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Politics : MITT ROMNEY
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To: Augustus Gloop who wrote (1765)2/14/2008 2:06:21 PM
From: TimF  Read Replies (1) of 5586
 
The banks abandoned lending criteria that had worked since the great depression.

The government used both carrot and stick to get them to do so.

Carrot - Easy money.

Stick - Pressure to lend to people who where borderline house buyers (or even those that fall short of being borderline). This pressure happened across the board in subtle ways, but was less subtler when dealing with minority lenders (with investigations, lawsuits and such if the lending policies resulted in an insufficient percentage of minority borrowers/homeowners.
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