@CRAPCANNONS The CRA began under Carter, but lenders didn't start giving out toxic loans until the mid 2000's, so pointing to the CRA as a culprit is foolish, especially considering that even in the early 2000's there was no sub prime housing market in this country. The real trigger was teaser rates on option ARMs tripling in 2005. Was it just a coincidence what happened after the 2 year teaser rate ran out? Hell, in 2005 even
The CRA began under Carter. The Securities fraud began under Clinton.
I feel bad for people losing their homes, even for those people who should have remained renters instead of buyers.
But If you don't know what happened with Clinton, Rubin, Silvers, Greenspan, etc regarding the compromise deal regarding the CRA, bank fines, and the removal of Glass-Steagall, you can't really have this discussion.
And if you think highly of the SEC then, ehh... no.
@CRAPCANNONS Ehh... no. Securities fraud creating a false artificial secondary market for mortgage bonds created the artificial demand that was the real origin of the problem, not to mention predatory lending. I'm assuming you'll say that people who can't pay their mortgages don't deserve their homes, but that's not a solution, that's restating the problem.
@CRAPCANNONS And yeah, the SEC is a bunch of former bank employees. It's what's known as a captured regulatory agency. It's a real problem too.
BraiseThaFist 1 month ago
@CRAPCANNONS The CRA began under Carter, but lenders didn't start giving out toxic loans until the mid 2000's, so pointing to the CRA as a culprit is foolish, especially considering that even in the early 2000's there was no sub prime housing market in this country. The real trigger was teaser rates on option ARMs tripling in 2005. Was it just a coincidence what happened after the 2 year teaser rate ran out? Hell, in 2005 even
I could've bought a house.
BraiseThaFist 1 month ago
@BraiseThaFist
Ehh... no.
The CRA began under Carter. The Securities fraud began under Clinton.
I feel bad for people losing their homes, even for those people who should have remained renters instead of buyers.
But If you don't know what happened with Clinton, Rubin, Silvers, Greenspan, etc regarding the compromise deal regarding the CRA, bank fines, and the removal of Glass-Steagall, you can't really have this discussion.
And if you think highly of the SEC then, ehh... no.
CRAPCANNONS 1 month ago
@CRAPCANNONS Ehh... no. Securities fraud creating a false artificial secondary market for mortgage bonds created the artificial demand that was the real origin of the problem, not to mention predatory lending. I'm assuming you'll say that people who can't pay their mortgages don't deserve their homes, but that's not a solution, that's restating the problem.
BraiseThaFist 1 month ago
National Community Reinvestment Center?
This John Taylor shithead is part of the origin of the problem.
CRAPCANNONS 1 month ago