Well well, it was Bush’s fault after all
Federal regulators in the Bush administration blocked attempts by state governments to prevent predatory lending practices that resulted in the financial crisis now stalking the American economy, a new study from the University of North Carolina says.
In 2004, the Office of the Currency Comptroller, an obscure regulatory agency tasked with ensuring the fiscal soundness of America’s banks, invoked an 1863 law to give itself the power to override state laws against predatory lending. The OCC told states they could not enforce predatory-lending laws, and all banks would be subject only to less-strict federal laws.
Now, a research paper (PDF) from UNC-Chapel Hill’s Center for Community Capital shows that those anti-predatory lending laws had actually worked. States that had stricter regulations on issuing mortgages were found to have fewer foreclosures.</em>
Gee, you mean it wasn’t Bill Clinton’s fault? Or ACORN? Huh. So again the great decider decides that his buddies in the banking industry need mo money and less regulation? And as a nifty bonus for all the “tenners” out there, he gave a hardy “Screw ya!” to the concept of state’s rights while he was at it.
Bush- the poster boy for right wing greed and ignorance. Kinda scary, all you teabaggers- he was as good as you had. Look where it got ya, huh?