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Feb. 4, 2012

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@shannon..She asked about the housing crisis and what should the candidates do about it. I told her Nothing. This mess started because of politicians when they passed the Community Reinvestment Act. That piece of legislation made it manditory for banks to make least 10% of all mortgage loans to people who had less than stellar loan credentials. It was soon deemed disciminatory to ask for proof of income from applicants..under CRA everyone should be allowed to buy a home regardless of whether they could "afford it or not". I told her it snowballed out of control when lenders like Countrywide and investment firms like Goldman Sachs worked out deals together to package these crappy mortgages and resell them as securities in the open market. The government even sweetened the deal by having Fannie Mae and Freddy Mac guarantee the bad debt. The best thing the government can do today is to shut down Freddy and Fannie and leave the market alone.

(Suggest removal) 2/4/12 at 3:40 p.m.

Nice misquote Karoun...Thanks for showing what the media does best!

(Suggest removal) 2/4/12 at 3:03 p.m.

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