It was the Govt that forced lenders to lower their lending standards and it was the Govt that gave the GSEs their affordable lending goals. ( Quotas to buy trillions of dollars in subprime loans ) The GSEs took those subprime loans, turned them into MBSs and sold them off
After the financial crisis over a decade ago, the Consumer Financial Protection Bureau was created to protect everyday Americans from predatory financial institutions.
The #ConsumersFirst Act will ensure the CFPB can effectively do its job – this shouldn’t be a partisan issue.
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So the Gramm-Leach-Bliley Act, which repealed portions of the Glass-SteagallAct is the main reason for the great Bush recession.
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