[driftless2]

Don't you know? It was all those nasty banksters. You've got many people on this forum who believe that. I brought up the Community Reinvestment Act and all the shenanigans under the Clinton admin to these people, but they still want to believe it was all the fault of evil financiers. They did their share, but to blame them as the chief culprits is to put the cart before the horse.

If Janet Reno, under the direction of Bill Clinton, hadn't forced banks and lending institutions to invent sub-prime loans, the financial disaster of 2007 would never have occurred.

[BizBroker]

“Don’t you know? It was all those nasty banksters. You’ve got many people on this forum who believe that. I brought up the Community Reinvestment Act and all the shenanigans under the Clinton admin to these people, but they still want to believe it was all the fault of evil financiers. They did their share, but to blame them as the chief culprits is to put the cart before the horse.
If Janet Reno, under the direction of Bill Clinton, hadn’t forced banks and lending institutions to invent sub-prime loans, the financial disaster of 2007 would never have occurred.”

I love how this works. I was in the mortgage business for years. Back in Ohio, around 1996, I remember cities in Ohio passing laws that stated that lenders were not allowed to charge prepayment penalties to high risk borrowers, and that ALL sources of income had to be counted toward qualification. This included unemployment benefits, food stamps, and welfare. I remember several lenders getting sued in the Cleveland market for refusing to comply with this. They were sued by this little organization named ACORN. Lead counsel for ACORN in many of these suits was some guy named....you guessed it, Barack Hussein Obama. As it turns out, some years later this fella went on to sue those same lenders who were forced to make those loans for “predatory lending”. And, a new bureaucracy was formed under his direction (the CFPB) that made a bunch of rules governing how lenders were supposed to lend their money using the newly minted Qualified Mortgage rule.

Talk about a racket...

[winodog]

I see your point however I ask myself, when did the bankers ever let bought and paid for politicians tell them how to run their banking cartel?

never is the answer I get. So that tells me they are all in cahoots and the politicians are only given a little leeway to make them look responsible for ordering bankers around.