Dave is right.<quoted text>
I believe you to be the liar. Along with Obama.
One of the most constantly whined refrains out of the economic crisis is that banks were forced to make bad loans to low income groups because of federal regulations requiring them to loan money to minorities.
That’s hooey, of course. Just enough to convince those who really want to believe the housing crisis was the result of some liberal plot.
Check the June 12, 2012 Washington Post. A Wells Fargo executive describes in detail how she led the team that eagerly sought out minorities and people with bad credit or no credit and hoodwinked them into loans they couldn’t handle.
She was making loans people couldn’t pay under the certainty that she would make her loan fees while the loans themselves would be sold and resold. She was one cog in a giant machine that was spinning out money as the housing hyper-inflationary bubble inflated.
When borrowers defaulted, as banks knew they would, the banks got the property (which was going up in value) and kept the payments. And then bundled the bad loans to Wall Street as "investment grade".
It was a great scam while it lasted. Blame the banks for what happened. And the GOP Majority in Congress and the White House who did nothing as the situation spun out of control.