21 Nov 2022 10:10 am
It doesn't matter you disingenuous schmuck. A statement was made (not that a case was actually made) for the Community Reinvestment Act being the cause of the 2008 meltdown. It's ****. The mortgage banks and mortgage brokers loved the Community Reinvestment Act. With all those additional clients for new mortgages and mortgage refinancing, their exorbitant fee income skyrocketed. And they knew they would be selling the paper to the investment banks for their bundled loan paper derivative products, and they wouldn't have to deal with any foreclosures. And...asshole, when Bear Stearns went belly up, followed shortly thereafter by Lehman Bros., both were so leveraged to the hilt that they went under even though 98% of US mortgages were still not upside down. The mortgage defaults (regardless of the skin color of the borrower) didn't kill the investment banks, their reckless business practices killed them.FOS » 21 Nov 2022, 8:18 am » wrote: ↑
Those were the bad loans you are talking about.
And who were the people who started defaulting in mass? Duh...those low credit blacks.
And Republican deregulation of the investment banking business made it all possible, not the Community Reinvestment Act.