Forum Discussion
Charlie_D_
Sep 20, 2013Explorer
spoon059 wrote:
No, I get it. The government is intruding upon private business and telling them how to operate. Banks started having trouble after the mortgage crisis. Banks got into trouble because gov't forced them to lower their standards for who is approved for a mortgage. The gov't decided it was racially prejudicial to demand good credit and a 20% down payment. Banks had to provide loans to sub-prime lenders. Banks realized they were getting hosed due to a variety of reasons and started packaging good loans with bad loans and selling them off to investment firms and hoping the investment firms wouldn't realize they were buying a dirty diaper til it was too late. Surprisingly, the gov't that so desires to intrude upon EVERYTHING didn't do anything about the sneaky and questionable practice of mixing those types of loan deals.
Now this we can agree on.:) Although we don't agree with each other on the bailout I appreciate your passion about this issue .
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