the bills that ‘encouraged’ these bad loans - i can't find the bills (or the bill numbers) - is it this one?
1977 Community Reinvestment Act (CRA)
i thought there were others that were enacted after 1977 - i am curious about how these bills prevented growth of institutions that refused to play along by giving out bad loans
Yes it is. CRA started it all.
Google the Gramm-Leach-Bliley Act.(1999) That was the one that repealed the Glass-Steagal Act and allowed banks to merge with Ins. groups. (Citicorp and Travelers Group)
Heavily lobbied by Treas. Secy. Rubin and Sanford Weill of Citicorp so that the merger would not meet congressional dis-approval. Rubin quit soon after passage and went to Citicorp.