“In his final appearance before an MBA audience, at the MBA 97th Annual Convention & Expo in Atlanta in 2010, Mr. Gramley, with characteristic frankness and humor, noted he was among the many U.S. economists who failed to see the warning signs of the 2007-2008 recession. ‘In 2005 and 2006 problems were brewing in the mortgage industry, and I didn’t see it coming…
…Many of us believed that we had figured out the economy, and (how to prevent) economic adversity.’ But Mr. Gramley also sounded a characteristically optimistic note, saying ‘we haven’t done any long-term damage. I think three to five years from now, we will look back at this and acknowledge that we learned some hard lessons that benefited us in the long term.’”, “Former MBA Chief Economist, Federal Reserve Governor Lyle Gramley Dies”, MBA NewsLink, March 24, 2015
Former MBA Chief Economist, Federal Reserve Governor Lyle Gramley Dies
Lyle Gramley, who served on the Board of Governors of the Federal Reserve System under two presidents and later served as chief economist of the Mortgage Bankers Association, died Sunday. He was 88.
“Lyle Gramley was a wonderful man. He served on IndyMac’s (and its predecessor mortgage reit’s) board as an independent director from before I came aboard in 1993 until we were seized by the FDIC on July 11, 2008, in the midst of the unprecedented, global financial crisis. He courageously wrote me the beautiful letter below within weeks of IndyMac Bank’s failure. I have cherished it and it has helped me survive the aftermath. For that and so much more, I will be forever grateful to my friend and colleague Lyle Gramley. Thank you Lyle and rest in peace.”, Mike Perry, former Chairman and CEO, IndyMac Bank