Yes, I know that it's a McCain ad, however, it is 100% factual. It is the latest and worst example of the Left's infatuation with social engineering that over the years has given us an incomprehensible tax code, record rates of illegitimacy, schools that educate no one and a diplomacy that hasn't worked, among other things.
Community Reinvestment Act ! (CRA)
The CRA was not only designed to stop banks from ?redlining,? or withholding loans from entire neighborhoods, it?s implementation ?encouraged? lending institutions to ?make mortgages available to people without much in the way of income, assets or credit.?, ie, loans to unqualified or "sub-prime" borrowers.
When we combine clueless home buyers, corrupt mortgage writers, greedy lenders, and money-grubbing financiers, is there any wonder a problem was in the making. A problem that has been growing for several years.
Let?s cut to the chase: http://justcontinuing.blogspot.com/