The Soapbox

WahooRQ

Joined: 04/30/2006 Posts: 44679
Likes: 60749


What a bunch of ridiculous tripe. The answer is “because there were


Secondary purchasers begging for loans to buy who didn’t really care about the risk, and there were executives in an arms race with other financial institutions to buy up and securitize them.”

CRA? I doubt you even know what that acronym stands for, let alone how the law works, but that is again one of the sillier points I saw all the Republicans try to trot out when the shit was going south. Try to blame the government for making banks serve minority areas!

Nevermind that the vast majority of mortgages were originated by non-banks not even subject to the CRA, or that banks themselves disregarded their own safety and soundness as they recklessly chased profits, or that it was the Government who came along and implemented rules that require all lenders to actually underwrite loans and make an ability to repay determination.

Good lord.

(In response to this post by Los Angeles Hoo)

Posted: 06/30/2022 at 1:33PM



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Current Thread:
 
  
Winning at the supreme court! Again :) ** -- Charleston Cav 06/30/2022 10:11AM
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  No -- that's what I just said. We need to devolve power from... -- Los Angeles Hoo 06/30/2022 10:56AM
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  See my post above in response to walkthecorner. ** -- Los Angeles Hoo 06/30/2022 11:19AM
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