Lesh
Diamond Member
- Dec 21, 2016
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I was going to point all that out but didn’t want to get sucked into THAT nonsense againBull shit.
"Contrary to conservative arguments, the 2008 housing crisis was caused by unregulated and loosely regulated private financial entities—not the federal government’s support for homeownership.
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The 2008 Housing Crisis
Contrary to conservative arguments, the 2008 housing crisis was caused by unregulated and loosely regulated private financial entities—not the federal government’s support for homeownership.www.americanprogress.org
These conservative arguments should be treated with skepticism. The evidence shows that the usual targets of the conservative attack did not play a significant role in the housing and financial crisis. Government policies that make it more affordable to buy a home were not responsible for the crisis. In fact, consumers who already had mortgages and who had built up equity in their homes were more likely to be targeted for predatory subprime loans than first-time homebuyers.6
Instead of too much government, it was the lack of sufficient government oversight in key areas—including consumer protection, private label mortgage securitization, bank capitalization, and financial markets—that transformed a housing bubble into a global financial crisis.