edthecynic
Censored for Cynicism
- Oct 20, 2008
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And by "they" you mean BUSH and his appointees.If by "plenty" you mean relatively few, then you would be correct.It was the program being used during the time period in question. The fact remains, the CRA, Fannie, Freddie fixed rate loans were NOT the ARMs that caused the Bush housing crash.And you're basing your claim on the "pilot program" you found?
The fact remains, the CRA, Fannie, Freddie fixed rate loans were NOT the ARMs that caused the Bush housing crash.
Plenty of fixed rate subprime loans, many purchased by Fannie and Freddie, also failed.
Look at how few Prime Fixed (the ones Fannie and Freddie used to buy exclusively) got foreclosed.
They really goosed the bubble by purchasing more than $1.2 trillion (with a T!!!) of the subprime crap.