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These regulations were imposed
From: "Caesar Romano" Subject: The World Stock Market has CRASHED. Date: Friday, October 10, 2008 9:08 AM On Fri, 10 Oct 2008 06:53:34 -0500, "HeyBub" wrote Re The World Stock Market has CRASHED.: It was the Community Development Act of 1977 (Carter) and the new regulations imposed on lending institutions in 1995 (Clinton) that opened up the sub-prime market. These regulations mandated that loans be made without regard to credit history, employment, ability to repay, etc. Further, institutions that did not have a significant presence in "underserved" communities would be sanctioned. These regulations were imposed in furtherance of the belief that "everyone should own a home." IF YOU WANT PEOPLE TO BELIEVE THEN POST EXERTS FROM THE RULE When borrowers reached their balloon payment, they (or the morgtage holders) simply sold the home for its inflated price. Eventually this Ponzi scheme collapsed when the housing market caught up with the number of otherwise ineligible people - the supply of homes exceeded the demand. Once again, perhaps more spectacularly than other endeavors like homlessness and education, we see a societal failure directly attributable to an up-stream liberal program. Bush had nothing to do with creating the problem, although he could have said something about it. Good post. |
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