the lax lending standards were forced on banks by congressional Democrats Barney Frank, Chris Dodd, Nancy Pelosi, etc
This is 100% true as incredible as it sounds. The government, through CRA, forced banks, that it insured and examined, to make loans bankers knew to be high risk. This is the incredible fact that is hard to grasp. Its like, no way thats possible. But I was there. It happened. The securitization was invented for these things as a way to get this crap off the bank's balance sheet and sell it to some sucker investors.
CRA was pushed by the left onto the government. ACORN, Maxine Waters, Barney Frank, Fannie/Freddie leaders, Jesse Jackson, Al Sharpton, Shirley Jackson, et al are all accomplices. They all had their hands out along the way getting donations to outright ransom from anyone they could shakedown. Their goal is the total destruction of the American system. Obama is their leader. |
