Newly released documents reveal how government added to cause of housing crisis

Yesterday, April 18, 2014, Bill Clinton’s Presidential Library released documents concerning how what was purported to reinvest in communities showed how the federal government encouraged banks to lend money to Americans would normally not finance. The Financial Services Modernization Act & Community Reinvestment Act along with other documents released yesterday reveal a plan by Bill Clinton and other officials to expand the program for the federal government to buy questionable loans made by banks simply so more Americans could own homes – regardless of their creditworthiness or proof of their ability to repay the loans.

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