09-16-2008, 09:28 AM
|
 |
CC Member
|
|
|
Join Date: Mar 2000
Location: Fairfield, NJ, USA,
NJ
Cobra Make, Engine: A & C, 351W, Tremec 3550. Exiled Member: Club Cranky
Posts: 5,900
|
|
Not Ranked
Nobody has mentioned the consequences of lending to people who should never have gotten a mortgage in the first place. These sub-prime loans were criticized and warnings were made about just what is happening today. During the CLINTON administration, congress forced lenders to open up loans, guaranteed by the feds, to low income (and in many cases irresponsible) people. They referred to 'redlining' as discriminatory.
AIG, who is also involved somewhat in these loan scams, also insures companies like Lehman, etc.
By the way, The term "redlining" was coined in the late 1960s by community activists in Chicago. HMMMMMMmmmmmm
Roscoe
__________________
Roscoe
"Crisis occurs when women and cattle get excited!"....James Thurber
|
Hybrid Mode
