On 2011-06-13 3:33 PM, John Levine wrote:
Until very late in the bubble, Fanny and Freddy bought only
conventional prime fixed rate loans, so it was roaring along without
their help
In 1992, Fanny and Freddy got tasked with affordable housing for the
poor, and immediately dropped their standards. It was predicted at the
time that this would lead to disaster.
Fannie and Freddy started buying subprime loans in 1997, a further major
drop in their standards. Was it roaring along in 1997?
, and the CRA has been around since 1977,
The CRA was turned from a minor irritation to Frankenstein's monster in
1992, which is when no hablo english cat eating wetbacks started buying
expensive houses.
In 2000 The National Community Reinvestment Coalition boasted about the
early 1990s change in the CRA from toothless to lucrative:
“Lenders and community organizations have negotiated $1.09
trillion in CRA dollars from 1992 to 2000. In contrast, $8.8
billion was negotiated from 1977 through 1991.”
And guess what. One trillion was about the amount of money pissed away.
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