Fast and Entertaining Video! Keep your finger on the pause and rewind button. You'll enjoy this!
Included are details of how Obama and friends were instrumental in reworking The Community Reinvestment Act which literally forced lenders to give mortgages to unworthy candidates. Fannie and Freddie execs were bonusing heavilly off all the new business, so they contributed mightilly to the Obama campaign. Oh, and check out this quote from your buddy Bernanke. The whole quote is from Wikipedia on the CRA.
"Responding to concerns that the CRA would lower bank profitability, a 1997 research paper by economists at the Federal Reserve found that "[CRA] lenders active in lower-income neighborhoods and with lower-income borrowers appear to be as profitable as other mortgage-oriented commercial banks".[27] Speaking in 2007, Federal Reserve Chair Ben Bernanke noted that, "managers of financial institutions found that these loan portfolios, if properly underwritten and managed, could be profitable" and that the loans "usually did not involve disproportionately higher levels of default".
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