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Then why are you defending them? I'm always amused when you say that right after trying to claim "it wasn't the main reason".But I'll bite. Here's a clip from Wiki about the 1995 legislative changes to the CRA. It was based on these changes, that ACORN, with Bailout Barack, sued and pushed banks to make sub-prime loans. Amazingly, this prediction was made back in 1995, and we only realized it 13 years later.Of course the average Americans, sadly, are too stupid to get the idea of "long-term effects". In 1997, the government happily announced that sub-prime loans were just as profitable as regular loans, and the default rate wasn't that much higher!So instead, the raising sub-prime loans, and related defaults, didn't cause a massive crash until 2007, so clearly it couldn't be because of this 1995 CRA push for sub-prime loans.
Then why are you defending them? I'm always amused when you say that right after trying to claim "it wasn't the main reason".
But I'll bite. Here's a clip from Wiki about the 1995 legislative changes to the CRA. It was based on these changes, that ACORN, with Bailout Barack, sued and pushed banks to make sub-prime loans. Amazingly, this prediction was made back in 1995, and we only realized it 13 years later.
Of course the average Americans, sadly, are too stupid to get the idea of "long-term effects". In 1997, the government happily announced that sub-prime loans were just as profitable as regular loans, and the default rate wasn't that much higher!
So instead, the raising sub-prime loans, and related defaults, didn't cause a massive crash until 2007, so clearly it couldn't be because of this 1995 CRA push for sub-prime loans.
