Re: The FCIC falls apart

On Thu, 16 Dec 2010, Mike Findlay wrote:
> Whatever.  I'm tired of the bullshit meme that the housing bubble was 
> caused by lending to the poor, or "those who really couldn't afford to 
> own a house", and the first time home ownership programs.  There were a 
> shitload of homes bought by well heeled folks buying way more home than 
> they should have.  And the losses on those homes add up a lot faster 
> than the homes being bought by first time home buyers and "those who 
> really can't afford to own a home".

FWIW, the illegal-immigration watchdogs have argued that the two things 
are linked, inasmuch as the people who bought more homes than they needed 
were probably buying homes built by illegals and then renting them out to 
illegals in order to pay down the mortgages, etc.  And Bush's policy of 
relaxing lending standards for minorities went hand-in-hand with his 
policy of being soft on illegal immigration, etc.

Or so the argument goes.

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