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

[knowknot@xxxxxxxxxxxxxx]

> . . .  The "crisis" is that everybody, from Joe Six-Pack
> homebuyer, to investment banks on Wall Street, to banks
> in Iceland, acted as if a 2500 sq ft. house on a 6000 sq
> ft lot in Riverside California actually was worth $600,000,
> and now discover that the house is only worth $250,000.
> Ooops.  Somebody is going to lose a lot of money and it is
> going to take us another year to do the accounting of
> the losses.  The transition to reality is our present crises.
>
>  *    *    *   Why shouldn't somebody sign a nonrecourse
> mortgage with no money down, which is exactly what the
> rules of the game encouraged?  It's risk free.    *    *   *

Where (if at all) can one find probably reliable data about how many of 
especially the sub-prime loans were non-recourse in the different 
states?  And, for that matter, DITTO for conventional/not-sub-prime 
residential mortgages?

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