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<blockquote data-quote="DriveInDriѵeOut" data-source="post: 1183542" data-attributes="member: 44954">You still seem pretty set on trying to blame Bush for something that is far bigger than one person.&nbsp; The things you say about Bush are mostly correct.&nbsp; But Clinton did loosen housing regulations with the Community Reinvestment Act, to put pressure on banks to loan in low-income areas.&nbsp; These steps led to riskier mortgage lending, by minimizing the role of credit histories and debt to income ratios, allowing low or no down payments, and encouraging the use of floating or adjustable interest rates.&nbsp; Clinton had good intentions, but these ideas were abused by a lot of lenders and banks.&nbsp; Andrew Cuomo between 1997 and 2001 did nothing to stop this.&nbsp; Banks and lenders are mostly to blame.&nbsp;&nbsp; Fannie and Freddie were allowed to hold only 2.5% of capital to back their investments, while banks were required to hold 10%.&nbsp; Many lenders like Countrywide, using the subprime authorization , did not offset loan risks with savings deposits like traditional banks do.&nbsp; Blaming one person is really over simplifying the problem.&nbsp; But if it makes you feel better more power to you.</blockquote>

[QUOTE="DriveInDriѵeOut, post: 1183542, member: 44954"] You still seem pretty set on trying to blame Bush for something that is far bigger than one person. The things you say about Bush are mostly correct. But Clinton did loosen housing regulations with the Community Reinvestment Act, to put pressure on banks to loan in low-income areas. These steps led to riskier mortgage lending, by minimizing the role of credit histories and debt to income ratios, allowing low or no down payments, and encouraging the use of floating or adjustable interest rates. Clinton had good intentions, but these ideas were abused by a lot of lenders and banks. Andrew Cuomo between 1997 and 2001 did nothing to stop this. Banks and lenders are mostly to blame. Fannie and Freddie were allowed to hold only 2.5% of capital to back their investments, while banks were required to hold 10%. Many lenders like Countrywide, using the subprime authorization , did not offset loan risks with savings deposits like traditional banks do. Blaming one person is really over simplifying the problem. But if it makes you feel better more power to you. [/QUOTE]

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