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| Re: US National Debt passes $12 trillion (526227) | |||
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Re: US National Debt passes $12 trillion |
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Posted by docstox on Thu Nov 19 14:00:49 2009, in response to Re: US National Debt passes $12 trillion, posted by SMAZ on Thu Nov 19 13:42:40 2009. Thanks for taking the time to post these articles.They were very interesting.I still say the banking system was better off before the CRA changed the rules.Even if your assertion that a very low percentage of loans were made to minorities that went bad, the rule changing led to massive amounts of loans with zero percent down and low interest rates to middle and upper class borrowers.This led to the real estate bubble with it's resulting disaster with CDO's. Years ago, you put 20% down and your income had to be verified with three years of tax returns to be able to pay it.The mortgagae remained in the bank you originated from for it's entire length.That is sound banking policy that was established in the Depression years.If you can't do the above, rent! |
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