…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

Lyle Gramley’s July 11, 2008, Letter to Mike Perry