Wingnut made a comment earlier in the week Obama was responsible for the housing collapse on another thread.
The housing market and keeping the banks/mortgage bankers afloat happened in 2006-2008, during GWB's administration.
This was a direct result of Clinton Administration inserting themselves into the boardrooms, demanding "no doc" and "stated income"...aka "LIAR LOANS", which gave buyers the ability to qualify for mortgage loans by circumventing the standard 28/36% and 33/38% typical income to debt ratios in qualifying for 30 years loans.
Janet Reno herself told Bank of America they would crawl up their ass with auditors unless they began to give out loans to people who couldn't actually afford them.
We had illegal residents buying homes where they would rent out bedrooms to their co-workers on the jobs...which was fine and dandy as long as homes were selling.
Once the market crashed because the number of under-water resales grew, the banks dragged their feet figuring out how to accept "short sales"...sales where the sellers were under-water on the HUD-1 settlement sheet.
Again, the banks were bailed out by the stroke of a pen.
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