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Politics : Formerly About Advanced Micro Devices
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To: jlallen who wrote (459047)2/24/2009 2:40:43 PM
From: combjelly  Read Replies (1) of 1577439
 
"And no banks purchased subprime loans?"

Banks did purchase some of those loans. But they were far from the only purchasers. There were a lot of foreign banks that got caught in the mess, are you going to argue that they have to meet CRA obligations also?

However, you have to realize, that well over half of the sub-prime loans were refinanced loans. So even if banks accounted for 100% of the purchased loans, more than half could not have been used to fulfill CRA.
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