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re: Yahoo writes article "It's Obama's Presidency, but Bush's World
Posted on 7/3/14 at 10:39 am to jamboybarry
Posted on 7/3/14 at 10:39 am to jamboybarry
Is that the act that forces investment banks to finance subprime loans for people with the following scenario:
FICO - 500
Income - $400/wk
Home price - $275,000
Does that act also mandate robo-signing, rating manipulation, et al.?
FICO - 500
Income - $400/wk
Home price - $275,000
Does that act also mandate robo-signing, rating manipulation, et al.?
This post was edited on 7/3/14 at 10:40 am
3
Posted on 7/3/14 at 10:42 am to The Third Leg
quote:
Does that act also mandate robo-signing, rating manipulation, et al.?
No, repealing Glass-Steagall opened the door for that. Without that law in place, investment houses and lending institutions were allowed to merge into single entities. The same company that wrote the mortgage could also be the same company that was bundling them into securities, rating them, and selling them to investors.
Posted on 7/3/14 at 10:42 am to The Third Leg
quote:Yes.
Is that the act that forces investment banks to finance subprime loans for people with the following scenario:
FICO - 500
Income - $400/wk
Home price - $275,000
Posted on 7/3/14 at 10:42 am to The Third Leg
quote:
Is that the act that forces investment banks to finance subprime loans for people with the following scenario:
You say forces, I say cajoles
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