Reply to a comment  Reply to this comment  nonclassical writes:
in response to rick57:  Cat - It has already been proven that
the program your talking about was a very MINOR contributor to
the housing meltdown. I won't spend time finding the facts for
you but niether will I find the facts about Obama's birthplace.
It was the passing on of bad loans in bundles to other banks and
then to other sources that caused the meltdown. The vast
majority of these bad loans were not the ones to those lower
income people. They were made by loan lenders trying to make
money on dumb loans and then passing them out of their system to
become the problem of someone else, the someone else eventually
became the American tax payers in the form of bank bailouts.
Don't be fooled-"mortgages" were NOT the cause of Wall $treet
economic disaster.  Mortgages were first "securitized". Wall
$treet banks WANTED "securitized mortgages", to USE as
COLLATERAL, to BORROW against...reason they didn't care about
"borrowers" ability to repay..