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A Catastrophe Foretold "Increased subprime lending has been associated with higher levels of delinquency, foreclosure and, in some cases, abusive lending practices." So declared Edward M. Gramlich, a Federal Reserve official. These days a lot of people are saying things like that about subprime loans - mortgages issued to buyers who don't meet the normal financial criteria for a home loan. But here's the thing: Mr. Gramlich said those words in May 2004.

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A Catastrophe Foretold

"Increased subprime lending has been associated with higher levels of delinquency, foreclosure and, in some cases, abusive lending practices." So declared Edward M. Gramlich, a Federal Reserve official.

These days a lot of people are saying things like that about subprime loans - mortgages issued to buyers who don't meet the normal financial criteria for a home loan. But here's the thing: Mr. Gramlich said those words in May 2004.