Because I'm tired for typing this out everytime...
TL:DR - Want to know how the whole housing thing actually works? Read this
übernerd posts
Libertarian analysis of the market - Zero Hedge
Succinct summation of the big lie by an Investment Manger and member of the 1% and criminal attorney Barry Ritholtz and his cohort Invictus -
The Big Lie, The Big Lie Revisited, Dissecting the Big Lie, Updated Big Lie Information, The Smaller Lies - Read in order.
For technical details please read the übernerd posts by Doris "Tanta" Dungey - having a discussion without consuming this 100k word treatise on the underpinnings of the mortgage industry from application to post default servicing precludes discussing the situation in any rational manner. The übernerd posts were Tanta's swan song and masterwork written as she was dying of cancer. They are technical and precise and the only ideology they have is an expression that one should obey the law and follow procedures even when they are inconvenient.
Ubernerd
For more on every direction please see the "Big Lie" - the only people who think the government caused the crisis are politicians of a right-wing persuasion, the John Birch Society, various wingnut welfare thinktank like Redstate, CATO and the latest Kochsuckers on K street and Stormfront (Their own IE headline "World's first white power website!") who continue to crow about how brown people broke the economy so that's why they need to be purged.
From the Middle
The Big Lie
Facts comparing the big lie
Further Big Lie coverage
Bloomberg's take
"The CRA thing is particularly funny since the Federal Reserve, of all bank-friendly places, found that “areas disproportionately served by lenders covered by the CRA experienced lower delinquency rates and less risky lending.”
http://www.federalreserve.gov/pubs/feds/2011/201136/201136abs.html
Angry Bear's coverage
From the...Libertarian perspective - Zero Hedge's take
Sadly reality has a well known liberal bias and results conflict with ideology - most subprime loans were made by agencies which did not adhere to CRA. States with high regulation which could not be preempted by deregulation, such as Texas, suffered less. Countries who maintained rigorous standards suffered even less - Canada. Freedie and Fannie didn't want to touch Alt-A and subprime until the Republican congress got it into their heads that the party may be over so hey, make the GSEs purchase that crap so we can keep the money machine going faster.
übernerd posts
Libertarian analysis of the market - Zero Hedge
Succinct summation of the big lie by an Investment Manger and member of the 1% and criminal attorney Barry Ritholtz and his cohort Invictus -
The Big Lie, The Big Lie Revisited, Dissecting the Big Lie, Updated Big Lie Information, The Smaller Lies - Read in order.
For technical details please read the übernerd posts by Doris "Tanta" Dungey - having a discussion without consuming this 100k word treatise on the underpinnings of the mortgage industry from application to post default servicing precludes discussing the situation in any rational manner. The übernerd posts were Tanta's swan song and masterwork written as she was dying of cancer. They are technical and precise and the only ideology they have is an expression that one should obey the law and follow procedures even when they are inconvenient.
Ubernerd
For more on every direction please see the "Big Lie" - the only people who think the government caused the crisis are politicians of a right-wing persuasion, the John Birch Society, various wingnut welfare thinktank like Redstate, CATO and the latest Kochsuckers on K street and Stormfront (Their own IE headline "World's first white power website!") who continue to crow about how brown people broke the economy so that's why they need to be purged.
From the Middle
The Big Lie
Facts comparing the big lie
Further Big Lie coverage
Bloomberg's take
"The CRA thing is particularly funny since the Federal Reserve, of all bank-friendly places, found that “areas disproportionately served by lenders covered by the CRA experienced lower delinquency rates and less risky lending.”
http://www.federalreserve.gov/pubs/feds/2011/201136/201136abs.html
Angry Bear's coverage
From the...Libertarian perspective - Zero Hedge's take
Sadly reality has a well known liberal bias and results conflict with ideology - most subprime loans were made by agencies which did not adhere to CRA. States with high regulation which could not be preempted by deregulation, such as Texas, suffered less. Countries who maintained rigorous standards suffered even less - Canada. Freedie and Fannie didn't want to touch Alt-A and subprime until the Republican congress got it into their heads that the party may be over so hey, make the GSEs purchase that crap so we can keep the money machine going faster.