Monday, January 5, 2009

More fingers point at Congress

Earlier we blogged about the mea culpa by Henry Cisneros on pushing Hispanics into subprime loans that they could not afford. Now we have analysis from the WSJ alleging a correlation between Hispanic Congressional representation and subprime mortgages.
An examination of that borrowing spree by The Wall Street Journal reveals that it wasn't simply the mortgage market at work. It was fueled by a campaign by low-income housing groups, Hispanic lawmakers, a congressional Hispanic housing initiative, mortgage lenders and brokers, who all were pushing to increase homeownership among Latinos.

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