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People were buying houses they couldn’t afford and getting loans they had no intention of paying back.
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It’s the fucking deadbeats who took the money and ran that put the economy in the toilet. And yet, this fucked up society gives them a pass because they’ve “had it tough”.
the socialists will never admit that
Because it was their legislation.
In their mind, it’s working perfectly. Any policy that weakens individuals, strengthens the political class.
because that bought them votes
Dam your misinformed. It was neither the democrats or republicans that caused the the housing crash, IT WAS THE BANKS AND WALL STREET THAT DID. Mortgage backed securities were in high demand so wall street pushed banks to lower there standards to give out more loans. Wall street then bet on and against those loans, causing a bubble. like all bubbles it burst. There is no law that LOWERS credit standards.
Edit**
Lance B provide a link to the law that did this as I don’t believe that there is one. There was a demand so there was a supply, banks got to greedy is what happened.
Loan officers made those loans.
And democratic policies were simply to help those of lower incomes obtain loans. In no way were folks expected to make poor decisions such as giving loans to those who could not pay them back. But then again, during the housing bubble, the idea was to give bad loans and simply foreclose on the property, which would have escalated in value. In the this way, banks saw a win-win situation, and actually encouraged the poor lending practices
They don’t want to offend their voter base.
That started and was sanctioned by the last administration you are prevaricating reality for your political bias.
Same reason that the interest rate for loans at the bank went down to .05%. Who’s bright idea was that a year ago?
Deadbeats vote. Most vote Democrat.
because THEY might want a deadbeat loan or mortgage for themselves one day…