When the loss of a job affects them they wont be happy.
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I read them.
I've NEVER blamed only poor people. I've blamed EVERYONE who signed one these retarded mortgages, AND the banks who made the loans. I do think the CRA got the ball rolling. It showed banks that risky lending was ok, at least in the short term and while housing values were rising. So other banks did it to people with a little more money. And on and on. Soon the whole house of cards came crashing down. It was not a matter of if, it was a matter of when.
I was pitched one. I declined. And I'm rich. There were quite a few people who qualified for a decent home, but since the lenders were playing so loose they would offer them loans on bigger, nicer homes they really had no business buying.
Without running the numbers, I'd guess that 'starter' homes are not the vast majority of defaults. They may be alot, yes. But I know that there alot of very nice homes being defaulted on because the people who got them should have chosen a cheaper home.
Your post quoting Ron Paul implied that the Community Reinvestment Act was one of the prime reasons for the current subprime mess. And you said above that you think the CRA "got the ball rolling." bodhitree clearly blamed the CRA. I posted evidence that would contradict that. You implied that what I posted consisted of "op-ed pieces by liberals." Yet when I asked you which were liberal op-eds, you did not answer. Why is that? Are they liberal op-ed pieces? If not, would you care to address the points made in them?