The Advocates with Richard J. Garfunkel on WVOX – AM Radio 1460-

Thursday morning, October 25th, 2007, at 9:00 am, I am hosting my show, “The Advocates” on WVOX- 1460 AM on your dial, or you can listen to its live streaming at www.wvox.com.  One can call the show at 914-636-0110 to reach us on the radio.  I am glad to be back at my regular spot on the dial after a long week in Atlanta and western North Carolina. Today’s topic will be on the subprime lending and mortgage crisis. Subprime lending is also called B-paper or second chance lending. Beginning in 2006, the U. S. subprime mortgage industry entered into a period, which many observers and critics have become to call a meltdown. We will try to explore the consequences of this potential economic crisis, and the possible comparisons of another crisis of de-regulation, the Savings and Loan disaster of the mid 1980’s.

The “Advocates” discusses public policy, and our special guest is Mr. John Berenyi, a resident of nearby Connecticut, who has been engaged in mortgage finance and mortgage-backed securities for over 25 years. His experience includes executive positions with CITIGROUP, IF Rothschild and Co., HSBC Capital Markets and other firms in Philadelphia, Chicago and Boston. He completed over $14 billion of mortgage transactions, many with AA or AAA ratings from Moody’s and Standard and Poor’s. He has spoke on mortgage finance policy matters before Congressional Committees, including the House Ways and Means Committee.

Meanwhile the mission of the “Advocates” is to bring to the public differing views on current “public policy “ issues. “Public policy,” therefore, is what we as a nation legally and traditionally follow. Over the years the “public policy” of the United States has changed or has been modified greatly. As an example, “free public education” is the public policy of the United States. Also, over time great struggles have ensued over the control of the direction of “public policy” For example: free trade vs. protectionism, slavery vs. emancipation, state’s rights vs. Federalism, and an all-volunteer armed forces or the “draft.”

Richard J. Garfunkel