it was the Clinton administration, obsessed with multiculturalism, that dictated where mortgage lenders could lend, and originally helped create the market for the high-risk subprime loans now infecting like a retrovirus the balance sheets of many of Wall Street's most revered institutions.<quoted text>Because capitalism created the mortgage debacle son.
I'm still waiting for you to show me where CRA was removed and banks are not longer 'required' to make your so called bad loans.
For some reason, you can't answer when this happened
I wonder why?
Tough new regulations forced lenders into high-risk areas where they had no choice but to lower lending standards to make the loans that sound business practices had previously guarded against making. It was either that or face stiff government penalties.
The untold story in this whole national crisis is that President Clinton put on steroids the Community Redevelopment Act, a well-intended Carter-era law designed to encourage minority homeownership. And in so doing, he helped create the market for the risky subprime loans that he and Democrats now decry as not only greedy but "predatory."
Liberals can't take responsibility for anything. Home ownership is the lowest in 50 years. Why is that? banks don't have to lend to losers anymore like they did when Clinton was in office.