Its free country and a free market and untill recently oppurtuniity was abundant. but then someone decided, lets give loans to people who wont be be to afford them
This CRA argument just won't go away, I guess. The Federal Reserve has studied this issue, twice, and both studies found the argument false. CRA-originated loans constitute 6% of the subprime mortgages. Six percent. The CRA did not cause this crisis.
I can vouch for this. At Wachovia, the bulk of our Alt-A products were directed to the portfolio.. In fact, we created products to directly compete with the publicly funded alternatives. it was to be the "next big thing." That project actually led me to say that I just don't understand the world of business, because I couldn't understand the genius behind these products. I became convinced that the business executives really understood things at a much more intricate level than I could ever appreciate. Naturally, I am enjoying a sensational amount of validation these days, although the situation also represents a huge threat to my career.
Sounds well deserved, doody. I can only imagine how stressful that much uncertainty has been. Actually, I can't imagine it. Here's hoping you enjoy the cigar and get the contract.
Sounds well deserved, doody. I can only imagine how stressful that much uncertainty has been. Actually, I can't imagine it. Here's hoping you enjoy the cigar and get the contract.
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