banks pressured?Of course they were. The feds are constantly counting how many minorities get mortgages. The big banks have to stay in the good graces of the federal govnernment or they cant do business. The government pressured the lenders to loan based on meeting racial quotas instead of traditional underwriting guidelnes. The Community Reinvestment Act forced lenders to make bad loans. There were also Acorn Loans made by major banks; they actually called them that. The subprime problem was mostly driven by the government. FNMA and FHLMC were agressively buying all the bad loans they could get; they encouraged lenders to relax underwriting guidelines. The government participated in creating the bubble and now everyone wants to put all the blame on the private sector.
LMAO
the greedy sob's wanted the lions share of the $$ those loans generated Originally Posted by CJ7
nwarounder, war has always been a very profitable endeavor, unless you loose.Ohhh definitely! Honestly I'm in a quandry over which I feel best about: Making money off of bombing Arabs, or making money off the backs of the young and middle class Americans with Obamacare. Still internally debating this one...
Well, I take that back. If you loose a war to the USA, it's like a bargin day at the mint. Originally Posted by Jackie S
This is just another example of the government that is out of control. Originally Posted by The2DogsIf I am not mistaken "the government that is out of control" has been practicing minimum wage laws for quite some time. The law was first put into place during The Great Depression and seems to have withstood the "test of time."
nwarounder, war has always been a very profitable endeavor, unless you loose.
Well, I take that back. If you loose a war to the USA, it's like a bargin day at the mint. Originally Posted by Jackie S