Yeah, this was a win win for banks… really really? Really! Over 500 banks have closed and the bail out was bullshit, but this was NOT a WIN WIN for banks… Really? Wow
Wait, the CRA was there to right hundreds of years of wrongs??? Really? That was the solution? Give people with no money…mortgages… yup, liberal solution. Started with carter, pushed on and mandated with Clinton. REALLY? Houses are considered an asset that will never depreciate (that type of thinking helped get us here…who says that as if its a guarantee)… I suppose you would say that about Gold too. Its an investment. Know the risks.
Of course whites origionated most loans… they were more likely to be educated enough to become a loan officer or in banking unfortunately, and, umm, there are more whites.
Your closing statement shows your utter ignorance on the subject. Predatory lending was not the cause of the failure. Sub-Prime lending was probably the leading cause. It was there, it was wrong, but without it, there still would have been the crash. Many people were given loans that shouldnt have had them. But, ummm, the LAW said they must or pay the consequences. The LIBERAL driven bill and Law. This wasnt a suggestion. Given loans by non-predators. Only a small percentage were unscrupilous in the big picture. It sucks there are misinformed loudmouths that just continue to talk the liberal talking points.
In the future I suggest your form your opines from experience rather than teachers, parents or left wing commentary. Read the bills, laws, talk to business owners (u must hate them).
Lets be real, the securities market robbed america by packaging shit mortgages and selling them for big money, knowing they may well fail. The government backed the loans so the win was to securities markets. Look to a few key packagers for the move… but do not blame this on anyone but the government that not only allowed this, but nearly forced it on banks. The government needed to stay the fuck out of regulating private banking practices. Gov’t has no business in business when it comes to how they should choose their customers.
BLAME 1: Liberal Gov’t
Blame 2 : People over extending, the art of personal responsability
Blame 3; The securities market (I. E. Saks), for scheeming up a way to give Government, and therefor the people, back the bag of shit that they ammassed.