Saturday, March 17, 2007
About those "risky" loans
The Jesse Jackson reference caught my eye; however, this article makes some interesting points...
And then on the more serious side...
From the Wall Street Journal's Opinion Page of Feb. 7, 2007:
"The noted banking expert Jesse Jackson is scheduled to be a featured witness at today's hearing, along with a couple of unfortunate consumers who were sold mortgages they couldn't afford to repay."
And then on the more serious side...
"They may want to think twice before stringing up the bankers, though. Whether their borrowing history is good, bad or indifferent, Americans enjoy some of the best access to credit of anyone in the world. Those no-money-down loans are risky for both sides. But for many people, the alternative is no chance to buy that house at all. The politicians arguing for tighter credit standards are some of the same folks who deplore banks for "red-lining" by refusing to lend in poor urban neighborhoods. And the result may be less credit, or no credit at all, for the working poor or newly employed."
