Sub-Prime Lending And Clinton

Bill Clinton wanted blacks and Hispanics to own homes too. Even if he meant well, a dubious proposition he did badly. It is a problem that was going to blow up after he left office and duly did. If you want to understand the thing read The Big Short - Inside the Doomsday Machine - an excerpt is at Betting on the Blind Side albeit Michael Lewis, the author does not finger Clinton.

Subprime lending misconceptions
QUOTE
Today's subprime mortgage market was the result of innovative yet high stakes political decisions by President Bill Clinton and Housing and Urban Development Secretary Henry Cisneros to push homeownership to record levels. Homeownership gains were not to be made on the backs of conventional borrowers but rather through emerging market penetration of black, Latino, and Asian immigrant/first-time home buyers and through HUD's instruction of the Government Sponsored Enterprises of Fannie Mae and Freddie Mac to employ strategies to fund more loans by providing more credit primarily to credit-blemished borrowers. Wall Street was guided by Federal Reserve Chairman Alan Greenspan, whose economic wizardry spurred unprecedented loan performance. There was more money, more credit, more homes, and more wealth........ Companies overextended themselves, and Wall Street began to refuse the responsibility for underperformance. Crash!

UNQUOTE
Lend money to people who can't repay then look surprised when they do not. But Clinton was out of office by that time and the Boston Globe is covering up for him. It was the same with the Lewinsky thing. The truth comes down the line.

 

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Errors & omissions, broken links, cock ups, over-emphasis, malice [ real or imaginary ] or whatever; if you find any I am open to comment.
 
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Updated on 24/09/2012 13:57