Subprime Mortgage Crisis Targeted by RIT Consumer Finance Expert Robert Manning
“Double financial bubble” looming large for middle-income communities, explains author
Aug. 14, 2007
by Marcia Morphy
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America is facing the financial consequences of a “double bubble” where falling housing prices and bloated mortgage payments are squeezing consumers burdened with record household debt.
—Robert D. Manning, Center for Consumer Financial Services
RIT’s E. Philip Saunders College of Business
Robert D. Manning, author of Credit Card Nation and frequent expert witness before U.S. Congressional Committees, is available to discuss his “double financial bubble” argument and the next phase of the subprime mortgage crisis, which he predicts will beset middle- and upper middle-income communities in one-and-a-half to two years.
Manning is a leading critic of the nation’s financial services industry and research professor and director of the Center for Consumer Financial Services at E. Philip Saunders College of Business, Rochester Institute of Technology.
As Manning explains, the Federal Reserve and government regulators have contributed to this perilous situation, and he recommends pro-active strategies where local communities get involved during the often-lengthy foreclosure process to help save these communities before the foreclosure and bankruptcy waves become overwhelming.
Manning also addresses how Wall Street created this problem by including the aggressive investments of 8,000 unregulated hedge funds.
Furthermore, Manning is available to discuss the increasing importance of consumer debt and deregulated financial services to the U.S. economy and proposed policies that will be debated during the 2008 presidential election.
Manning is featured in the 2006 hard-hitting documentary “In Debt We Trust: America Before the Bubble Bursts,” where he also served as the film’s editorial advisor.
Rochester Institute of Technology is internationally recognized as a leader in computing, engineering, imaging technology, fine and applied arts, and education of the deaf. More than 15,500 full and part-time students are enrolled in RIT’s 340-career-oreinted and professional programs, and its cooperative education program is one of the oldest and largest in the nation.
One of eight colleges at RIT, the E. Philip Saunders College of Business is accredited by the Association to Advance Collegiate Schools of Business International (AACSB International) and enrolls more than 1,200 undergraduate and graduate students. In fall 2007, the college created an academic major for incoming students in its newly established Center for Consumer Financial Services.