Certainly Financial institutions, e.g. Fannie Mae, Freddie Mac ...
{paraphrase & precised}In 1992... Bush signed the Housing and Community Development Act ... so that... they..."have an affirmative obligation to facilitate the financing of affordable housing for low... and moderate-income families... they were required to meet "affordable housing goals" set annually by the Department of Housing and Urban Development ... The initial annual goal for low-income and moderate-income mortgage purchases for each GSE was 30% ...and increased to 55% by 2007.
In 1999, Fannie Mae came under pressure from... Clinton...to expand mortgages... to low and moderate income borrowers... in distressed inner city areas.
Fannie Mae - Wikipedia, the free encyclopedia
Time to blame the poor and the government. More bullshit. The government encouraged homeownership however it did not 'force' or compel lenders to engage in 'NINJA' loans. Government's failure was doing what Wall Street wanted it to do which was to let them get into risky assets. Funny how all the foreclosures are not in 'distressed inner city areas' but on Main Street USA. Wink wink...'distressed city areas'. We know who they are.
The Day The S.E.C. Changed the World
Definitions from answers.com
Obligation - A social, legal or moral requirement, such as a duty, contract, or promise that compels one to follow or avoid a particular course of action.
Pressure - to force by overpowering influence or persuasion.
That clears that up then:wink:
PS, who said that it was the poor's fault? The govt. has to take some blame for their mismanagement of financial institutions, & encouragement of people into loans that they couldn't afford.
PPS - I've just chatted to a friend in the FSA, & it looks like the Chinese might be entering the West's credit market in a big way soon.