Interest Rates

Lex gets it very, very wrong on Alt-A 

The Financial Times’ Lex is usually a source of level-headed analysis and grounded reasoning in matters financial, but like many in the financial press, even Lex tends to get misled in trying to make sense of mortgages. And if Monday’s column on Alt-A mortgages is any indication, the old adage that says Wall Street doesn’t understand mortgage banking is alive and well.