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Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: SGJ who wrote (55657)	11/18/2008 9:09:01 AM
From: Zakrosian	Read Replies (1) \| Respond to of 224749

A sub-prime can only be made to someone with a low credit score. Are you sure of that? My credit is very good - just over 800 - and a prudent bank might be willing to give me a $450 thousand mortgage. It seemed, however, that I'd have been able to get a much larger loan if I'd been willing to accept sub-prime terms.

To: SGJ who wrote (55657)	11/19/2008 9:58:35 PM
From: RMF	Read Replies (1) \| Respond to of 224749

Tex, I didn't say they HAD to make sub-prime loans. I was basicly saying thay WANTED TO, because there was tons of profit in it since the ratings agencies weren't doing their jobs and derivatives were essentially unregulated which allowed them to package all that junk paper into undecipherable "bundles" and resell it to all the suckers out there. BTW, I don't know that much about the CRA requirements, but from what I read in this article from Texas it doesn't seem like such a hideous program. window.state.tx.us