Government essentially forced banks to make loans based on demographics instead of the ability to pay it back. They threatened banks that did not have the right spread on their portfolio”””
Exactly!!!
Within the last month, both Los Angeles & New York City councils have passed NEW LAWS in their jurisdictions REQUIRING banks to make more loans on a ‘social engineering basis’ instead of on a credit history and the ability to repay. More ‘blacks & Hispanics’ and people who ‘want to start small businesses’ MUST be in their loan portfolio. Commissions will oversee their loan documents. More stupidity.
Obviously, they are still in denial about how the CRA house of cards was created & fell.
I think investment in U-Haul would be a better financial bet than Facebook at this point, especially in California.
Do you have any links on those laws? Otherwise bfl so I can go search when I’m on a computer?