Democrats Failed Finance Policy
Sep 30th, 2008 by The Outsider
If anyone is doubtful about what started this failure in the financial markets, you might want to read the actual policy statements made in the 90’s by Bill Clinton. This is just one:
“The Community Reinvestment Act bans so-called “red lining” — requiring banks to offer mortgages in the entire geographic area in which they operate, not just to do business in suburbs. Loans in profitable areas were then used to subsidize loans in areas where banks were losing money.” Here is another:
“discrimination may be observed when a lender’s underwriting policies contain arbitrary or outdated criteria that effectively disqualify many urban or lower–income minority applicants.”
Read the whole article:
http://www.foxnews.com/story/0,2933,424945,00.html or
http://www.whitehouse.gov/news/releases/2008/09/20080919-15.html