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Politics : Mainstream Politics and Economics -- Ignore unavailable to you. Want to Upgrade?

To: Steve Lokness who wrote (7547)	1/26/2012 2:01:58 PM
From: Jorj X Mckie	1 Recommendation Read Replies (1) \| Respond to of 85487

I don't blame only Frank. but you seem to only blame Bush.

To: Steve Lokness who wrote (7547)	1/26/2012 2:08:35 PM
From: MulhollandDrive	Read Replies (2) \| Respond to of 85487

what you are missing is the repeal of glass steagall which was signed by clinton.... this was probably one of the most important mistakes (which was warned about from people like brooksley born) that opened the door for banks to start selling the MBS's to unwary investors..... up until then the CRA wasn't playing that big of a role, because the mortgage lenders had skin in the game, so the lending standards were tighter....after the repeal of glass steagall, all bets were off and there was a feeding frenzy of mortgage originations and the associated fees on the front end, and fees on the back end as they sold the MBS as triple A rated investments this perfect storm has been brewing for at least 20 years under both democrat and republican administrations