I completely disagree. First of all, nobody forced anybody to lend money to people that could not document their income, and that could not afford to pay back their loans. ).
I disagree ... Obama's name is on a case where he represented people who were denied a loan. You won't find this on a liberal site or buried deep on mass media site because it paints a negative picture on their darling and their darling party. The fact is - he was tied to it is enough for me.
It is easily searchable, I will post a couple of links for you to ignore:
http://hotair.com/archives/2008/10/12/the-quotes-that-explain-the-entire-financial-meltdown/
http://www.cnn.com/ALLPOLITICS/1998/04/03/mortgage.settlement/
Per the Snopes article, it is referencing a different claim in the same case. It does not dispute that this lawsuit was one of a series of lawsuits that were filed by ACORN using Redlining and racism allegations to lower credit standards. It does not dispute that all of the ACORN CRA lawsuits claimed redlining and racism. It does not dispute that at other times ACORN used intimidation tactics against bank managers to try and make them give high risk loans.
Second of all, the problem with mortgages would not have been such a body blow to the entire financial system if investors had not been doing all of these shady deals with credit default swaps and derivatives, etc etc. This is all a result of lack of regulation. Lack of regulation is one of the principles of the republicans, not the democrats. John McCain has staked his entire reputation on being a deregulator (up until the second debate that is).
Agreed. And it was the Democrats who opposed the regulation. I know you've seen the videos from CSPAN where they argued that everything was fine blocked it. Here is another, with a slightly different take on it, for your ignoring enjoyment:
http://www.youtube.com/watch?v=3EyKiOE78yU
Again, I state - if the banks were NEVER regulated to provide bad loans (use common sense, would you loan money to a risky investment?) then it was the fault of REGULATION. The Dems blocked REGULATING the original REGULATION.
Per the shady deals, Obama's
senior advisor on economic issues, Penny Pritzker (former chairman of now defunct Superior Bank),
pioneered the securitization of sub-prime/predatory loans. She made bonds available to nationwide, tax-payer's back pension funds that cause major losses of personal individual wealth across the nation.
To go further, Superior targeted African Americans 2-to-1 compared to other predatory lendors. After the fall, she negotiated with the FDIC. The Pritzkers got 31.5 million while the 1400 depositors are still owed 16 million.
Since the mainstream press won't run this, for your ignorership:
http://amok.asianweek.com/2008/02/28/obamas-campaign-finance-chair-has-links-to-subprime-debacle/
-dK
EDIT: I will ignore Obama's advisors that ran GSMs into the ground and ran off with their golden parachutes.