The Root Of The Problem: Biden's Yea
From News Reports ~ The 1999 Graham-Leach-Bliley deregulation bill, which a majority of Senate Democrats supported, forced mortgage lenders to make subprime loans to families who couldn’t afford to buy houses by offering them interest-only loans, no income verification, and teaser adjustable interest rates.
If the banks refused to make the shaky loans, they would have been hit with big penalties to failing to advance the cause of affordable housing.
(Chris) Dodd voted for the measure, as did Senator Joe Biden, now Barack Obama’s running mate. Only eight senators, including (John) McCain, bucked the current and voted against the 1999 deregulation plan, which even the liberal Brookings Institution condemned.
If the banks refused to make the shaky loans, they would have been hit with big penalties to failing to advance the cause of affordable housing.
(Chris) Dodd voted for the measure, as did Senator Joe Biden, now Barack Obama’s running mate. Only eight senators, including (John) McCain, bucked the current and voted against the 1999 deregulation plan, which even the liberal Brookings Institution condemned.
Labels: Graham-Leach-Biley Deregulation Bill, Joe Biden's Aye, John McCain's Nay, Root Of Financial Collapse
posted by Mike McCarville @ 4:23 PM
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