pknopp
Diamond Member
- Jul 22, 2019
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Utter nonsense. Minorities were not much of a problem during the real estate bubble. CRA loans were heavily regulated, poor minorities were purchasing lower priced properties and the bubble didn't even start deflating until about a decade later, all the while, CRA loans were holding up fine. The real problem was repealing parts of Glass-Steagall, predatory lending and folks flipping houses who owned multiple properties they defaulted on when house prices dropped while interest rates increased. That's not on Obama or Bush. Clinton played a bigger role than either of them.
Yep, without the repeal of G/S, every single minority homeowner could have defaulted on their loans and we wouldn't have had the problem we had. The problem was banks gambling money that wasn't even theirs and being insured by the government.
It was much like telling anyone that wants to go, to go to Vegas and gamble all you want. Don't worry, if you lose the government will cover you.