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Politics : Just the Facts, Ma'am: A Compendium of Liberal Fiction -- Ignore unavailable to you. Want to Upgrade?

To: jlallen who wrote (67326)	10/2/2008 4:44:51 PM
From: TimF	Respond to of 90947

By Blogger Elise, at Wed Oct 01, 06:07:00 PM Why is there such an effort underway to circle the wagons in defense of the CRA? The CRA said, "make bad loans." Clinton's reg changes said, "make bad loans, or else." ACORN said, "make more bad loans, or else." HUD and the GSEs said, "we'll rig our underwriting programs to allow bad loans." Once the market devised mechanisms to hide these bad loans amongst normal loans, the flood of bad loan originations (CRA-imposed or not) was unstoppable. Yes. This is about greed. This is about people living beyond their means. This is about people preying on other people. But the root cause of this mess is that the federal government pulled the financial equivalent of legislating that p is equal to exactly three. tigerhawk.blogspot.com