Time to Hide the Bodys

Lets not forget this. For over a decade,Banks and mortgage companys were pressured to reduce standards for home loans so more minoritys and those struggling could get home loans. All this did was give more rope for people to get hurt. This will be forgotten by mainstream media and all the blame will fall on greedy wall street and corrupt mortgage lenders. Governmental pressure's and the feds reckless monetary policy will get a free ride.

THE REAL SCANDAL
HOW FEDS INVITED THE MORTGAGE MESS

February 5, 2008 -- PERHAPS the greatest scandal of the mort gage crisis is that it is a direct result of an intentional loosening of underwriting standards - done in the name of ending discrimination, despite warnings that it could lead to wide-scale defaults.

At the crisis' core are loans that were made with virtually nonexistent underwriting standards - no verification of income or assets; little consideration of the applicant's ability to make payments; no down payment.

Most people instinctively understand that such loans are likely to be unsound. But how did the heavily-regulated banking industry end up able to engage in such foolishness?

From the current hand-wringing, you'd think that the banks came up with the idea of looser underwriting standards on their own, with regulators just asleep on the job. In fact, it was the regulators who relaxed these standards - at the behest of community groups and "progressive" political forces...Read it All