sealybobo
Diamond Member
- Jun 5, 2008
- 123,250
- 21,907
Yea, we made them give loans to people who on paper couldn't prove they could pay them.People who got those loans had jobs at the time.
You're correct - they did. But they had bad credit history and their jobs didn't pay enough for the amount of the home loan they were requesting. The banks would have normally denied them, but thanks to the Dumbocrats 1997 Community Re-Investement Act, they were incentivized to make really risky and reckless loans. So they did. And the rest is history. It's what happens with socialism and government intervention in the free market.
I do recall banks giving loans to people with no credit though. It was how drug dealers were able to buy drug houses. No proof of ID loans??? It was shady. But Democrats didn't make them give out shaky loans.
Remember those bankers would be OK if those loans went bad. They get the house back. The problem was Bush's great recession that bled 700,000 jobs a month. People forget how bad things were.
Republicans want us to forgive and forget the great recession they caused.
But no ones buying it. It's why trump whooped jeb and all the other real republicans