re: What Happen with the Sub-Prime Mortgage Crisis

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Banks did exactly what they were FORCED TO do, which is finance anyone who could sign for it. Barney Frank was in charge of oversight at the time.

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FIFY

I used to be involved in the crap and took part in keeping the FDIC auditors at bay from the bank I worked for at the time. You either made the loans the auditors who came in and reviewed and EVERY single loan app denial said to make, or they fined the bank into insolvency. The worst loans we were forced to make I finagled Freddie or Fannie or FHA or VA to insure to keep us solvent.

Like all forms of Socialism, it was forced upon the unwilling.