What are you even copy-pasting?
The CRA forced banks to take loans from low-income areas based on the ideology that “everyone deserves a home” (a whimsical, but harmful slogan)
Except those aren't the loans that failed. That's the thing. They represented very small parts of most banks' portfolios. Man, you are dense.
The problem was that all these McMansions that middle class folks were buying, which were overvalued. The banks in turn inflated the value of these mortgages, and sold them as investments.
The CRA loans, often for modest dwellings, weren't even part of the calculation.
I know, what a dangerous idea.. everyone should have a home.
Or everyone should have enough to eat.
or everyone should have access to decent health care.
**** Off and Die.
Nobody said there’s not blame in the banks, but Clinton created pressure on the banks. Free market banks would have never taken those loans on.
No, free markets are what caused the problem, because no one was watching what they were doing. Had Chris Cox and his regulators been doing due diligence instead of watching Porn, someone would have raised the alarm a lot earlier.
It’s one of the many examples of democrat policy being good in intention but harmful in practice. And.. plenty of people could point to how the CRA would be harmful in this manner, but the Democrats stuck to the emotional appeal and made us all find out the hard way..
Just a lack of wisdom from your party
Again, you need to stop listening to hate radio.
The Greed of the Banksters was the problem. And not a one of them went to prison. More's the pity.