No.....racism was used to allow people with horrible credit to qualify for loans on mortgages they couldn't afford.
If you were black you could get into a $300,000.00 mansion for zero down and a credit score of 450 with no stable income.
Then close to a million people walked and left the bank holding the note.
That started the economic crash.....which was the excuse they used to dream up the Stimulus that Obama claimed would pay for shovel-ready jobs that didn't exist.
Liar!
It was BUSH who changed the law giving no down payment loans to people with bad credit for more than the property was worth. Most of the abandoned houses were abandoned by WHITE real estate speculators, then those bad loans were packaged together by greedy WHITE bankers and sold to greedy WHITE speculators as AAA bonds.
Then racist scum like you blamed blacks.
Funny how there were many shovel ready jobs in Dem states, but none in GOPQ states.
Fool.......since Roosevelt the dems and the swamp have been pushing to give loans to deadbeats especially among the miniority community........
The government repealed or implemented several laws that limited the regulation of the banking industry, such as the repeal of the
Glass-Steagall Act and implementation of the
Commodity Futures Modernization Act of 2000. The former allowed depository and investment banks to merge while the latter limited the regulation of financial derivatives.
Take a ******* guess who was behind the repeal of Glass steagall ...hint it is the same dem assholes who were later able to write a bill with their names on it so they could pretend that they didn't help create the housing bubble crisis. Dodd and FRANKS with CLINTON signing for the repeal with a new act--
Bush is a swamp ***** dont get me wrong---but don't give him credit for the dems spent decades doing to harm the US out of pure greed and bribery from several corrupt bankers and other globalists.
(THE US BTW was not the only country involved in this stupidity---the globalist --particularily the globalist bankers had pushed other such policies in other countries so the US was not the only one hit.
www.statnews.com
