Leo Loomie, SVP, Client Development at Mphasis Digital Risk, was quoted in CNN Business in the article titled “The US economy is strong. Three signs it won’t last” talking about the nation’s financial stability and the debate to determine between a recovery or another downturn for the economy.
The US corporate debt has risen to unprecedented levels with homebuyers taking more debt relative to their income. “If you look at requirements they have from an assets perspective, back in the day, in 2006 and 2007, you could write it on a napkin and get a mortgage loan,” says Leo Loomie “You cannot do that anymore. There’s a ton of data control that wasn’t in place 10, 12 years ago.”
Housing isn’t the only reason consumers are taking on debt. Total credit, including student and auto loans, has risen far above its pre-recession peak, according to the Federal Reserve Bank of New York.
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