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Straw predators: for the mortgage meltdown, the Left deserves a share of blame.(PUBLIC POLICY)
THE basic story of the housing crisis goes something like this. For years, prices climbed rapidly. This made mortgages less Risky--so far as lenders could tell, every homeowner sat on a pile of $100 bills that bred like rabbits. The industry dramatically lowered its standards, often not even requiring income or employment verification. Lenders approved "adjustable-rate mortgages" that began with super-low "teaser" interest rates, only to "reset" to much higher ones later. No big deal: As long as those $100 bills kept at it, borrowers could always refinance or sell their homes at a profit. Easy credit fueled an even greater demand for housing, which drove prices still ...
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Source: HighBeam Research, Straw predators: for the mortgage meltdown, the Left deserves a share...