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

To: Nadine Carroll who wrote (127144)	4/17/2011 2:21:01 AM
From: Skeeter Bug	1 Recommendation Respond to of 132070

>>The banks didn't want Congress telling them who to make loans to. But if Congress was bound and determined to do so, the banks were strong enough to make sure that Uncle Sugar would backstop them.<< congress didn't tell the fed to break the law. congress didn't change the law. CRA was a component, just like bush suing new york to FORCE them to give loans to people who had no ability to repay the loan. it wasn't a cause, though. CRA doesn't create a credit bubble, fed policy creates a credit bubble and enables everyone else. CRA didn't spike the punch bowl, they just drank from it. the fed spiked the punch bowl. btw, if you are going to create a massive credit bubble, you need to be able to offload the debt on as many people as possible, right? so CRA was bubble-icious. and guess what the banksters did? they made the loans they knew couldn't be paid back, and then they bought default insurance so that when they eventually foreclosed on them, the banks would own the home AND a nice fact check for the value of the loan AND whatever else they could squeeze form the poor former home owner suckered into the Ponzi. guess what? in many cases THEY BOUGHT MULTIPLE INSURANCE POLICIES. yeah, they got paid 3x the mortgage amount and got the home, too. poor bankie, bankie... they get the house and they get paid 3x of the loan they put at risk and whatever else they can squeeze from the happless former home owner. life. is. tough for the robber baron class. oooh, and the tax payer is paying for those 3x mortgage insurance policies. NO HAIRCUTS THERE! oh, fox isn't telling you this? really? nobody is in the MSM because they are there to protect the criminals running this scam.