CRA was started under Carter and greatly expanded under Clinton. This is a
far more detailed conversation then we can have here, but the fact is that
if the government (Fan and Fred) hadn't created the market for the paper,
this could not have happened.
Regards,
Jeff
Jeff Broadwick
That is factual incorrect. Only minor changes were made to CRA under Clinton.
It was the Federal Housing Enterprises Financial Safety and Soundness Act also
under Clinton that required Fannie and Freddie to securitize a certain
percentage of CRA mortgages.
Again, only a fraction of the bad
The underlying point still holds true; big government imposing rules on
lenders forcing them to lend to those that wouldn't have normally qualified.
The cash for clunkers will probably have the same results. People getting a
new car payment they probably wouldn't have qualified for without big
On Feb 5, 2010, at 10:06 AM, Brad Belton wrote:
The underlying point still holds true; big government imposing rules on
lenders forcing them to lend to those that wouldn't have normally qualified.
No, it in fact does not hold true. Since CRA mortgages were only a fraction of
the bad
