Things like banks forced to make dodgy loans to minorities however can easily traced to coercion began a decade earlier.Banks were more than happy to issue those loans, take their fees, and then bundle them up and sell them off to investors, lying about the risk.
Things like banks forced to make dodgy loans to minorities however can easily traced to coercion began a decade earlier.
Banks were more than happy to issue those loans, take their fees, and then bundle them up and sell them off to investors, lying about the risk.
And the worst offenders, like Countrywide (best buds with Senator Dodd, btw), weren’t even covered by the Community Reinvestment Act. Anyhow, it’s hard to imagine an industry as powerful—and with so many friends in Congress—as the banking industry being forced to do anything. After all, it’s an industry that writes its own laws.