and the market crashed when?"In 2004, President George W. Bush campaigned on lower barriers to homeownership as part of the domestic agenda for his second term.
The Republican Party platform that year singled out the down payment as the "most significant barrier to homeownership."
1977 - Democratic President Jimmy Carter Passes "Community Reinvestment Act," or CRA, designed to encourage banks to reach out to low income communities by offering loans to minorities and the poor.
1995 - Democratic President Bill Clinton revises CRA by making banks meet a quota for a certain number of low income loans.
He also increases punishment for banks that dont loan enough money to low income borrowers.
This forces banks to write lots of loans that they would not otherwise have written, because the government is forcing them to.
1999 - Democratic President Bill Clinton signs and endorses the "Gramm-Leach-Bliley Act," or GLBA, designed to make banks profitable in good economic times, as well as poor economic times.
The bill allows consumer banks (think checking accounts, savings accounts, etc..) to merge with insurance companies and investment companies, so they all can make money.
BUT for a bank to qualify to be a part of the program, you had to have a high CRA score, meaning that you had to have a lot of loans written to low income people.
The government was effectively telling banks that if they wanted to be allowed to make money off of the investments of the rich, that they had to also be lending money to the poor.
Nice in theory, but look where it has gotten us.
Now we are a nation with a bunch of people losing homes they never could afford, and a bunch of banks collapsing because nobody can pay them back!
Looks like Racist Democrats like to f*ck the blaks
and while you are at it where was the republican President (the guy that the right wing is trying to forget)fixing the problem you claim?
try reality instead of bogus right wing talking points