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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: bentway who wrote (164514)11/15/2008 2:42:20 PM
From: The Reaper of 306849
 
The seeds were planted for this debacle back inthe 101st Congress in which the Dems held a 260-175 majority. The shift began in 1989, when Congress amended the Home Mortgage Disclosure Act to force banks to collect racial data on mortgage applicants. By 1991, critics were using that data to paint lenders as racist by showing that minority applicants were approved at far lower rates.

In fact, they found a racial disparity only by ignoring relevant data on applicants' ability to make mortgage payments - such as their assets and credit history.

In the span since 2001, there have been no less than 19 different bills proposed by Congress to tighten up the reigns on mortgage lending all of which were defeated. Most of Congress in the 2000's had a very slight Republican majority so I think that there's plenty of blame to be bestowed on both parties.
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