What ACORN thugs? You have evidence that none of us do?
The simple facts are that banks make more money, a lot more, upfront and down the line, on non conforming, Fannie/Freddie backed loans. There is no requirement that a bank participates in these programs.
There are plenty of banks that do not make non conforming loans. There are banks that do not participate in Fannie/Freddie, or any other Gov’t “welfare” sponsored loans. My bank, City National Bank, for instance doesn’t, I don’t think they ever have, and they’re one of the strongest banks in the Nation.
Banks choose to participate in order to reap the financial rewards. And why wouldn’t they? There are no limits on what they can charge for upfront and load into the costs of the loan, the interest rate are among the highest allowed by laws, and the Gov’t guarantee’s the loan.
Therefore, they target their marketing to those who would be in need of those types of loans in order to buy a home. That is the definition of predatory.
Now if you had said “Impeach the illegal bastard NOW” we’d have some basis for agreement!