On Oct 10, 3:59*pm, Stuart wrote:
In article ,
* *PDQ wrote:

According to one source - in 1977 Jimmy signed into law the "Community
Reinvestment Act" which was passed by his Democratic controlled Congress.
Apparently this act required depository institutions to help meet the
needs of the communities in which they operate.
So began the sub-prime mortgage fiasco.
In 1995 Billy further loosened the purse strings.
What most will not believe - in 2003 the shrub tried to correct this and
in 2005 so did McCain. On both occasions the Democrats shot it down.
The politics of "Affirmative Action for Affordable Housing" sure cooked
the books for Fannie and Freddie.

As an observer in the UK, whose financial situation has also suffered as a
result of all this, I find this insight a revalation.

I can only hope you guys put someone in the white house this next time who
has the guts to get it all sorted.

--
Stuart Winsor

For Barn dances and folk evenings in the Coventry and Warwickshire area
See:http://www.barndance.org.uk

It's not so much a revelation as bull****. The problems with subprime
were not caused by the borrowers aimed at by Carter, but by lenders
who over-valued houses and allowed people who obviously didn't have
the means to buy immense houses. Almost wrote homes, but damned few of
those places are homes or ever will be. The original act was aimed at
allowing poorer borrowers a shot at the market. What happened was that
lenders saw far more money in letting better off, but not better off
enough, borrowers to grab mortgages beyond their means. Short term
profits were immense. Now, you and I get to pay for that.

It really has little to do with political parties. There is sufficient
shame and blame to go around.