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Entry: The Diversity Recession, or How Affirmative Action Helped Cause the Housing Crisis Link: http://www.takimag.com/site/article/the_diversity_recession_or_how_affirmative_action_helped_cause_the_housing#30565 Post contents: Awesome work, Steve. Here in the UK we didn't have this push to loan to sub-prime 'minority' borrowers, and there has not been a spike in defaults. But there has still been a housing crash, because thanks to the US disaster lenders cannot borrow money cheaply off the money markets, so they aren't loaning out cheap money. Perfectly viable would-be buyers just can't get mortgages anymore. Sent at: 2008 12 01