TallTom
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- Sep 6, 2006
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In 1995 Bill Clinton loosened housing rules by rewriting the Community Reinvestment Act, which put added pressure on banks to lend in low-income neighborhoods.I won't get into if it would have gotten 2/3 in the house and senate but it doesn't change the facts. A republican led house birthed the bill and Democratic President signed it into law. It is what it is. I don't blame the right or left, I blame them both because they are both responsible and both sides played a role in some horrible legislation that led to the worse recession in the history of country.
BTW, the Trent Lott was a Republican Majority leader in the Senate and Newt Gingrich was the speaker of the house. Republicans ran congress the last 3 years of Clinton's presidency. But it's all Clintons fault eh...
Clinton's Housing and Urban Development (HUD) secretary, Andrew Cuomo, Community Reinvestment Act regulators gave banks higher ratings for home loans made in "credit-deprived" areas. Banks were effectively rewarded for throwing out sound underwriting standards and writing loans to those who were at high risk of defaulting. If banks didn't comply with these rules, regulators reined in their ability to expand lending and deposits.
Go ahead. Find the Republicans in this.
