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The economic elite pushed these loans on the poor working class. These loans didn't exist until they thought of the idea and sold it to them. Yes, I believe in personal responsibility, but I think it applies to both sides.
Sorry, but if you are so low I.Q. that you believe anything “pushed” on you, that is on you when it goes south. We witnessed this in our Texas neighborhood in 2008-2011. People bragging how they could get such a big house with no money- including illegals.
The economic elite pushed these loans on the poor working class. These loans didn't exist until they thought of the idea and sold it to them. Yes, I believe in personal responsibility, but I think it applies to both sides.
Lol.
"I don't care if you don't want to be a house, if you don't report to our bank, we will have you arrested."
It was the GSEs who told the banks that practically anybody should be approved for a mortgage and they'd assume the risk while the bank made a profit.
The economic elite pushed these loans on the poor working class. These loans didn't exist until they thought of the idea and sold it to them. Yes, I believe in personal responsibility, but I think it applies to both sides.
Anyone that could add and subtract knew they couldn't even make one monthly payment once those loans adjusted.
We forced banks to make bad loans because refusing loans to people with bad credit and no money was racist
Then the banks collapsed because people with bad credit and no money didn’t pay the mortgage
Duh
It was really a cataclysm of many policies that caused this mess. I think the blame is largely bipartisan. Through the repeal of the glass-steagall act and the CRA, it can be shown that both of these were huge in creating this problem. When you have loosening lending standards coupled with fewer regulations and the ability to bundle these terrible mortgage back securities into CDOs to get a better bond rating; well that is a major thing that was needed to bring down the house of cards.
7 pages of an attempt to "revise" history...deregulation of the banking industry is and ALWAYS has been a conservative agenda..i just love this forum and the right wing sycophants easily led by rightwing talk show crapola
It was really a cataclysm of many policies that caused this mess. I think the blame is largely bipartisan. Through the repeal of the glass-steagall act and the CRA, it can be shown that both of these were huge in creating this problem. When you have loosening lending standards coupled with fewer regulations and the ability to bundle these terrible mortgage back securities into CDOs to get a better bond rating; well that is a major thing that was needed to bring down the house of cards.
Anyone that could add and subtract knew they couldn't even make one monthly payment once those loans adjusted.
EXACLTY! It was sickening what we experienced in our -then- brand new beautiful neighborhood. Not only did losers sign mortgage papers on homes they had no business qualifying for, the same day as closing here came the furniture store and appliance store truck filling the houses up. All on credit. I told my husband in 2007 that something was very wrong in our neighborhood. Two years later, he believed me as they started to abandon houses.
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