Meredith Whitney, managing director at Oppenheimer and one of the first analysts to predict in 2007 that banks would face enormous write-downs and balance sheet problems as a result of the housing downturn, says the crisis is entering a new chapter in which bank on-balance sheet lending will start to shut down. She expects that there will be an actual contraction in the overall US market for mortgage lending, something she says has never happened before in the US.
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