Have you been left wondering how we've gotten here?
By Lane Bailey, Realtor & Car Guy
(Century 21 Results Realty)
There are so many things going on in the world of finance right now. I know that you are hearing about things like: Mark to Market Credit Market Freeze Derivatives Sub-Prime Mortgage Meltdown Mortgage Backed Securities (MBS) And there are a hundred more... I can't explain each of these in depth, but they are some of the things that NEED to be understood in order to know how we got to this point where the banks aren't willing to loan money to each other even overnight. The path that we took to get here, in part, goes back to an item called the Community Reinvestment Act. Groups used it to force banks to make loans that were VERY shaky. It has its beginings in the Carter Administration. It really built steam in the Clinton years. It kind of faded into the background in the early yea...
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