The wikipedia entry for "CRA" goes on, and on, and on.
"Redlining" was abhorrent to some, so it was traded in for something nicer, longprime. I see a trail of unintended consequences but am resigned to the fact there are plenty around who don't.
The applicant for still had to meet certain guidelines. The Bush Admin encouraged home ownership and promoted it as much as possible but I don't blame them for the "pushing" homeownership. The Government Laizze Faire attitude towards business ignored the rampant fraud of the applicant, the person taking the application, the vettors of the application, and the mortgage funders.
It's been 10 years now that I saw the first fraudulent mortgage. And I don't fault the applicant.
-- Edited by longprime on Thursday 2nd of May 2013 08:32:45 PM
CC: Did the 2008 financial crisis happen because of SEC micromangement?
[q=soccerguy315: #44]; "just to be clear, my position is that the government supported changing policies and encouraged the private sector to make loans that they otherwise would not make b/c they couldn't lose.
that said, I feel that 100% you are responsible for the money you borrow. People should be smart enough to do the math on what they can't afford. And if not, too bad, they lose.
And if you are a bank and you loaned money to people that can't pay, too bad, you lose too." [/q]
Greed is a powerful vice, and I would even say more powerful than sex. The Credit Bubble blame goes up and down the line from the borrower to the entity that bought the packaged bond. The Government had very little to do with the Great Recession other than it pulled personnel from oversight to refocus towards counterterrorism real and imaginary.
Did the Government encourage Homeownership. You bet. Homeownership provideds many benefits that is good for the family and general well being of the masses.
-- Edited by longprime on Thursday 2nd of May 2013 05:06:31 PM
-- Edited by longprime on Thursday 2nd of May 2013 05:17:31 PM
