What a crock . . . This forced lending to people who have bad credit is what got us into the current financial crisis.
Any other lenders that turned these people down will get the same treatment.
“”What a crock . . . This forced lending to people who have bad credit is what got us into the current financial crisis.””
For great reading on this subject and see who the usual suspects are/were going back to Carter days - read
Peter Schweizer’s “Architects of Ruin.” None of the names will come as a surprise. Borrowers with no money, bad credit had politicians going to bat for them the whole time.
Now their successors sit back and point the fingers elsewhere and have escaped all blame for the fiasco they created.
“This forced lending to people who have bad credit is what got us into the current financial crisis.”
You’re right; they sued the banks to make loans to unqualified people, then sued them because they made loans to unqualified people. I think they were attempting to head off the housing glut that was the natural result of lower birth rates and the outsourcing of our economy to Asia. Even with our low birth rate, supplemented by illegal aliens, there was no way people could buy homes as they had before when they were reduced to Wal-Mart greeter salary levels.
Many of the “For Sale” signs you see today would have been up five years earlier of they hadn’t pulled this scam, which landed us in the same place but with fewer job prospects, a worse credit rating, and inflation.