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9.29.2008
Why Not Blame Minorities for it.
Over the past week or so some conservatives (NRO, Fox, etc.) have suggested that lending to minorities with bad credit - for example under the Community Redevelopment Act - caused the Wall Street crisis.
Isn't the real reason the foreclosure mess has taken such a toll the excessive leveraging of bundled securities full of shaky mortgages? Where does that leave the already goofy "PC Lending Theory"?
Isn't the real reason the foreclosure mess has taken such a toll the excessive leveraging of bundled securities full of shaky mortgages? Where does that leave the already goofy "PC Lending Theory"?
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