re: #306 Glenn Beck’s Grand Unifying Theory of Obdicut

Nope. The housing meltdown was not because of banks being pushed to give loans. This is a completely debunked, bash-the-poor-and-minorities myth. In fact, loans given out under the direction of the government programs had lower default levels than average.

What caused the housing collapse was not that loans were given to borrowers with poor credit, but the banks then repackaged these bad loans as “securities” and sold them to pension funds, etc.