The lie that the Federal Govt. caused the Housing Market Crash.....Must stop immediately!!

[David Heyer]

3. What led to the Housing Market Crash?

Legislation that allowed banks to bundle mortgages and sell them as commodities was passed during Clinton's time in office. Clinton was acting on the information he got from bankers that this was necessary for the economy. This led to balloon mortgages which led to defaults on mortgages which led to a lot of empty houses which created the Housing Market Crash. The writing was on the wall during Bush's term. If only he had chosen to act before the roof caved in.
In all honesty you can't be expected to write sound mortgages if you can sell those mortgages to others who will then assume the full effect of defaults.
The changes in Banking regulation that were passed in the 90's gave Bankers a license to steal. And that's what they did.
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