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

To: lorne who wrote (60048)	2/25/2009 12:09:58 PM
From: kathtoo	Read Replies (2) \| Respond to of 224729

BINGO! Yep, I do believe they instituted that in the guise of helping Americans obtain the American Dream. People that should have never been granted loans were given loans. I maintain that it was only one piece of the puzzle. Minorities-(way to lax on qualifying) Flippers-(way to lax on qualifying) Builders (overbuilding) Investors (too lax in review of financial statements and downpayment requirements) Regular Folks (0 down, and ratios too high, way too lax) HELOC LOANS (using home equity like a atm machine, way too lax) Everyone was encouraged by the policies to take on more debt and lets not forget the rating agencies. THEY WERE BETTING ON home price appreciation Now create a bunch of complicated instruments and leverage it up 32X and we're getting to the reason we're in this mess. It wasn't just loans to minorities that the conservatives like to glom onto, while conveniently ignoring everything else. Btw. The next thing to explode is credit cards. Did they create instruments to leverage that too?