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<blockquote data-quote="av8torntn" data-source="post: 910324" data-attributes="member: 8259"><p>I don't follow you here. On one hand you are claiming the banks made so much money to make loans they knew would default on the other hand you are saying that isn't the reason. Banks didn't really crank out that many subprime loans. There were some mortgage companies that did(countrywide) and some federal agencies that did(the list is much longer).</p><p></p><p>Again if they made so much money and the loans were so profitable how in the heck could those same loans drive them out of business. You cannot have it both ways here. Either they were not profitable and they drug the business under or they were profitable and the business mismanaged the profits. </p><p></p><p>I would also like to see your numbers to back up your claim that low income people defaulted at an equal or lower rate than middle income or upper income people. I would find that very interesting. I'm sure you can find a nongovernmental independent study to back that claim up. This is the basis of your argument now I will have to assume that you cannot back up your claim the CRA compliance was not voluntary.</p></blockquote><p></p>
[QUOTE="av8torntn, post: 910324, member: 8259"] I don't follow you here. On one hand you are claiming the banks made so much money to make loans they knew would default on the other hand you are saying that isn't the reason. Banks didn't really crank out that many subprime loans. There were some mortgage companies that did(countrywide) and some federal agencies that did(the list is much longer). Again if they made so much money and the loans were so profitable how in the heck could those same loans drive them out of business. You cannot have it both ways here. Either they were not profitable and they drug the business under or they were profitable and the business mismanaged the profits. I would also like to see your numbers to back up your claim that low income people defaulted at an equal or lower rate than middle income or upper income people. I would find that very interesting. I'm sure you can find a nongovernmental independent study to back that claim up. This is the basis of your argument now I will have to assume that you cannot back up your claim the CRA compliance was not voluntary. [/QUOTE]
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