Washington Independent: Predatory Lenders and Soccer Moms

Washington Independent

Predatory Lenders and Soccer Moms

The folks over at The Corner think Republican vice presidential nominee Sarah Palin went off base a bit last night when she blamed the housing crisis on predatory lenders. They wanted her to go after irresponsible borrowers, the Community Reinvestment Act – they call it the Carter/Clinton CRA – and the Democratic supporters of Fannie Mae and Freddie Mac.

I guess lenders who sold deceptive loans on unfair terms, packed on prepayment penalties to hold back borrowers who tried to refinance into better loans and offered brokers kickbacks for bringing in loans at higher rates than borrowers qualified for are totally innocent. Oh, and all those lenders that targeted poor and minority neighborhoods with high-cost loans – can’t blame them either.

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