I love how the republicans have been spewing out this BS on Community Reinvestment Act,
1. It’s been in effect since: 1977.
2. Federal Government Run By George W. Bush since 2001
3. Republican GB finally, after 27 years of republicans ignoring CRA, forces mortgage companies to give out loans to people who can’t afford 0% down, 0% against principal, Variable Rate mortgages. The white house that doesn’t acknowledge that they must follow supreme court rulings, suddenly enforce a law that every republican has bitched about for 30 years? Sure, that’s what happened:sarcasm:
It’s so amazingly ridiculous you should be ashamed to try to use it as a reason for these troubles. It was the guys on wall street who put “Sub Prime and AAA Rated” in the same sentence, got ratings and insurance services to smoke that doobie and buy into the stupidiest idea to have hit Wall Street. This had nothing to do with CRA, it had to do with rates bottoming out and the fact that new home sales were slowing and most prime mortgage holders had recently refinanced. The solution, refi sub prime and resell it. It’s been in all the papers, they’ve been talking about it on CNBC since last summer. Only McCain shills use the CRA bullshit, since it’s just that.
Read what CRA is:
xxxhttp://www.ffiec.gov/cra/history.htm