How's it going R-12, aka Shiny Electric Moron.<quoted text>
They were forced to a point from passing legislation making it discrimatory to deny a minority, who doesn't meet the (then) standard qualification for a home loan and refuse him.
It did let low income whites in on it, but was written specific for "minorities" haa but with a equal result and outcome for both.
*feeling like a non minority yet?*
Those financial wizards saw the profit in that and took advantage.
With it being sold to the people as some feel good thing for those unfortunate struggling minorities who just can't quite afford a house of their own and need just a little help, lol,yeah and to right some wrongs, can't forget that.
That makes it almost perfect, what Senator or President would stop the predatory lending that, yes..targeted those that...well couldn't really afford a house to begin with. Oh not very likely.
But I could see one person standing up and saying " we have to raise the bar back up to who qualifies for the home loans or risk the collapse of the whole market.
And somebody else drowning him out with accusations of the hate and racism against minorities because it will disqualify so many.
Taking it to a emotional level instead of a rational thought based level.
Maybe that's what makes the smart people among us.....and the stupid ones too.
A lot of gobble-de-gook in your post.
Allow me to repeat. Republicans controlled Congress and the White House. No danger of banks being targeted for discrimination. You would have us believe the Democrat minority had the power to do this. Well, they didn't and on that note your entire argument collapses.
Banks made predatory loans because it was profitable and the "free market" Republicans who held the Congressional majority were inclined to smile and look the other way.
But eventually, there was a glut of homes on the market and a shortage of buyers. Prices went south and the greedy banks found themselves with a lot of overpriced preperty they couldn't unload. Serves 'em right.