Oh no, I am not such a sucker as to get into discussions about CRA and ACORN and similar fair lending advocates.
I'll just make my stand on the facts which are unfolding in front of us: lending to subprime borrowers that have no cash reserves in marginal areas that amounts to a destructive, destabilizing act against these communities. It literally destroys the savings of the borrowers who have accumulated enough money to actually buy as bad loans force sales all around them.
Tanta over at Calculated Risk and I got into a brief exchange about this a while ago. We both agree that the business of banking, especially mortgage banking, will destroy political cant.
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Oh no, I am not such a sucker as to get into discussions about CRA and ACORN and similar fair lending advocates.
I'll just make my stand on the facts which are unfolding in front of us: lending to subprime borrowers that have no cash reserves in marginal areas that amounts to a destructive, destabilizing act against these communities. It literally destroys the savings of the borrowers who have accumulated enough money to actually buy as bad loans force sales all around them.
Tanta over at Calculated Risk and I got into a brief exchange about this a while ago. We both agree that the business of banking, especially mortgage banking, will destroy political cant.
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