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mike dee commented on Bloomberg: 'Plain and simple,' Congress caused the mortgage crisis, not the banks

The URL did not show ... maybe not enabled on this forum : news.investors.com/Article/589858/201110311638/Housing-Crisis-Obama-Clinton-Subprime.htm?src=IBDDAE If still doesn't show - search : Housing-Crisis-Obama-Clinton-Subprime on the site news . investors . com

Posted on November 1st, 2011 10:41pm

mike dee commented on Bloomberg: 'Plain and simple,' Congress caused the mortgage crisis, not the banks

Investors Business Daily claims that they have the “smoking gun” that shows exactly how the government created the bubble in the first place by intimidating banks into distorted lending practices — based on a flawed study: At President Clinton’s direction, no fewer than 10 federal agencies issued a chilling ultimatum to banks and mortgage lenders to ease credit for lower-income minorities or face investigations for lending discrimination and suffer the related adverse publicity. They also were threatened with denial of access to the all-important secondary mortgage market and stiff fines, along with other penalties. The threat was codified in a 20-page “Policy Statement on Discrimination in Lending” and entered into the Federal Register on April 15, 1994, by the Interagency Task Force on Fair Lending ... read it, if you'd like Comrade suggested that private lenders were not coerced. Countrywide Financial was public?

Posted on November 1st, 2011 10:37pm