Shrapnel wrote:
Kraichgauer wrote:
Raptor wrote:
^ So who have they f****d and how? They lend money and profit from the interest. They don't give it away.
It's well known how they had provided poor people with mortgages, then had upped payment rates so they could foreclose when those people couldn't keep up. The only winner were the banks who resold the homes multiple times, pulling the same stunt over and over. Then there were those almost unbelievable incidents where the banks tried to foreclose on people who had never taken out mortgages with them! Luckily, the courts are still fair enough to side against the banks in those instances. Why is it you conservatives take the side of powerful moneyed interests against the little guy every friggin' time?
I'm no fan of big banks, but your comment ignores the fact that for years irrational lending standards have been forced on banks by the federal Community Reinvestment Act. Which bullies them to make loans they may otherwise reject as financially unsound. Concerns about the possibility of mass defaults and foreclosures were assuaged by an administration whose president declared: “We want everybody in America to own their own home.”
And yet again, we see the disastrous results of government meddling in the free market.
As I recall, it was W Shrub who proclaimed, "We're an ownership society," when he promoted this program. So called "government meddling" does work, if well thought out. That was not done in the previous administration, particularly since they were overly sympathetic toward the banks. But it wasn't Shrub or his minions who suffered for their screw up, but the most vulnerable in society who were sold on a pipe dream.
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-Bill, otherwise known as Kraichgauer