Submitted by fred noisome (not verified) on September 20, 2008 - 11:35pm.
Are you kidding? Bear would have never been able to create the first securitization of subprime paper in 1997 if it had not been for the revisions to the CRA that allowed it. That was the nexus of the problem. Sure other stimuli contributed to exacerbate the problem but to obscure the affect of legislation that served a single goal at the great expense of systemic protection we learn nothing.
Are you kidding? Bear would
Are you kidding? Bear would have never been able to create the first securitization of subprime paper in 1997 if it had not been for the revisions to the CRA that allowed it. That was the nexus of the problem. Sure other stimuli contributed to exacerbate the problem but to obscure the affect of legislation that served a single goal at the great expense of systemic protection we learn nothing.