Your Email:

Subject:

Message:
Entry: Faith-Based Economy Link: http://www.takimag.com/blogs/article/faith_based_economy#20639 Post contents: <i>Hartman agrees with Steve Sailer that the roots of the crisis are in federal pressure on lenders to give loans to members of minority groups who were disqualified from mortgages not because of their race, but as a result of objective financial criteria.</i> This is simply nonsense. I can't stand one trick ponies whose explanations for everything are racial. The simplest explanation is greed. As the brokers and eventually the banks received all their income and only assumed risk on the front end, they quit having an interest in seeing the loan fulfilled. When the back-end re-priced the risk, many brokerages (and some banks) had loans they couldn't sell, and they didn't have the capitalization or the credit facilities to maintain these loans. Having gotten spectacularly wealthy by overcompensating themselves and irresponsibly exhausting their capital, they did what any red blooded American would do and declared bankruptcy, leaving someone else to pick up the pieces while they enjoyed their estates. Recognizing this would of course require looking beyond race as the answer to ever problem. Sent at: 2008 07 24