I'm not disputing the fact that the CRA existed, only the fact that it was the cause of the mortgage bubble/crash.
so were the majority of foreclosed mortgages issued by commercial banks subject to the ACRA or entities not subject to it? Look it up, you will be surprised.
Charts for the “Facts of the Economic Crisis” Column | The Big Picture
Wait, are you seriously trying to condense down the entire Sub-prime Bubble into two years ? Your'e pulling a VERN then ?
Fine, you post a hack chart, and I'll give the " Right wing " response...
Unfortunately the Democrat strategy IS to condense down the entire Sub-prime housing bubble, from beginning to end to 2 years. 2004-2006.
Even though Fannie Mae and Freddie Mac got into the Sub-prime business in 1998.
Freddie Mac Jumps into Subprime Mortgages - American Banker 175th Year Flashback Article - American Banker 175th Year Flashback
" Freddie Mac is diving into subprime lending, ending months of speculation over how deeply the agency would go into the burgeoning market.
Freddie Mac and its rival, Fannie Mae, outlined their approaches to lending to tarnished borrowers at the Mortgage Bankers Association's annual meeting Tuesday in New York. Their participation could accelerate growth in a sector that has become a new frontier for many lenders and, ultimately, could bring rates down for borrowers.
Chairman Leland C. Brendsel said
Freddie will begin buying lower-quality loans over the coming year and proceed further down the credit spectrum in 1999. "We will buy all the loans we can that meet our parameters and can be priced profitably."
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And in 1999 Clinton Pushed them to enter into even more Sub-prime purchases...
Fannie Mae Eases Credit To Aid Mortgage Lending - NYTimes.com
" In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.
The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans "
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And in 2000 Andrew Cuomo committed the GSEs to purchase
2.4 Trillion in Sub-prime loans....
HUD Archives: Cuomo Announces Action to Provide $2.4 Trillion in Mortgages for Affordable Housing for 28.1 Million Families
" Housing and Urban Development Secretary Andrew Cuomo today announced a policy to require the nation's two largest housing finance companies to buy $2.4 trillion in mortgages over the next 10 years to
provide affordable housing for about 28.1 million low- and moderate-income families."
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This way the Democrats can blame George Bush for everything and use the ridiculous chart you just posted to back up this asinine assertion.
So lets shoot down this ridiculous narrative by starting with Horsemanship rates. From 1993 to 2000, they rose 5 %. ( 63 % to 68 % )
Under Bush ( 2000- 2008 ) they rose another 1 % and a fraction of that was actually Sub-prime.
Your dubious Chart suggest that there were enough Sub-prime loans Made ( within a 1 % increase in Home-ownership rates ) then securitized and then distributed out into Capital Markets via CDO tranches all over the world and in just 2 years, to cause a collapse that washed out nearly 60 Trillion dollars in wealth worldwide AND to Bankrupt two Iconic American Institutions leaving them holding over 5 TRILLION dollars in debt and a good portion that debt was either Sub-prime loans or securities backed by Sub-Prime loans.
To prove the GSEs purchased TONS of trash debt we can start with the fact that the FED via QE agreed to buy up 1.5 TRILLION dollars in worthless " AAA '' securities and recent Law suites filed by Eric Holder AND FHFA made public the Hundreds of Billions of dollars of worthless Securities that Fannie and Freddie KNOWINGLY purchased.
So Fannie Mae and Freddie Mac purchased over 2 Trillion in trash loans and securities and most likely allot more than that.
Anyway, Capital Markets are proportionally sized to the size of the Country they reside in. When untold amounts of toxic MBSs went belly up all at once it corrupted CDO's filled with other investments to go belly up.
So this partisan assertion that Sub-prime only started in 2004 just doesn't add up at all. It's IMPOSSIBLE that a small amount of Trash loans over two years would bring cause a Financial Meltdown that extended out to Capital Markets all over the world and bankrupted two iconic American Financial Institutions
Anyway, the idiot who created that chart apparently doesn't possess a shred of integrity. Otherwise he would have NAMED which lender made the vast majority of those worthless loans POST 2004.
So I'll name the lender. It was
CountryWide. He probably didn't mention CountryWide because Fannie Mae was the primary consumer of their trash loans AND because CountryWide gave out VIP loans to a certain Democrat Politician who served on the Senate Banking Committee,
Dodd and Countrywide - WSJ
Here's the Fannie and Freddie Foundation bragging about CountryWide in 2004....
"
Countrywide tends to follow the most flexible underwriting criteria permitted under GSE and FHA guidelines. Because Fannie Mae and Freddie Mac tend to give their best lenders access to the most flexible underwriting criteria,
Countrywide benefits from its status as one of the largest originators of mortgage loans and one of the largest participants in the GSE programs. …
When necessary—
in cases where applicants have no established credit history, for example—Countrywide uses nontraditional credit, a practice now accepted by the GSEs "
I could continue. Post more facts that predate your narrative by a good 10 years, but something tells me you'll just continue to define the Financial Collapse according to your own subjective terms, and not the facts.