Quote:
Originally Posted by Pio1980
My point is that efforts to apply regulatory limits to prevent risky transactions involving 3rd party funds and property, ours, are consistently opposed by Wall Street and it's Conservative Republican support.
WE got screwed by THEIR "creative financing" while they made a killing off of our losses. It takes a long time for the losers, us, to recover from their self serving schemes.
It doesn't take much to figure out the winners and losers, and why it happens.
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Another way to look at that is that through the Clinton and Bush administrations there was government manipulation because they wanted everybody to own their own home. A noble idea really.
But, the traditional methods of financing mortgages would not carry that load . The requirements were too strict and traditional mortgage underwriters didn't want the risk.
So, this was driven by government, Community Reinvestment Act, that type thing.
Talking about losers, AIG stockholders lost 90% of their money.
It's a little shallow to blame all of this on the banks.