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**advabHixavoip** · 07-27-2012, 07:38 PM

Do you remember that thing about how the banks wouldn't lend to blacks and Hispanics because they were racists? And do you remember how they passed the Community Reinvestment Act so that banks were forced to reduce down payments practically to zero and lend to a lot of people they knew were bad credit risks? And do you remember how Wall Street bundled all these risky subprime mortgage and sold them to investors around the world so that when it became clear that those people weren't going to be able to pay their mortgages banks everywhere were left holding the bag and all five of the Wall Street investment houses either went under or had to be bailed out by the federal government?

http://spectator.org/archives/2012/0...the-housing-cr

They're DOING IT AGAIN!!!!

07-27-2012, 07:38 PM	#1
advabHixavoip Join Date Oct 2005 Posts 362 Senior Member	The Community Reinvestment Act is back! Do you remember that thing about how the banks wouldn't lend to blacks and Hispanics because they were racists? And do you remember how they passed the Community Reinvestment Act so that banks were forced to reduce down payments practically to zero and lend to a lot of people they knew were bad credit risks? And do you remember how Wall Street bundled all these risky subprime mortgage and sold them to investors around the world so that when it became clear that those people weren't going to be able to pay their mortgages banks everywhere were left holding the bag and all five of the Wall Street investment houses either went under or had to be bailed out by the federal government? http://spectator.org/archives/2012/0...the-housing-cr They're DOING IT AGAIN!!!!
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