Just Say No
From Bryan Fischer, Executive Director of the Idaho Values Alliance:
The current crisis in Americas financial industries has been created by the federal government. At its root is a Clinton-era directive to mortgage lenders to make race-based loans to non-credit-worthy customers under threat of punishment from the federal government. Banks were directed to ignore historic yardsticks such as credit history, sources of income and amount of down payment and ordered to underwrite risky loans or face potentially crippling class action discrimination lawsuits. These loans defied common sense, fiscal prudence and every standard banking practice. Artificially low interest rates, created by the Federal Reserve, added to the problem by giving lenders another incentive to make logic-defying loans. It is thus no surprise that defaults are occurring in alarming numbers.