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Life is Good
That's true, or ... They could have given less loans to white people.
They should have given a lot less loans in generally. They must certainly should not have been pressured to give loans to people they knew would fail.
As few as 19 of those 186 clients still own homes with clean credit ratings.
Lehman Brothers, Goldman Sachs, JP Morgan, Bear Stearns, and Morgan Stanley were not pressured to give loans to people they knew would fail. This is one of the dumbest of the persistent memes still out there.
The broker dealers of Wall Street were not subject to the CRA. No one was pressuring them to make these toxic loans except themselves. They needed to make the loans to use as the fuel for the derivatives products they were selling to meet the $70 trillion demand for them. And that demand was coming from your health insurance company, your public employee pension fund, your 401k manager, hedge funds, your city treasurer, and many, many more sources. Their demand was the pressure behind the toxic loans being supplied.
And they didn't use just mortgages. They used auto loans, credit cards, and sovereign bonds.
Yeah. Sovereign bonds. Did you think the meltdown currently underway in Europe was a SEPARATE problem?
You probably did, considering the idiocy of your post.
This CRA meme was invented in late 2008 by people with a political agenda who have no clue as to the nature of the global derivatives bubble. They cannot see the forest for the trees. The forest being this was a GLOBAL bubble. On a relative scale, Ireland's real estate bubble dwarfed ours. So did Iceland's. And Spain's.
Most of the Western world had a property bubble, but the ignoramuses seem to be deaf, dumb, and blind to that simple fact. They can't name a single foreign bank that melted down at the same time ours did, because that does not fit their mad narrative, even though that list is quite long.
Blaming the CRA is the epitome of stupidity. It does not get any dumber.
"It was those damned negroes of Iceland, I tell ya!"
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