Quote:
Originally Posted by Okotokian
I dunno... The Wall Street banker boys tanking the economy in 2008 did a pretty good job of shaking down the government for hundreds of billions in "support" and making millions suffer world-wide.
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And how did they do it???..........sub-prime......who was this program created for?.......the useful idiots.
"Subprime borrowers typically have weakened credit histories and reduced repayment capacity. Subprime loans have a higher risk of default than loans to prime borrowers"
"The thousands of mortgage defaults and foreclosures in the "subprime" housing market (i.e., mortgage holders with poor credit ratings) is the direct result of thirty years of government policy that has forced banks to make bad loans to un-creditworthy borrowers. The policy in question is the 1977 Community Reinvestment Act (CRA), which compels banks to make loans to low-income borrowers and in what the supporters of the Act call "communities of color" that they might not otherwise make based on purely economic criteria.
The original lobbyists for the CRA were the
hardcore leftists who supported the Carter administration and were often rewarded for their support with government grants and programs like the CRA that they benefited from. These included various "neighborhood organizations," as they like to call themselves, such as "ACORN" (Association of Community Organizations for Reform Now).
A man named Bruce Marks became quite notorious during the last decade for pressuring banks to earmark literally billions of dollars to his organization, the "Neighborhood Assistance Corporation of America." He once boasted to the New York Times that he had "won" loan commitments totaling $3.8 billion from Bank of America,"
Do your reading Oki.....we both know that socialistic policies distorted the mortgage lending area........with the price of oil hit 140 and the housing bubble bursting......after that it was only a matter of who was going to make a buck and who was going to end up holding the bag...... course the govt and taxpayers were left holding the bag. One big circle. And a lesson on how socialism distorts and destroys the normal market checks and balances.
So in summary......stupid socialist interference equals financial disaster for govt and taxpayer and most.
Come on....this was too easy Oki. Your not as sharp as your normal self.