Sandhusker said:How do you figure?
Mike said:Sandhusker said:How do you figure?
The CRA basically forced banks/lenders to make unsafe loans, hence, the sub-prime mortgages.
I guess it woulld prolly fall back on Greenspan to a degree, but had the CRA not become law it would have been less likely.
Sandhusker said:Mike said:Sandhusker said:How do you figure?
The CRA basically forced banks/lenders to make unsafe loans, hence, the sub-prime mortgages.
I guess it woulld prolly fall back on Greenspan to a degree, but had the CRA not become law it would have been less likely.
You hittin the bourbon early, son?
Oldtimer said:Two things caused the subprime fiasco-- GREED- and an Administration that does not believe in any oversight/regulation over any type Big Business which has given them a license to steal......
Sandhusker said:Oldtimer said:Two things caused the subprime fiasco-- GREED- and an Administration that does not believe in any oversight/regulation over any type Big Business which has given them a license to steal......
It was the flippin yeahoo mortgage lenders who got paid on a percentage of the mortgage - so they did all they could to write the biggest mortgages they could combined with consumers who didn't know what they were getting into combined with investment "professionals" who didn't know what they were buying when they bought those blocks of mortgages. In every deal, you had Mr. Niave, Mr. Crook, and Mr. Idiot.
Mike said:Sandhusker said:Oldtimer said:Two things caused the subprime fiasco-- GREED- and an Administration that does not believe in any oversight/regulation over any type Big Business which has given them a license to steal......
It was the flippin yeahoo mortgage lenders who got paid on a percentage of the mortgage - so they did all they could to write the biggest mortgages they could combined with consumers who didn't know what they were getting into combined with investment "professionals" who didn't know what they were buying when they bought those blocks of mortgages. In every deal, you had Mr. Niave, Mr. Crook, and Mr. Idiot.
They got by with it because the Office of the Comptroller of the Currency, Federal Reserve System, Federal Deposit Insurance Corporation, and the Office of Thrift Supervision that oversees the CRA was not watching closely and they were meeting "Undiscriminatory" practices as outlined by the CRA.
They had to meet a quota.................................
Oldtimer said:Two things caused the subprime fiasco-- GREED- and an Administration that does not believe in any oversight/regulation over any type Big Business which has given them a license to steal......
There have been loan sharks around for 100's of years and any smart person knows not to borrow from them.
that is as stupid and simplistic a statement as I have ever seen. You have reached a new low. this is like saying it is the fish's fault for swallowing bait.aplusmnt said:There is only one cause for sub-prime fiasco. That is stupid people borrowing money they could not afford. There have been loan sharks around for 100's of years and any smart person knows not to borrow from them.