Reminder housing crisis was caused by GOVERNMENTS not banking industry
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Date: May 27th, 2016 5:43 PM Author: wonderful state
Congress + Bush + Clinton + Bush put laws / rules in place putting quotas on the percentage of low income and very low income borrowers lenders had to lend to. (Because credit scores and any metric of judging borrowers is "racist" in the bullshit-liberal way).
Association of Community Organizations for Reform Now (ACORN) would sue anyone who was not lending to a shit load of low income.
It got to the point that lenders were literally required by the Gov to make more than 50% of their loans to low income or very low income borrowers. Lenders DID NOT WANT TO DO THIS. They were LITERALLY FORCED TO by the gov.
Shitty Mortgage backed securities were a SYMPTOM of this.
The banking industry was more a CASUALTY of this than a cause. Bubble was happening anyway. They did not help, and they COULD/SHOULD have figured it out earlier and stopped it, but they did not cause it.
(http://www.autoadmit.com/thread.php?thread_id=3236067&forum_id=2).#30572343) |
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