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Showing 1-1 of 1 reviews(1 star, Verified Purchases). See all 111 reviews
on January 17, 2014
This book was recommended by a friend. I tried desperately to get through the liberal diatribe. Mr. Frank in my opinion missed the real reason for the collapse of the banking industry. To be sure there was bad behavior on the part of lending institutions. This unsavory behavior pales in comparison to Barney Frank & Chris Dodd, Fanny & Freddy and the rest of Congress who saw to it that banks lend to individuals who could not pay them back. This was done by relaxing banking guidelines for home buyers.George W. Bush was also culpable by not putting on the brakes to this economic disaster . For example, banks were encouraged to lend to low income buyers by using instruments such as NO Dock Stated Income loans up to 106% of the purchase price. It did not take long for middle income home owners to get on the gravy train and refinance their homes with the same relaxed lending practices. An ESCALADE IN EVERY DRIVEWAY. Fanny & Freddy willingly purchased these loans. Mr. Frank seems to think the banking industry operates in a vacuum. If you want to point fingers for the collapse, we need both hands.
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