I've heard many right wing talk show hosts make the claim that the biggest reason for the housing bust, and subsequent fall of the US economy was primarily due to the Federal Government insisting bank lenders give loans to people who could not afford to pay them back.
However, if this is the case, then how can it be that while trying to sell a condo back in 2007, I had a buyer get denied a loan by a bank during the summer of 2007. There were also other potential buyers, who all of a sudden could not qualify for a loan to buy my condo.
How could they have been denied loans back in 2007 if supposedly the Federal Govt was forcing banks to lend to anyone who wanted a loan????
WERE THE LAWS CHANGED BY THEN?
IF NOT, IT SOUNDS TO ME LIKE THE BANKS DID NOT HAVE A GUN POINTED AT THEIR HEAD BY THE FED GOVT AFTER ALL!
IT SOUNDS TO ME LIKE THE BANKS SUDDENLY STARTED TO WISE UP AROUND THAT TIME!!