Who is the They and Their that you are tossing around? The Bankers? The law stated they had to make the loans under threat of fines and audits. I blame Government first, bankers second. Frank, Dodd and every congresscritter who voted for this legislation should be in jail.
“Who is the They and Their that you are tossing around? The Bankers?”
The law DID NOT state that they had to make loans to people that COULD NOT afford to ever make payments, much less loans at 10 times income levels...unless you can link me to where it said that.
Actually it wasn’t Dodd Frank (that was 2010), it was Gramm-Leach-Bliley Act that probably did the most damage. It was passed by a REPUBLICAN CONGRESS and opened up the door for banks to be even more idiotic than before.
Before that it was Carter’s Community Reinvestment Act, and that was the basis of this mess, but even that DID NOT require banks to loan money to people that couldn’t pay it back and some actually didn’t do that.