The CRA didn't cause the crisis. They are the scapegoat for the guys that did. Less than 5% of the CRA mortgages defaulted. If anyone really thinks that some heavily screened low income mortgages collapsed the WHOLE world economy, they need to read more. This video explains exactly what happened. The entire financial industry got greedy, relaxed their lending and investment safeguards and there was no industry or govt regulators to stop them. Too much regulation is bad, NONE is worse
Also I never laid sole blame on the CRA, but it wasn't ALL Wallstreet. It was also government's insistence on home ownership as a right even for those who couldnt afford it..
Among the best explanations on what happened to the US economy. Greed was the main culprit.
imfasho 3 weeks ago
The CRA didn't cause the crisis. They are the scapegoat for the guys that did. Less than 5% of the CRA mortgages defaulted. If anyone really thinks that some heavily screened low income mortgages collapsed the WHOLE world economy, they need to read more. This video explains exactly what happened. The entire financial industry got greedy, relaxed their lending and investment safeguards and there was no industry or govt regulators to stop them. Too much regulation is bad, NONE is worse
condor1087 4 months ago 2
@condor1087 - at least SOMEONE gets it. *internet high five*
TheBlackLagooner 3 months ago
This has been flagged as spam show
@condor1087
Watch this whistleblower testimony:
/watch?v=kp_i9GUq2BI&feature=channel_video_title - (sample clip - skip to 5:00 first then rewatch)
/watch?v=3erD4QyhCQ8&list=WL1EE292F7EBBC6517&index=1&feature=plpp_video - (Full interview: Part 1 of 9, starts at 4:45):
CRAPCANNONS 3 months ago
did this film mention the CRA and its role in starting all this?
probably not.
CRAPCANNONS 5 months ago
@CRAPCANNONS -- CRA had little to do with this mess. LISTEN to this clip. LISTEN.
vivamaliengus 3 months ago
@vivamaliengus
So Fannie Freddie and their involvement in the Secondary Mortgage Market had nothing to do with it?
/watch?v=y4A0RuXhnQA
CRAPCANNONS 3 months ago
@vivamaliengus
/watch?v=LPSDnGMzIdo
/watch?v=w-YtqVIKTTE&feature=related
Also I never laid sole blame on the CRA, but it wasn't ALL Wallstreet. It was also government's insistence on home ownership as a right even for those who couldnt afford it..
CRAPCANNONS 3 months ago
@vivamaliengus
Watch this whistleblower testimony:
/watch?v=kp_i9GUq2BI&feature=channel_video_title - (sample clip - skip to 5:00 first then rewatch)
/watch?v=3erD4QyhCQ8&list=WL1EE292F7EBBC6517&index=1&feature=plpp_video - (Full interview: Part 1 of 9, starts at 4:45):
CRAPCANNONS 3 months ago