Andrew2382
Gold Member
- Oct 1, 2008
- 3,994
- 551
- 153
Palin has a road that leads to nowhere to accompany that bridge too...
It's the lenders fault of setting up the system the way it did and it's the borrowers fault for being too stupid, gullible or just plain desparate to fall into the trap.
What you fail to understandis the lenders/anks were forced to set up the system that way.
When Clinton put in the major provisions to the CRA (Community Reinvestment Act), banks were forced to have a portion of their loan portfolil go to low income areas. If they did not do this they woul dhave to pay penalties and they were not allowed to expand!
How do you make yourself accesible to low income people who would not qualify for a normal loan.
NO CREDIT
NO PROBLEM
SIGN HERE
Sub-Prime Mortgages became rampant after 1995, look it up.
Before 95, the housing market and inflation went up at a dead equal pace, after 95 the housing market flew right by inflation creating a huge bubble.