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Part of the problem was that the banks loaned them the money. The banks were under directive from the government to get these people into houses so they made loans that the banks knew were bad. How the h@ll can somebody working part time at Wal- Mart afford a mortgage? They loaned them the money anyway. This was a policy enacted while Mr. Clinton was in office and everytime the Republicans tried to change the legislation it was a no go. I am not a rocket scientist but even I can see that is going to hurt everybody if that policy continues. Here in Canada I had to wait until I had at least a 5% down payment and a good solid work history- oh and yes my payments had to fit the formula previously mentioned. Sounds to me like the problem lise squarely on the shoulders of the Democratic party. Just my $.02 worth.
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