at the current pace well into the new year. There is, however, a new creative initiative afoot to help restore the tattered mortgage market to health. Behind the effort is a man called Lewie Ranieri, who is largely credited with crafting the mortgage-backed securities in the 1980s.These instruments turned out to be a great catalyst to increase home ownership by funneling money from investors to mortgage firms for making loans to buyers. Today's immense problems are unrelated to the ...
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