There are none so blind as those who will not see. The CRA, the Obama/ACORN lawsuit, Clinton forces F and F to accept subprime mortgages, there's your causes.<quoted text>
Banks might have lowered rates or reduced down payments, but borrows still had to prove they could make the payments.
Any bank at anytime could make a bad loan & sell it to Fannie/Freddie. So why didn't they? Why do you think it would only be CRA loans? It shows your argument to be stupid.
It starts with three Republicans, Graham, Bailey, Leach.
It was investment houses getting into the housing market by buying questionable mortgages & bundling them to create investments. These investments were quite popular & created a demand for mortgages.
None had anything to do with the CRA.
Republicans opened the gates & then sat back & watched what should have been a housing problem become the driving force to becoming a near financial meltdown.
When you right whiners start blaming the CRA, you just probe how uneducated & uninformed you are.
In many case borrowers DID not have to show income, you're mistaken or lying.
No, not at ANYTIME could a bank fob off a bad loan to F and F, Clinton changed that to make it possible.
The government changed the rules, they forced lemons on the lenders and guess what? They made lemonade and stuck us with the bill.
Without the subprime loans and the complicity of the ratings agencies, there would be no financial shenanigans.
Without sub prime mortgages, what would the lenders have sold?
The CRA started it all.