How Democraps/Liberals Caused the Melt Down,By their Pandering for votes,From Blacks,Hispanics?
To make matters worse,they have made a deal with
the Banks they pressured to initiate the Melt down
to assist ONLY the Blacks,and Hispanics they sold
these Mortgages they knew could not possibly be paid back.See no credit worthyness required??????
So with the Democraps?liberal Mentality,There are
where/No Poor whites who also got suckered into
these desperate for votes Mortgages existing in
the USA? Love that Racist thinking? As usual the
MSM is in the Bag,Not reporting it,gagging the facts. Barney Franks,Frankin Raines,Chris Dodd
were all complicit in this Burning down of the
Mortgage system,thereby Creating a Sunami of debt
and Foreclosesures? Fortunately for Blacks,and
Hispanics,they had Groups,forbidden to Whites IE
The NAACP,Who pressured the DOJ,to do something
about the Minorities,And of course Whites were not
included,and have no voice in the matter,as the MSM
saw fit to accept the Status Quo,as FAIR?????????Love to have all you Caucasians respond??????
In 1993 President Bill Clinton made changes to the Community Reinvestment Act to make mortgages more obtainable for lower and lower-middle class families. The changes ushered in during the Clinton Presidency encouraged banks to make mortgage loans to people who otherwise would not have qualified for them. In 1998 the Federal Bank of Boston issued a report entitled “Closing the Gap: A Guide to Equal Opportunity Lending." The 30 page document was intended to serve as a guide to loan officers to help curb discriminatory lending  "Closing the Gap," instructs banks to hire based upon diversity needs, sweeten the compensation structure for working with lower income applicants, encourages shifting high risk, low income applications to the sub prime market, by saying "the secondary market [Subprime Market] is willing to consider ratios above the standard 28/36," and "Lack of credit history should not be seen as a negative factor."
While, "Closing the Gap" was not an industry-wide mandate, it illustrates the efforts banks took to meet public pressure to overcome perceived mortgage discrimination. Under the Clinton administration community organizers pressured banks to increase their loans to minorities even though many minority applicants could not qualify for traditional 30-year fix mortgages. Karen Wegmann, the head of Wells Fargo's community development group in 1993 told the New York Times, "The atmosphere now is one of saying yes."  The same New York Times article echoed "Closing the Gap," writing, "The banks have also modified some standards for credit approval. Many low-income people do not have credit-bureau files because they do not have credit cards. So lenders are accepting records of continuously paid utility bills as evidence of creditworthiness. Similarly, they will accept steady income from several employers instead of the length of time at one job."
Because of looser loan restrictions many people who could not find themselves qualifying for a mortgage before now could own a home. Under pressure from activist organizations such as ACORN, then President Bill Clinton, and influential Democrats in Congress like Barny Frank,, banks began loans to people who should not have qualified for loans. Because banks were pressured to loan to minorities and low income applicants, and because the applicants were low-income who had rented homes for generations the banks could reap profits by selling products loaded with fees because the applicants did not either know, or care to read the fine print that would eventually raise their mortgage payments 
Minorities willingly entered sub-prime mortgages in far greater numbers than whites and represented a disproportional percentage of foreclosures, The resulting wave of minority foreclosures tipped a fading housing market into a dive and contributed to the economic fallout of 2008.