pknopp
Diamond Member
- Jul 22, 2019
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They were NOT bad loans, as the data proves, they were loans to QUALIFIED buyers. It was BUSH who made the bad no downpayment loans to to unqualified buyers with bad credit for more than the property was worth.Pure BULLSHIT!For example, the 2008 sub-prime crash, can be traced straight to 1997, when the government forced banks to make bad loans, and at the same time, guaranteed bad loans through Freddie Mac.
They did not force bad loans. They did guarantee bad loans. The banks were happy to oblige. It was a part of a quid pro quo. The banks got restrictions removed and in return they made loans that the government backed.
but you knew that already.
I noted that many of the loans that went bad were not actually bad loans. Many people could have kept their houses if not for the corrupt banks and system.