They sold them a bill of goods
I believe otherwise.
I believe that subprime mortgages were the policy of liberals who had one goal: Make sure minorities or "the poor" had homes, whether they were ready or not.... a redress of the badness of living in non-liberal America, if you will.
Two recent quotes seem apt:
A particularly pernicious aspect of the defaults was that when this new breed of subprime borrowers walked away from their homes, they often left them in such a bad state that it was hard for lenders to realise any value from the repossessed properties. Gillian Tett, How panic gripped the world's biggest banks.
From the Wall STreet Journal, May 13:
Since the housing bust, homeownership levels for minorities have fallen more steeply than for whites... blacks and Latinos were far more likely than whites to take out so-called subprime loans — those designed for people with weak credit records or high debt in relation to income. In 2007, 27.6% of home loans to Hispanics and 3.5% of mortgages to blacks were in the subprime category, compared with 10.5% of those loans made to whites.
Why the disparity between whites and hispanics and blacks? Were irresponsible whites just so much more savvy? Er, no... people like Barack Obama and organizations like Acorn went out to the communities and found people to take subprime loans.
Miniorities set up to fail by their so-called protectors.
These liberals are despicable.