"Charlie Self" wrote in message ...
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****.

One may think of this revelation as bull****, but it is "God's own truth". What we have here is probably an immutable law best paraphrased by Robbie Burns: The best laid plans of mice and men gang oft aglee.

What Carter signed and Clinton amended was never intended to come out the way it did (at least I hope they didn't).

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.

I agree that the above statement defines what the acts were intended to address and I further agree that the following is exactly what happened. Just goes to show what immense greed can do for one. Those who could not afford one got a mansion they could not pay for and those who could jerrymandered the acts to gain unacceptable wealth to which I feel they were not due. Simple unadulterated GREED.

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.

While I agree that there is sufficient blame to go arround, it still stands that the congress was and is controlled by the democrats who seem to be staying as far away from any ownership thereof as is possible. Must be they are cognizant of the biblical entreaty to "Let he who is without blame .....".

To quote Arte Johnson: Verrrrrrry Interrrrresting. And very dumb.

P D Q