Re: [Pen-l] Community Reinvestment Act at fault -- NOT

[Bill Lear <rael@xxxxxxxxxx>]

On Wednesday, October 8, 2008 at 17:08:58 (-0700) David B. Shemano writes:
>Raghu writes:
>
>>> This may sound plausible and fit nicely with free-market ideas, but as
>>> I pointed out earlier, there is exactly zero evidence to back it up. I
>>> am afraid even the most elegant theory is useless if it doesn't agree
>>> with the facts.
>>> 
>>> Countrywide was not run for the maximization of applause or anything
>>> else other then profits and thats just a fact.

>We will have to agree to disagree.  There was bipartisan political
>pressure to increase homeownership in various communities, which by
>definition required a relaxation of historical lending standards.

You have a typo.  I have corrected to reflect what you must have meant
to say:

>We will have to agree to disagree.  There was bipartisan political
>pressure to increase homeownership in various communities, which by
>definition required a relaxation of historical racist discrimination.

as this actually reflects the facts of the case, and your previous version
does not.


Bill
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