I thought the banks were ordered to make loans with lower financial standards so that it would ‘be fair,’ against their better business sense but mandated by the House, no?
See Post #6
“I thought the banks were ordered to make loans with lower financial standards so that it would ‘be fair,’ against their better business sense but mandated by the House, no?”
Combination of the two. Sadly, bankers are NOT saints, and if they don’t think they have any risk, they simply will not give a damn who they lend money to, as was the case in 2008, as most of those borrowers were not EEOC types, but instead simply poor/middle class whites who wanted more than they could afford. But the banks were able to immediately sell-off the loans, so they didn’t care, and in the end we got stuck with damages, which continue to this day in the level of federal spending that shot up in 2008, but never came back down.
YES! When politicians and socialists start writing banking laws it’s time to run.
I thought the banks were ordered to make loans with lower financial standards so that it would ‘be fair,’ against their better business sense but mandated by the House, no?”””
You are correct-—and Tom Steyer is running a current ad here in the Reno market trying to chop the banks for the mortgage ‘crisis’.
I certainly wish someone would explain to him which came first-—the chicken or the egg.
His ads are NOT factual-—and all the verbage he squeaks out is cherry picked out of whole stories.