It wasn’t just the banks. The SEC was asleep at the wheel. Why is this country wasting money on an SEC that doesn’t do its job?
Fannie Mae and Freddy Mac caused all this.. It was their Housing loan bundles that caused the meltdown..
“As a senior vice president, Bowen blew the whistle on Citigroup’s practices leading up to the banking crisis; practices like buying and selling risky mortgages and misrepresenting them to the public and investors.”
When banks didn’t want to lend to risky borrowers, they were painted as racist and forced by the government to make the loans. When the borrowers defaulted (as the banks knew they would), the same government accused them of exploiting the borrowers - and made them pay (as well as eat the losses). Worthy borrowers are absorbing the costs of this...