Without a doubt.
But defended in earnest by the moonbats on the left.
Who's to blame http://youtu.be/ivmL-lXNy64
tonyynot
2011/05/26 03:29:11
|
|
|||||
|
2 votes
|
|
29% | |||
|
0 votes
|
|
0% | |||
|
5 votes
|
|
71% | |||
Top Opinion
-
CUDDLY BUT STILL CRABBY 2011/05/26 03:34:50All Democrats




















So did he just say they forced banks to lend out to, by their estimation, 15000 unqualified applicants, based on their race, knowing that there will be higher default rates because of their decision to give risky loans?
The video doesn't mention the other 95% of the mortgage lending issues that ended up in the financial crisis that occurred after 2001.
A huge influx of cash from into the privacte mortgage industry by investors fleeing the tech meltdown prodded the private mortgage to "keep the money turning". Private lenders started writing mortgages that they knew would fail over time.
Administration policies of laissez faire allowed these mortgages to be written without oversight with the only restriction being that they not fall into foreclosure before the HUD two year window.
I bailed out of the real estate business in 2002 as I watched the private lenders offering mortgages to my clients that they knew would go into foreclosure within five years. I was advising my clients not to accept the mortgages.
The Horrors....
But defended in earnest by the moonbats on the left.