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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Skeeter Bug who wrote (127122)	4/16/2011 7:13:58 PM
From: Nadine Carroll	4 Recommendations Read Replies (1) \| Respond to of 132070

the community reinvestment act was small potatoes...it surely wasn't "the cause" as the commercial real estate blew up and it had NOTHING to do with CRE. CRE? You mean CRA? Throwing a rock off a mountain is small potatoes, too...but in the right conditions it can cause an avalanche. The correcting mechanisms of the market were disabled for subprime mortgages; how could this not affect the closely related mortgage and commercial real estate markets? Particularly when politicians of both parties try to mandate that the party be kept going for as long as possible? I have no wish to give cover to the Fed and its credit bubble, but you must recognize the old socialist two-step at work in the mortgage market: first disable the market by legislative fiat, then claim that since the market has failed, big government must take it over entirely. And what percentage of mortgages do the Feds own today? 70%, isn't it?