Wednesday, September 24, 2008

Sub-prime mortgages and government enticements

These were comments from an article in National Review written 15 years ago.

"Re: Credit Is Not a Civil Right [Mark Krikorian]
Reader Nicholas informs me that NRODT beat me to the punch — by 15 years:
QUIETLY, behind the scenes, the Clinton Administration is preparing for the biggest regulatory crackdown of recent years. Attorney General Janet Reno is linking up with banking regulators and with HUD Secretary Henry Cisneros to end the supposed epidemic of discrimination against minorities in making home loans. The implications for society at large are ominous.
09/24 05:54 PM"

Just a question I have. If a business is loaning money shouldn't they have a right to require certain criteria to be met? I have always heard that the democrats put the pressure on the banks to loan to lower income individuals. This might make some people mad but I think that the banks in this country have been enticing people to take on credit that they really could not afford. We need to get back to the beliefs that we should not buy things we cannot afford. If something is worth having, it is worth saving for.

Just a thought.

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