Was there a specific piece of legislation that congress passed?

That forced banks and mortgage brokers to fudge the numbers, so that people (who really didn't deserve to get a mortgage) got one? I have seen a lot of generalities, and even my own mother said this happened. Or was it a series of policies that caused morons to buy things they could never afford?Was there a specific piece of legislation that congress passed?No. There was never any legislation that forced any bank or other lender to lend money to people under terms that they obviously could not repay. The lenders got greedy and also passed on their bad loans. Despite the warnings that there was a housing bubble that would burst, the actions of the lenders indicate that they thought that housing prices would continue to rise.Was there a specific piece of legislation that congress passed?It was partly both but mostly "policies that caused morons to buy things they could never afford".



-I was crossing a street one day and this Black guy pulled up next to me in this big shiny new Ford Excursion. He rolled down the window and said " hey mane, you got a dollar? I need to put gas in my truck."



It was a 50k dollar suv that gets 10 mpg, if you can't see the irony of this than all is lost.Was there a specific piece of legislation that congress passed?It was people like Nancy Pelosi,Barney Frank, Chris Dodd and Maxine Waters who harrassed lending institutions into home loans at subprime rates!



http://www.youtube.com/watch?v=hxMInSfan鈥?/a>



http://www.youtube.com/watch?v=ivmL-lXNy鈥?/a>



http://www.youtube.com/watch?v=_MGT_cSi7鈥?/a>Was there a specific piece of legislation that congress passed?
Basically, it was called discrimination if a loan wasn't given to a lot of minorities, even if they didn't qualify for one. So, they were given what they wanted to avoid any accusations of discrimination.