Originally Posted by
Busyman
Looking at an area where someone lives is a dumb way to ascertain risk. That's why.
Actually, no it isn't- even ACORN never said this.
Using location as the ONLY determining factor was the problem.
Neither ACORN nor FannieMae/FreddieMac favored wholesale lending to obvious high risk borrowers without proper safeguards...they simply wanted to erase the clearly racist practice of redlining.
In fact, by far the most avid practitioners of subprime lending were brokers/banks that weren't even covered by the CRA and it was
their stupidity/greed that has lead us to this point.
Naturally, both j2 and HeavyMetal would prefer to ignore these facts and instead place the blame on the poor, abetted by the apparently god-like powers of Obama who somehow manhandled the entire entire banking industry into submitting to his will.
Not bad for a guy who j2 is convinced is clearly "stupid".
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