8537
VIP Member
That's quite simply false. Why don't you link to the bill Republicans passed in 1995.the Community Reinvestment Act was passed in 1977.
Yes, it was passed then but also revised and passed again in 1995.
By the way, since when was it bad policy to give loans to minorities?
Since when they didn't financially qualify to pay back the loan
That's not what your source said. It said loans to minorities, with no comment on credit rating. Unless, of course, you believe that minorities are naturally less credit worthy.
And how did the CRA cause a massive run-up in subprime loan origination at non-depository institutions?
I suppose after looking at the lucrative returns they could get...many pension fund and insurance company investment managers got greedy and joined in the feeding frenzy
"joined the feeding frenzy" by offering loans they know could not be repaid? hmm...must be a securitization problem. Perhaps someone should have reformed that problem instead of halving the capital requirements.
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