House flippers triggered the US housing market crash, not poor subprime borrowers

[King Sun]

Damn I'm about to be apart of the problem

 

[Geek Nasty]

The subprime loan talking point was always code for "giving blacks and minorities" loans and it's their fault the housing market crashed.

I think I remember some stat that these people made up only 4% of the borrowers who helped create the problem. I'll have to find that article.

This is an old post, but I remember at the time the Rush Limbaughs and conservative screamers of the world kept pushing the meme that "they" couldn't afford their houses. The worst part about it all is the meme got cemented in the minds of a lot of people (look at some of the posters in this thread), so that actually hurt lending to poor people. I remember watching a debate with I think Barney Frank and him refusing to support subprime lending

Home ownership is always better for communities because home owners are vested in their communities.

 

[GSR]

Home loan originators
The Bulge Brackets
AIG
Moody's, Fitch and S&P
And to some extent, the general public

They all played a part but mostly it was the financial industry. They have the fiduciary responsibility (not nikkas on the Coli) to not sell dogshyt mortgages and buy insurance on the same shyt they're swearing is A-1 to investors.

this. there are really certified idiots out there (mostly cacs) who rather blame the powerless (poor people) than the ones with all the power (banks).....NO they don’t have equal share of the blame, it is entirely on those self serving corrupt institutions.

they’re the ones with all the resources to be able to plan & forecast, with power comes responsibility and they have all the power.

anybody putting any blame on poor people can die instantly.