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As I explained, standards were lowered, but not to the extent to cause what you said should have happened.
Right. So the minority programs only had a tangential effect on the credit crisis.
However, mortgage standards were lowered significantly. I wish I had the link but I can't find it, but there was a story in the St Pete Times three years ago about a homeless guy of no fixed address, who had no job and had no known assets, who died on the streets of Tampa. They found in his possession the deeds for five homes he purchased with mortgages he had received from various banks in the Tampa Bay region. Four of the homes had been foreclosed but one was still current.
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