Refinancing Home Mortgage
The Community Reinvestment Act is not responsible for the mess, at least, as he implemented Carter, is not it. What is the cause of our crisis was the repeal of Glass-Steagall Act in 1999. The year before the repeal were subprime loans, only five percent of all mortgages. As the credit crisis in 2008 reached its climax, they were almost 30 percent. It is the combination of the law from the Carter Community Reinvestment and the repeal of the Glass-Steagall Act that caused the housing crisis. You can not blame Carter and his Community Reinvestment Act, because when he passed, was Glass-Steagall in place (the 1930s) to fight against predatory lending.
Well, that’s the housing bubble is another question out of the mess, because we were only a small percentage of bank losses on mortgage itself is also connected. The losses were derived from worldwide. We have not seen major banks on mortgages are not based solely losses. See my last reply to your last question.
This is about mortgage information questions.
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