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Reply #14: The Federal government lead the way [View All]

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attaboy Donating Member (7 posts) Send PM | Profile | Ignore Mon Jun-22-09 09:19 PM
Response to Reply #13
14. The Federal government lead the way
"Most subprime lenders weren't subject to federal lending law"

The CRA set the playing field. It led the way. The other lenders followed their lead. Why wouldn't they get into the money making scheme? It was Federal government approved and the Federal government was supplying the place to dump the risky loans: FannyMae and FreddieMac. Small mortgage loan companies didn't need to be forced to make the loans once the federal government made it standard money making practice.
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