It was the basis of the economic collapse of the Nation...
If the banks had to eat their own cooking, how many bad loans would they have had?...But NO!
The Government stepped in, forced them to make bad loans,(remember redlining?),and with a wink and a nod, sliced them and diced them ‘till nobody knew who “ACTUALLY” held the real note
Don't forget Obama's ACORN...
"ACORN recognized very early the opportunity presented by the Community Reinvestment Act (CRA) of 1977. As Stanley Kurtz has reported, ACORN proudly touted “affirmative action” lending and pressured banks to make subprime loans. Madeline Talbott, a Chicago ACORN leader, boasted of “dragging banks kicking and screaming” into dubious loans. And, as Sol Stern reported in City Journal, ACORN also found a remunerative niche as an “advisor” to banks seeking regulatory approval. “Thus we have J.P. Morgan & Co., the legatee of the man who once symbolized for many all that was supposedly evil about American capitalism, suddenly donating hundreds of thousands of dollars to ACORN.” Is this a great country or what? As conservative community activist Robert Woodson put it, “The same corporations that pay ransom to Jesse Jackson and Al Sharpton pay ransom to ACORN.” ..."
http://article.nationalreview.com/373054/guilty-party/mona-charen