On Risky Lending — The Dems Knew What Would Happen . . .
Posted By: 'Okie' | 4:33 pm — 10/12/2008 | 
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And, they did it anyway!
Ed Morrissey breaks it down for us:
Here, in fact, is the genesis of the problem, the ideology that created the monster. Cuomo, the Clinton administration, and Congress believed they had the right and the power to determine acceptable risk for the lenders, rather than lenders determining it for themselves in a free market. Even while imposing risk standards on lenders, Cuomo admits that he expects a higher default rate on the new loans — which is why the lenders didn’t want to write them in the first place.
In other words, the CRA didn’t get used to fight discrimination, but to force lenders to give money to high-risk borrowers for political purposes. And Cuomo knew it.
{…}
While Democrats like Barack Obama, Harry Reid, and Nancy Pelosi keep blaming “greed” for the collapse, it was Democrats like Barney Frank and Chris Dodd building that “greed” into the system in order to drive the subprime lending market. And it was Democrats like Frank, Dodd, Maxine Waters, and Lacy Clay who suggested that regulators like Armando Falcon were racists for blowing the whistle on the Ponzi scheme they created.
The Democrats decided, as Michelle says, that mortgages were a civil right, and wouldn’t cost the American taxpayers a dime.
Well, that really worked out hunky dory didn’t it?
Technorati Tags: high-risk borrowers, Barack Obama, Harry Reid, Nancy Pelosi, Barney Frank, Chris Dodd
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