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In response to:

The Brass Standard

AussieCodger Wrote: Sep 13, 2012 5:42 PM
Words cut off my original post............. Thus a person with no job or low paying job, or a person wanting to buy a run down UNSELLABLE house in that area could not be refused a loan. This flew in the face of all rules of prudent lending going back for over 400 years. The banks fought the thing in the Courts and LOST! So they made the loans and on sold the mortgage loan to a "greater fool". Thus was born the terms "JUNK LOAN' and "SUB PRIME". The rest is history!
In response to:

The Brass Standard

AussieCodger Wrote: Sep 13, 2012 5:15 PM
Not sure if this has been said so far, but, komrade bill Clinton is being dishonest! The legal basis of his threats to US lenders is based on the 'Community Reinvestment Act of 1979. This Act was the brain child of komrade jimmy carter! It was then amended to give it more teeth by komrade bill clinton. This Act mandated that (bank) lenders with a branch in a 'depressed' area, accepting deposits from that area, could not refuse a housing loan from an account holder from that depressed area. Thus a person with no job or low paying job, or a person wanting to buy a run down UNSELLABLE house in that area could not be refused a loan. This flew in the face of all rules of prudent lending going back for over 400 years. The banks fought the
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