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May 27, 2008

All Business: A cautionary tale about one mortgage-bond guru

  • If someone with Lewis Ranieri's clout missed the mark on the mortgage mess, what other land mines could still loom at financial firms with less experienced directors.
    • By RACHEL BECK
    AP Business Writer

    NEW YORK — Lewis Ranieri is credited with inventing mortgage-backed securities two decades ago, and recently he sounded warnings about mortgage risks. Yet he couldn't save his own company from getting tangled in the real-estate loan bust.

    That's alarming — not just for investors in his small Franklin Bank Corp., but for anyone hoping the credit crisis would end soon.


     
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