Start Wachovia securities not liquidating funds

Wachovia securities not liquidating funds

Despite widespread misunderstanding they did not cause the great crisis since CRA loans to poor neighborhoods comprised only about 6% of the toxic mortgages.

Both parties have expressed anger at the crisis, and have promised extensive new regulations of the financial industry.

The Republicans opposed additional bailout aid to General Motors, which was on the verge of bankruptcy.

Salesmen made big money by phoning prospective buyers, promising to get them Bog Money Quick. interest rates were low and demand for housing was high, as housing prices soared, especially in California, Florida, Nevada and Arizona.

People who owned a house whose value had doubled could and did refinance their mortgage for the higher amount, and keep the difference. Mortgage companies and banks were very eager to lend, especially to people with mediocre credit who would not previously have been eligible for mortgages and to speculators.

Many of the mortgages involved very low down payments and low monthly payments for the first year or two, after which the payments would start soaring. Both the Bush and Clinton administrations made it a national priority to encourage more people to buy houses, assuming this social engineering would be good for everyone.

In 2000 Howard Husock warned that the Community Reinvestment Act of 1977 and its expansion in 1995 would prove expensive; but President Bush strongly endorsed the program.

Timeline video showing Democrats opposing regulating housing market financing.