Posted by
shipwreck on Thursday, October 16, 2008 2:50:09 PM
We all now know that the economic melt down was precipitated by substandard loans to non-creditworthy borrowers. A Clinton idea to give everyone an opportunity to own a home which he brought to reality by his 1995 Amendments to the 1977 Community Reinvestment Act. Iced by regulations which forced Fannie and Freddy to underwrite subprime loans to rabbits, and that forced bankers to make them, the fox was loosed and the chase was on. Meanwhile, back at the kennel, hounds Johnny and W were muzzled and leashed by Barney, Chris and Chuck. Now that there’s nothing more for the fox to eat, enters Barack with the solution. Repeal the CRA? Never! Take the money from the plumber and give it to the rabbits.