Refinancing Home Mortgage
In: Mortgage Lending
7 Feb 2010Red lining by banks were considered racists and banks seem to have responded to bring on the present economic diaster.
Pfo, sorry, but obviously do not have a clue about these matters. Have a good day.
This is about mortgage information questions.
2 Responses to Did predatory mortgage lending evolve from ARMs and new anti-redlining laws?
Pfo
February 7th, 2010 at 3:49 am
The main factor in the prevalence of predatory lending practices was a lack of regulation and oversight.
Stephen G
February 7th, 2010 at 4:25 am
Clinton created this mess. He created the market and the banks responded.
Remember, “Affordable housing for everyone”. Well there you have it.
Quite a few Democrats received ” Sweetheart Mortgages” from Countrywide. What I find totally amazing is that the Banking Dept., which is controlled by the Democrats didn’t have Indy Mac on its list of banks to watch. ITS COUNTRYWIDES BANK !!!!!!!!!!!
Once again greed got the better of everyone and banks are failing left and right.
# 1 Rule of Banking: Don’t ever lend money to people who need it.
#2. When the stupid money starts to follow the smart money,
the PARTY IS OVER .
Good Luck