Obama Skips Church

Yes and no... I would blame NAFTA more than the regulation that eased lending.

Let's be fair and honest and look at the regulation you site.

For starters, 93% of home mortgages are being paid on time.

If you remove the balloon's and the ARM's (bankers creativity) you will have the sub-prime loans.

Now out of fairness to Bill, we should also remove the loans not being paid because the homeowner lost their job due to the economy.

I'm not sure what that leaves but it isn't the total cause of the economic crises.

I'm not saying those loans didn't contribute but they were by far not the total cause.

 

Banks are going under because loans are not being paid. Creative financing is a result of forced bad loans. You cannot divorce one form the other.

 

Yes, you can... no where in the legislation did they say sucker them in with an extremely low interest rate that rises to a point where you can't make your payment. That piece of creative financing was strictly the idea of the bankers.

Banks are going under because the wasted all the profits they got during the times of plenty on executive bonuses, perks and waste. Now they have nothing to carry them through these times of lean.