subprime loans: What Goes Around Comes Around: How Government-Induced Relaxed Lending Criteria Helped to Create the Mortgage Market Collapse
- 02/07/08 12:05 AM
To hear Congress and our presidential candidates tell the story, the recent collapse of the mortgage industry, which has fueled the largest number of property foreclosures since the Depression, was entirely the result of the greed of banks and mortgage brokers. In fact it was the politicians themselves who created the mess, and who are now looking to enact punitive measures against brokers and banks to satisfy the public need for a scapegoat. In the 1990s, the last time a Clinton was in the White House, special interest groups and Democratic Congressional leaders criticized the mortgage industry for redlining urban areas, … (0 comments)
To hear Congress and our presidential candidates tell the story, the recent collapse of the mortgage industry, which has fueled the largest number of property foreclosures since the Depression, was entirely the result of the greed of banks and mortgage brokers. In fact it was the politicians themselves who created the mess, and who are now looking to enact punitive measures against brokers and banks to satisfy the public need for a scapegoat.;)
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