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How exactly did Democrats in Congress change lending rules?
October 13, 2008 | 01:27 PM
As far as I understand it, all Congress can change in terms of actual lending rules is for FHA and VA types of loans. And rules are generally promulgated by administrative agencies, not Congress.
I understand that the loans that are leading to foreclosure are generally not FHA or VA loans; those loans are actually more strict than the kind of balloon payment mortgages that started the present crisis. Lenders created the current situation, not Congress.
Please place blame where blame is due. Or show your work instead of throwing out blanket "blame the Democrats" comments. It is disheartening to see you publish the same kind of sloppy work you scold others for publishing.
Amanda B. McPeck
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