When and how did the Clinton administration allow for the securitization of subprime mortgages?
Please cite sources (specific legislation, executive order, etc. – not just “CRA changes in 1995″)
I can’t seem to find these “CRA changes of 1995″ in any law or order. Trying to figure out if they are fact or folklore
….changes specific to subprime securitization that is…
It didn’t; securitization has been legal from the beginning. Which did not mean that it was smart, or that there were mechanisms in place to appropriately value such securities.
when he signed the CRA changes that is when this all started to fall into place and is biting us in teh B–T today. How much more do you need to know except wall street and the investors pushed for more and more and they got it and now wish they had not