Glass Stengal was signed by Clinton.<quoted text>
Dumbass, you think all subprime loans are CRA loans.
CRA loans were typical standard type, long term mortgages. Not the ones you described.
A study was done & it showed that the percentage of all failed loans that were CRA was the same as the percentage of all loans that were CRA. If the CRA loans were the problem, then certainly a higher percent would fail.
The Republicans wanted to tear down Glass Stengal & create all these new mortgage capable institutions.. All Clinton did was say that if they are in the mortgage business then they are subject to CRA rules.
"He also signed the Commodity Futures Modernization Act, which exempted credit-default swaps from regulation. In 1995 Clinton loosened housing rules by rewriting the Community Reinvestment Act, which put added pressure on banks to lend in low-income neighborhoods. It is the subject of heated political and scholarly debate whether any of these moves are to blame for our troubles, but they certainly played a role in creating a permissive lending environment.
Read more: http://www.time.com/time/specials/packages/ar... #ixzz2XLfrSysn