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Author: CCinOC Big funky green star, 20000 posts Top Recommended Fools Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 762832  
Subject: Re: CRA clearly did lead to risky lending Date: 12/13/2012 3:47 PM
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2828 wrote: The whole thing was doomed to fail, unfortunately the wrong people have been mostly blamed.

I couldn't agree more. In blaming CRA guidelines, which are comparatively conservative, analysts put the em-PHA-sis on the wrong syl-LA-ble.

As homeowners watched their equity evaporate, they stopped paying. I'm working a short sale right now where the owner-occupant hasn't made a payment in three years. It'll probably take another six months to close the transaction.

Mortgage derivative traders made unheard of bets with other people's money.


Now the statute of limitations on financial fraud has tolled, so no one will go to jail. Sad.
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