[Georgia]

I have been in the lending business for 9 years and the facts of this article are correct. Congress put the heat on lenders to lend more to those who could not qualify for a traditional mortgage. Groups like ACORN and several inner city groups got money to provide down payment assistance and lower rates paid for by tax payers.
Now we have seen the consequence of these policies. It amazes me that so little print has been given to how the government screwed up. If this was not an election year I think you would have heard more about the governments role. I think Wall Street is afraid to point this out since a candidate if elected could use anti lender sentiment to get elected. The Fed also made bank rates way to low. However it's to late to change the past. Lastly, I think it needs to be pointed out that the evil brokers the media and HRC keeps talking about where in a catch 22. If you don't lend to someone who qualifies you violate the anti equal credit act. Even if you feel that it is not in their best interest, if they want it, you have to give it to them. The only brokers and bankers who should be criticized or punished are those that falsified documents without the borrowers knowledge which is extremely hard to do.
Sorry for the rant but I am sick and tired of all the mis information.

[CRBDeuce]

...and if you’re looking for the “9/11” of the subprime mess, it’s probably the Congressional Black Caucuss’ “With Ownership Wealth” program, targeting 1 million new black homeowners in 5 years after 2001:

http://realtytimes.com/rtnews/rtcpages/20010924_wealth.htm

Then in 2002, President Bush (and Vincente Fox) added 4.5 million Hispanics, etc to the mix resulting in the “Ownership Society”.

http://www.whitehouse.gov/news/releases/2004/08/20040809-9.html