Quote:
Originally Posted by ZeroJunk
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.
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