How we arrived at a $700 billion government economic bailout according to Mr. Obvious Lee. Changes that Pres Clinton made to the Community Reinvestment Act (CRA – google it) in 1995 got the ball rolling. Bush and McCain both tried to intervene with legislation to better monitor Fannie Mae and Freddie Mac but were shot down by the Dems (with support from Obama and Barney Frank). The CRA rules changes, during a time when many banks were merging and needed to pass the CRA assess process to do so, substantially increased the number and aggregate amount of loans to low- and moderate-income borrowers for home loans, some of which were “risky mortgages.”
Amusing, but not accurate in terms of the CRA:
Less than 10% of the high coast loans that were issued (which caused the collapse) were issued by CRA regulated banks. On top of that, subprime loans that were made by CRA regulated banks, had, on mean, lower interest rates than non-CRA regulated banks. Furthermore, CRA-regulated banks were half as likely to resell (securitize) such loans (another contributor to the crisis).
nicE one i really know lol
really nice work
Way to keep your kids free from the MSM koolaid!
Hey kiddo and kid rock! Awesome work or in fact awesome fun!
thank you guys for your awesome observations =)
GREAT JOB GUYS!!!!!!
Fantastic job, I’d link it if it was edited a bit!
It is so incredible that even the kids can know and see through the liberalist smoke and mirrors…I do it everyday with these whacky nut job Portlander’s…I reckon pdx airport saw major business for the dnc convention…McCain-Palin 2008 is my vote from “blue” Portland, OR!
Barney Frank sucks