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Can it be Obama's spending worsened subprime defaults?
SoreShoulder
Member Posts: 3,148 ✭✭✭
in Politics
Borrowing and spending trillions would tend to make borrowing money more expensive. Anyone with spare cash on hand could get a better deal from a government bond than putting the cash in a bank.
If subprime borrowers missed some payments, I think the banks were entitled to renegotiate or sell the debt to another lender.
The terms were surely much harsher than when the loans were taken out, because the country was much more heavily in debt because government bonds were more attractive than CDs.
If subprime borrowers missed some payments, I think the banks were entitled to renegotiate or sell the debt to another lender.
The terms were surely much harsher than when the loans were taken out, because the country was much more heavily in debt because government bonds were more attractive than CDs.
Comments
What caused the subprime market was all of the members above and in the interest of fairness decided to force lenders such as Freddie May, Fannie Mack, Country Wide etc loan money to people who never should have been given loans in the first place.
Of course dishonest dirty corrupt media and a chorus of DEMOCRATs went and blamed Bush for the debacle when Bush was the one who fixed the problem.