Easy-money mortgages still provided, by the feds

Housing Crisis of 1977-2008:

First, the federal government strong arms the banks into giving risky loans to poor people by threatening DOJ investigations because banks must be racists if they are not making loans to poor minorities who couldn't afford loans. Then they tell the banks to reduce the loan payments because the banks shouldn't have made these types of loans to poor people who the banks knew couldn't afford them. Then when the banks begin hemorrhaging money because of all the defaults, the U.S. Government bails them out. Congress has called the bankers greedy and evil, which they are but for other reasons, for preying upon these poor uneducated people that couldn't afford these loans. But the fact of the matter is that Congress was the one that got this ball rolling in the late seventies during the Carter Administration with the passage of the Community Reinvestment Act (CRA) http://www.federalreserve.gov/dcca/cra/
and made it all possible by allowing Fannie and Freddie to buy all of these risky loans.

Housing Crisis of 2010-2015:

We now have a new better plan for home ownership. We skip the middlemen by having the government make the same risky loans directly to poor people. Then when the homeowner defaults,because they are poor and can't afford to own a home, we bailout ourselves out because we are the bank. Now if you really believe Obama is a socialist then the next step is inevitable. Because the government now owns the house we simply convert it into free public housing and everyone is happy except if you pay taxes in which case you just got screwed again. Its a brilliant Ponzi scheme that even Bernie would be proud of.

Easy-money mortgages still provided, by the feds