No, 2008 was because of the 90’s law called the Community Reinvestment Act that officially created a quasi-government organization to purchase all mortgages (regardless of risk).
I bet boehner is ready to do tarp like bailout.
“No, 2008 was because of the 90’s law called the Community Reinvestment Act that officially created a quasi-government organization to purchase all mortgages (regardless of risk).”
That’s a myth no matter how often it gets repeated around here. The CRA applied only to deposit takers and it played a very minor role in the housing bubble.
The major players in the housing bubble were Argent, Ameriquest, and the trillion dollar shadow banking system, none of which were covered by the CRA or any government regulation for that matter.