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banks - housing bubble
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<blockquote data-quote="island1fox" data-source="post: 899275" data-attributes="member: 4816"><p>Klein,</p><p></p><p>When banks were "holding the bag" and had to make sure people were able to pay them back--things were fine.</p><p></p><p>When the Government "backed " the loans or "took the bag" Banks gave loans to everyone and anyone. Enter fannie and freddie !! Seems pretty simple.</p><p></p><p>If I was going to give you a loan --I would make sure your income through your hot dog stand could enable you to pay me back.</p><p>If the government said Loan Klien money-do not check his financials --the loans will be backed by fannie and freddie.</p><p></p><p>No risk for me --of course I give out loans like candy --why not ?</p><p></p><p>If the Canadian Government sponsered sub prime loans backed by the government {the taxpayers} and Royal Bank issues millions of bad loans --Who is guilty ? The bank or the Dopey politicians ?</p><p></p><p>This is not rocket science.</p><p></p><p>On top of that --the Banks were also told that if they did not have enough "minorty" loans they would be subject to legal action. See Janet Reno under Clinton --" red lining" Where Banks drew a red line on people that could not afford loans.</p></blockquote><p></p>
[QUOTE="island1fox, post: 899275, member: 4816"] Klein, When banks were "holding the bag" and had to make sure people were able to pay them back--things were fine. When the Government "backed " the loans or "took the bag" Banks gave loans to everyone and anyone. Enter fannie and freddie !! Seems pretty simple. If I was going to give you a loan --I would make sure your income through your hot dog stand could enable you to pay me back. If the government said Loan Klien money-do not check his financials --the loans will be backed by fannie and freddie. No risk for me --of course I give out loans like candy --why not ? If the Canadian Government sponsered sub prime loans backed by the government {the taxpayers} and Royal Bank issues millions of bad loans --Who is guilty ? The bank or the Dopey politicians ? This is not rocket science. On top of that --the Banks were also told that if they did not have enough "minorty" loans they would be subject to legal action. See Janet Reno under Clinton --" red lining" Where Banks drew a red line on people that could not afford loans. [/QUOTE]
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