HappySqurriel said:
I don't think that is an accurate characterization of what happened ... The mortgage and credit markets (along with the housing market) were dramatically changed in the 1990s in order to help low-income people buy homes. The problem is that the changes that were made to help poor people access credit were also taken advantage of by speculators and traditional home buyers which drove the price of homes up; eventually, a large portion of people (poor and middle class) needed the highest risk mortgages (ARMs) in order to buy any home and when the market began to fall it collapsed under its own weight. |
Our posts are the same, except mine follows a chronological order. 1990s sub-prime lending was introduced. Later on the repubs allowed for cannibalization of these people following heavy deregulation in the mid 90's.