If you think that the CRA was the cause of the mess, you are missing the point. This is just GOP revisionism at work to cover up for Wall Street. It is a lot easier to blame the poor folks for the mess than to prosecute the scoundrels on Wall Street. I suggest you google “Issa House Report” and read what the GOP actually determined. CRA loans were less that 3% of the portfolio.
parsy, who has heard this before
so the fannie mae and freddie mac , acorn had nothing to do with it....yeah right. well your girl blanche lincoln is going down big time and viccy boy decided he wont run. feel the GOP revolution!
You’ve lost this arguement before.
SGT York who is paying attention.
“This is just GOP revisionism at work to cover up for Wall Street. It is a lot easier to blame the poor folks for the mess than to prosecute the scoundrels on Wall Street.”
What ? So the “Wall Street” people just suddenly became greedy and that’s why this all happened ? It’s their job to be greedy and they always have been, it’s human nature for “the poor” to be greedy too, no one’s blaming them.
Those that issue/guarantee the loans have to be the responsible ones and they decided to turn the mortgage industry into another welfare program. Fannie, Freddie etc. were run by Clinton appointees as political entities and personal slush funds and they were paying off the dems in congress to make sure no one could interfere.
Were the lenders greedy ? Of course they were, they always have been. They could do whatever they wanted to get the loans done and pass them and the risk right off to Fannie/Freddie. In fact, they were punished if they didn’t make the risky loans happen. The percentage of loans that technically fell under the CRA is irrelevant, we all know what was going on here.
The real question is why did this all fall apart a month before the election just as Obama’s numbers were starting to falter ? 250 Billion dollars were suddenly pulled from the mutual markets during a 2hr. period and Bush was forced to do something. Did Soros engineer this ? There were reports of people having their mutual funds sold electronically and the money being redeposited later by the govt. Is there anyone investigating the timing of this ? The democrats built a huge house of cards and someone chose to knock it all down at just the right time to blame Bush and get Obama elected. Several months earlier Schumer tried to knock the first domino over by announcing Indie Mac was insolvent but it wasn’t enough.
This should be the biggest political story of the Century but no on in the media is questioning it.