desh's lengthy post # 8.....
First, banks and other agencies began issuing what have been called sub-prime loans. These were mostly mortgages
with really low interest rates. The loans were structured so that the people who took them out would have very
low payments for the first eighteen months or two years of the agreement, but much higher payments after that.
In many cases these loans were given to people who had no income, no job, no assets, and no ability to make
payments once the higher rates kicked in.
There you have the beginning of this banking failure in a nutshell....
It might be noted that some these loans were for 100 to 120% of the home value...
Buyers risked NOTHING, not tax payments, not closing costs, not down payments, NOTHING....
It might be further noter that the Democrats brought a legal suit against banks that would not give out these insane loans to unqualified borrowers...
That they won a multi-million dollar settlement from the banks to continue the practice...
but who the hell wants to hear facts when you can easily blame the 'boogie man'...
[ame="http://www.youtube.com/watch?v=ivmL-lXNy64&feature=related"]YouTube - EVIDENCE FOUND!!! Clinton administration's "BANK AFFIRMATIVE ACTION" They forced banks to make BAD LOANS and ACORN and Obama's tie to all of it!!![/ame]
Banking Affirmative action......1998
First, banks and other agencies began issuing what have been called sub-prime loans. These were mostly mortgages
with really low interest rates. The loans were structured so that the people who took them out would have very
low payments for the first eighteen months or two years of the agreement, but much higher payments after that.
In many cases these loans were given to people who had no income, no job, no assets, and no ability to make
payments once the higher rates kicked in.
There you have the beginning of this banking failure in a nutshell....
It might be noted that some these loans were for 100 to 120% of the home value...
Buyers risked NOTHING, not tax payments, not closing costs, not down payments, NOTHING....
It might be further noter that the Democrats brought a legal suit against banks that would not give out these insane loans to unqualified borrowers...
That they won a multi-million dollar settlement from the banks to continue the practice...
but who the hell wants to hear facts when you can easily blame the 'boogie man'...
[ame="http://www.youtube.com/watch?v=ivmL-lXNy64&feature=related"]YouTube - EVIDENCE FOUND!!! Clinton administration's "BANK AFFIRMATIVE ACTION" They forced banks to make BAD LOANS and ACORN and Obama's tie to all of it!!![/ame]
Banking Affirmative action......1998
