Joe: Man, I could really go for a Starbucks, you know?
Frito: Yeah, well, I really don't think we have time for a hand job, Joe.
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The CRA was the cause of this, forcing banks to loan to minorities and which artificially raised home values. Read "The Housing Boom and Bust" by Thomas Sowell. the book is under 200 pages but he has 21 pages of references to back up his statements.
My son bought a house in 2004 and it was the 4th home transaction I had been involved in. I got drug in because they would not approve the loan on just him. He was making near 6 figures and no bills, but my house is debt free and I think that's why. Anyway it was the worst loan scrutiny I ever experienced, they did everything but shove cameras up our asses.
Then in 2008 I find out latinos in Santa Ana are buying homes near downtown for $400k and no income verification.
The good part is his adjustable was fixed for 5 years and by the time it was adjusted the interest when down, twice now. The bank gambled and lost. LOL
I can understand some people refiing for new cars and remodeling as I got hundreds of junk mails to refi. They made it very tempting.
I read recently where the Feds were requiring the banks to relax the 30% rule again to get more minority home loans.
Oh, and when the Democrats did the study to prove that minorities got turned down for home loans more than whites they had to leave out the Asians as they get turned down less then whites. Govt crooks adjusting the results to fit their agenda.
