Forum Post: How it all Started
Posted 13 years ago on Oct. 19, 2011, 10:31 p.m. EST by Howtodoit
(1232)
This content is user submitted and not an official statement
Think about where we are now, it all started in 1999. CNN's The Ten Most Responsible for Economy Collapse: http://www.youtube.com/watch?v=gKQOxr2wBZQ&feature=related
The first subprime loans were issued in 1994. It was a gimmick to sell more homes, artificially inflate the market, sell more homes at higher profits, foreclose on those who could not pay when the ARM rates readjusted, take their homes leaving them with nothing to show for their payments, resell the homes at a higher profit and so on. It was a cruel and calculated plan to sell more homes and artificially inflate the market. Those loans were incredibly profitable for well over a decade before the house of cards finally collapsed. In the meantime, bankers got richer along with the richest one percent who made off with higher dividends. It was a sham.
your right, but Gramm took it to the next level. thanks foir the correction partner.
You're welcome. Thanks for the video.
your welcome, we need to educate more first, huh
Don't be offended by my new page. But your page reminded me of all the talk show guys who blame the CRA and liberals for subprime and the failed housing market. The CRA was enacted in 1977. It had almost nothing to do with subprime.
I won't, thanks for sharing that