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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 744185  
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.

http://www.huffingtonpost.com/2010/02/15/janet-tavakoli-wall...

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