Both starements are true. But initially, banks didn’t want to make the loans and hold them in portfolio, so government created a secondary market to package and sell the shit paper upstream. That’s when the whole thing really got out of control. Watch:https://youtu.be/NU6fuFrdCJY
Banks were forced by the government to make bad loans to blacks and Hispanics. Of course they worked to distance themselves from those loans, because speaking basic facts about real prejudice has become impossible due to general & mainstream media hysteria.https://twitter.com/Yozhik26/status/1078735434648354818 …
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Hard to keep up with the lefts changing stories. First they said banks were racist for "redlining" as a not lending to blacks. Then they forced banks to lend to blacks and this was "a great achievement" Now they are denying that the left was involved and it was the banks "fault"
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*aka, not as a
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Fannie Mae, and Freddie Mac
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John Allison was head of BB&T during financial crisis. This is an interesting read (I am going to reread now) https://www.amazon.com/Financial-Crisis-Free-Market-Cure/dp/0071806776/ref=mp_s_a_1_1?ie=UTF8&qid=1546034965&sr=8-1&pi=AC_SX236_SY340_QL65&keywords=john+allison&dpPl=1&dpID=410E-9hvZGL&ref=plSrch …
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Forgot about that one, still need to read it
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Your Facebook friends are wrong about reading
@ThomasEWoods books.
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Dems protected the corrupt racket as repubs tried to regulate it.https://youtu.be/UK0WbGKOk74
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They were forced by their coke-fuelled greed to sell bad mortgages to people of all backgrounds.
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and
@Yozhik26 Ever heard of Fannie Mae and Freddie Mac?? Former mortgage broker here of 18 years. EVERY single mortgage loan...sub-prime included, was approved by Fannie or Freddie (LP System Software) before any sub-prime lender(HSBC) would touch the loan. <--FACTThanks. Twitter will use this to make your timeline better. UndoUndo
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The banks were FORCED by the Government to make money off poor people, and were not motivated by greed. Sounds plausible...
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The deal which Barack Obama closed with President Bill Clinton in 1994 was: 1. Banks were forced to issue more subprime loans than before, 2. Any subprime loan which defaulted, would be bought by government. 3. The FED would open the credit lines.
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Number 2 made sure banks couldn't lose. However, with succesful subptimes, profit could be high. So no 2 made banks behave badly. If they did not have no 2, the banks would have gone bankrupt much earlier.
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The 3 parts of the deal led bad credit flow the world. Obama is one of the significant parties responsible for millions to lose their homes, pension funds, the Arabic uprise (caused bt financial crisis) and countless deaths. Obama was advocate for Acorn and a taker in this deal.
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All was done against economic advice. Even the New York Times warned against the dangers of this deal, in 1999. In my country, Obama is seen as a hero, which disgusts me.
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