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CRA's constituted a small percentage of loans, something like 5-9%. Highly unlikely that they caused the bubble. Not to mention that CRA was instituted under the Carter administration back in the 70's. If CRA was the cause the bubble bust would have occured decades earlier not almost 30 years later.
Now you really did not read what I wrote did you? It was longer than I would have liked, but I didn't see away around it. I had cut out stuff that I wanted to include as it was.
Anyway, why do you bother to comment when you obviously did not read it???
I did. I have heard this argument before. It always goes like this "well because banks were forced to lend to blacks our country is ruined. Blacks caused this by being allowed to borrow just like us. I want my Country of unfair privilege back blah blah.......just come out and say it damn I'm tired of this. Say what you mean.
CRA's constituted a small percentage of loans, something like 5-9%. Highly unlikely that they caused the bubble. Not to mention that CRA was instituted under the Carter administration back in the 70's. If CRA was the cause the bubble bust would have occured decades earlier not almost 30 years later.
exactly. Plus, if these domestic RRE loan programs were the issue, how did we end up with a commercial real estate bubble? How did all these foreign countries also end up with residential real estate bubbles?
the discrimination charges launched at the banks, which caused their ultimate collapse, was a way mark in the failure of civil rights law to benefit the american public. when banks are ordered to lend based on race, not ability to pay loans, the end is near. civil rights law was intended to benefit, we the people. instead it is used to promote the unpromoteable, prove innocent the guilty (and jail their accusers), and provide bad loans to the untrustworthy.
CRA's constituted a small percentage of loans, something like 5-9%. Highly unlikely that they caused the bubble. Not to mention that CRA was instituted under the Carter administration back in the 70's. If CRA was the cause the bubble bust would have occured decades earlier not almost 30 years later.
The CRA was the shot across the bow. It was the embryo that eventually grew and led to the mess. Interest rates were out of control during the Carter administration.
There were many players. Fannie/Freddie. Politicians in both parties.
Ultimately, a lot of people bought houses they simply could not afford.
I did. I have heard this argument before. It always goes like this "well because banks were forced to lend to blacks our country is ruined. Blacks caused this by being allowed to borrow just like us. I want my Country of unfair privilege back blah blah.......just come out and say it damn I'm tired of this. Say what you mean.
You're tired of what, being wrong and looking foolish?
That still does not change that reality of credit default swaps (Credit default swap - Wikipedia, the free encyclopedia), bundling bad stock in a CDO and paying S&P and Moody to rate it AAA, and intentionally giving people credit, knowing they could pay it back. I'm pretty sure that had a larger effect. This movie didn't get awards and acclaim for nothing: http://www.imdb.com/title/tt1645089/
I don't need to, you do a great job of making it evident every single day.
Thank you tea party for four more years!
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