On Sep 24, 11:32*am, Wilson Woods wrote:
wf3h wrote:
On Sep 24, 10:41 am, Wilson Woods wrote:
wf3h wrote:

you mean
I mean that it isn't wrong. *CRA isn't the whole story, but it is the
first chapter of the whole story.-

no moreso than the letter 'a' is the entire dictionary.

No, *much* more so. *CRA was just the first step toward the catastrophe,
but it decidedly was such a step.

uh no.

the first step was greed on the part of wall street. having convinced
the right wing to sing the song of deregulation, they treated the
american middle class like a buffet.


*The Clinton complicity in 1994 was
directly based on it. *

well...no. the right wing sings the reagan mantra that the govt IS the
problem, so the regulators got out of the way of the greedy *******s
of wall street, courtesy of phil gramm and his enron VP wife.


The politically motivated destruction of
underwriting standards at Fannie Mae and Freddie Mac was specifically to
get them to buy CRA mortgages,

well...no. the 62 TRILLION dollars in CDO's had nothing whatsoever to
do with fannie mae and freddie mac. nothing.


but once the standards were eliminated,
there was an explosion in other non-CRA subprime lending. *But CRA
started it, and accelerated it in 1994.

ah. so the problem was wall street greed.

you were wrong in attributing this to CRA. it was the greedy
unregulated *******s on wall street.

which is what i said.