Thread: The REAL cause of the mortgage industry train wreck:
View Single Post
Old 01-03-2009, 04:51 PM   #49 (permalink)
oklavol
Senior Member
 
oklavol's Avatar

Join Date: Jul 2005
Posts: 12,653
Quote:
Originally Posted by gsvol View Post
The mortgage crisis is a problem created in Washington long ago. It originated with the Community Reinvestment Act (CRA), signed into law in 1977 by President Jimmy Carter. The CRA was Carter's answer to a grassroots activist

If this act was so horrible then why didn't Congress introduce a bill to repeal it? You do know these laws can be repealed?

Apparently since everything is Carter's faults, why didn't the Republicans who are apparently so wise in your eyes repeal it when they had control of Congress and the White House?

Instead they chose to repeal the Glass-Steagall Act in 1999 which created part of the mess:

Quote:
The repeal enabled commercial lenders such as Citigroup, which was in 1999 then the largest U.S. bank by assets, to underwrite and trade instruments such as mortgage-backed securities and collateralized debt obligations and establish so-called structured investment vehicles, or SIVs, that bought those securities. [12]
Glass-Steagall Act - Wikipedia, the free encyclopedia
__________________
"The measure of who we are is what we do with what we have." Vince Lombardi
Last edited by oklavol; 01-03-2009 at 04:53 PM..
oklavol is offline   TOP Reply With Quote