Quote:
Originally Posted by - Jesus Christ -
You're completely ignoring something...
The subprime loans alone did not cause the problem.
Its the CHOICE the lenders made on how to USE the loans as leverage once they were packaged... no law made them do that.
The conclusion that a community development act passed 30 years ago was the major contributor to this is nothing short of INSANE.
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The right needs someone else to blame so they have held CRA very close to their hearts. lol Forgot about deregulation pushed by gramm. Since that happenen only 25 % of subprime mortgages fall under cra and I presented here yesterday a report on cra from the fed in 1999 just as dereg was signed in law and up until that point CRA was very profitable. Deregulation and laon bundling did this not cra . The right screamed for deregulation get government off the backs of business. This what happens without regulation.