We like to scapegoat minorities. The truth is that the vast majority of the toxic loans were made by private institutions not covered under the CRA. More than 85% of toxic loans were made by private institutions not covered under the CRA. Far more money was lost with toxic sub-prime loans for mcmansions than CRA loans. Many in our GOP base fall into this category and we do not want to offend them by blaming them for their own stupidity, so we try to shift blame to minorities. It is easier for us to tell our base that their home was foreclosed because of blacks than to tell them they were stupid for taking out an ARM on a house they could not afford.

Note that our GOP posters will never read all of your post because it is too long, they cannot read that much. There are too many details. You have to keep it very simple for them by using a short talking point.

because it works

WOW definitely didnt read your novel there....Y!A isnt a publishing company, sorry.

This is the first time i ever heard that excuse, do you have any real sources that prove republicans are claiming this?

Loans to all who had low credit scores caused this mess. Barney Frank in collusion with Fannie Mae and Freddie Mac created this mess.

yeah I'm betting not a single person reads all that.

I did not read your book, but I have never heard anyone reference loans to minorities as the issue, I have heard people say loans to unqualified people or loans to people that did not have the means to pay them back was a contributing factor to the down fall of the economy.

Why do you interject race into something that is not about race?

The CRA was part of it surely, but as usual the real culprits are the banks, home builders, mortgage companies that allowed people to get houses at inflated prices that they could not afford.

House flippers, Real Estate agents, builders, as usual, now cry foul and yet it was their practices that drove real estate prices sky high until the market collapsed.

Not loans to minorities. It was loans to people the bankers knew couldn't pay them back. It's an offshoot of political correctness that has infected this country. Many low income workers were given loans to buy $300,000 homes. When the payments had to be made, the workers couldn't pay them, and this created a problem for the banks. This is what led to the financial crisis we have now.

Actually it happened b/c people who didn't have enough money to afford these homes and those with bad credit were allowed to get mortgages they could not afford. Many were uneducated on the difference b/w ARM loans and fixed rate loans. When the ARM adjusted, they couldn't afford to pay. I don't see where Republicans are blaming minorities. If anything, many of us, minorities, can afford the homes we purchase.

I'm not a Republican, but the CRA, combined with Fannie and Freddie were major causes. When people defaulted on their loans, banks and investment houses lost. This is an over simplification, but has a lot of accuracy. Furthermore, a lot more houses are about to go into foreclosure. Did you know that housing prices have not been this low in over 40 years, and this has been 40 years in the making. Your rant has no sources to back it up.

History will tell the true story and you may have to wait twenty years to find out the truth.

Your talking points are not relevent. Your best description of what took place
was by the poster that very clearly and concisely pointed out who got loans
and why they shouldn't have. ARM is what killed the housing market, Nice
try for the discrimination bull Oops again.

BUSH LOWERED UNEMPLOYMENT TO 4.2% (Feb 2001-2009)
(Source: US Dept of Reality - Actual Labor Statistics)


OBAMA RAISED OUR DEBT FASTER THAN ANYONE EVER HAS
(Source: US Reality Dept - Bureau of Public Knowledge)

OBAMA TURNED A TURNED A CONTRIBUTION FROM GOLMAN SACHS INTO A MULTI TRILLION DOLLAR DEFICIT
(Source Click Here )

(Please note: Obama also got big contributions from Citibank, Chase and JP Morgan)

OBAMA OVERSAW A DOW JONES THAT PLUNGED LOWER THAN IT EVER DID WHEN BUSH WAS PRESIDENT
(Wall Street)

UNEMPLOYED PEOPLE CAN’T AFFORD GASOLINE (Source: US Dept of Job Losses - Relevant Information Administration)

OBAMA IS DOING A GREAT JOB CAUSING A DEPRESSION

“But Mr. President, there aren’t any jobs!”