Caturday
Well-known member
Read it a couple weeks ago, actually. Came away feeling worst about the ratings agencies. Anyways, if your point was about Fannie and Freddie (and shadow banks) and not the CRA, then I more or less agree.
Rating agencies are a fucking joke. The CRA increased subprime lending 10 fold within 3 years, the market reacted by securitizing mortgages and then tranche system dragged everything into the shitter. People bitch and moan about Iraq, Bush tax cuts but the CRA is what killed the economy. Never screw with housing in the US.