Is it true that the Democrats mandated that the mortgage companies give sub-prime loans?

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I heard that during the Clinton administration, the Democrat-run Congress forced mortgage companies to give sub-prime mortgages, and also that borrowers would not be required to have social security numbers (allowing illegal aliens to get mortgages). Does anyone have a reference for these claims?

  1. Reply
    Laissez-Faire Guy
    January 23, 2011 at 4:53 am

    Yes it is true. Democrats through legislation and intimidation forced banks to make loans to people who otherwise couldn’t have qualified for them.

    But that’s only a single slice of the pie. There were many fathers of this financial crisis we’re in now. Each one of them is pointing fingers at someone else.

  2. Reply
    atilla the avenger
    January 23, 2011 at 5:32 am

    yep,all true .the libs are guilty of causing this crisis ! barney frank,chris dodd,franklin raines and the rest of the parasites should be prosecuted !

  3. Reply
    January 23, 2011 at 5:53 am
  4. Reply
    January 23, 2011 at 6:14 am

    that is correct.

  5. Reply
    bryan c
    January 23, 2011 at 6:23 am

    ok…to borrow money, at anytime you have to provide some simple info. 1st a soc #, you have too, its required. Second, proof of income, nobody loans money with knowing they are going to paid back. What the intention of the housing law was to provide the same opportunities to minorities/ lower income as everyone else at getting a house on a level playing field. What wasn’t written into the legislation was all the exotic loans spawned of it. It was an unintended consequence, but it happen anyways. Now with this new market for loans, loan officers starting pumping up peoples incomes on paper to get them into much bigger houses than they could really afford. Remember interest only loans? That was the beginning of the end, once all those people knowingly (and I dont give 2 craps if they lose their house) over extended themselves, that clock started ticking… costs went up and it ticked faster exponentially. You see, its not anyone persons fault. The law was flawed, the loan officers/ mortgage companies got greedy, the people buying the house didn’t use their brains…..

  6. Reply
    January 23, 2011 at 7:19 am

    No there was never been such a requirement. If there had been the Republican Congress could have repealed it. Don’t believe a talking head in a youtube clip. That is not a credible source.

  7. Reply
    January 23, 2011 at 7:43 am

    yes. first jimmy carter, then bill clinton reinforced it. watch the “burning down the house” video on youtube and then search the stuff. its true.

  8. Reply
    January 23, 2011 at 8:01 am

    yes it is true and a very important and much ignored issue.

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