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===Adjustable Rate Mortgages===
 
===Adjustable Rate Mortgages===
====1977 Community Reinvestment Act====
 
  
 
Adjustable Rate Mortgages, also known as ARMS, played a key role in setting up the housing industry for collapse after millions of poor borrowers had their homes seized by unscrupulous bankers. Adjustable Rate Mortgages began because Jimmy Carter and his Democrat-run Congress had the bright idea to force banks to lend to poor borrowers using Adjustable Rate Mortages via the 1977 Community Reinvestment Act.<ref>Carney, John (2009, June 27). "[https://www.businessinsider.com/the-cra-debate-a-users-guide-2009-6 Here's How the Community Reinvestment Act Led to the Housing Bubble's Lax Lending.]" ''Business Insider.''</ref> Nonetheless, Republicans must bear some of the blame as well, since Federal Reserve Chairman Alan Greenspan deregulated the housing industry based on a "fatal flaw," namely a belief in self-correcting and self-regulating free markets.<ref>Naylore, Brian (2008, October 24). "[https://www.npr.org/templates/story/story.php?storyId=96070766 Greenspan Admits Free Market Ideology Flawed.]" ''NPR.''</ref> Greenspan was originally appointed by President Ronald Reagan although he also served under Presidents George H.W. Bush, Bill Clinton, and George W. Bush as well. While Republicans were widely blamed for Greenspan's appointment, the fact that he served under Bill Clinton's lengthy 8-year tenure shows that both parties bear guilt for housing industry deregulation. Furthermore, Democrats supported Greenspan to the point they'd even considered him 'untouchable' until he began backing George W. Bush's tax cuts in 2005.<ref>Milbank, Dana & Henderson, Nell (2005, March 5). "[http://www.washingtonpost.com/wp-dyn/articles/A8519-2005Mar4.html Some Democrats Say Greenspan Has Gone From 'Maestro' to Partisan.]" ''Washington Post.''</ref>
 
Adjustable Rate Mortgages, also known as ARMS, played a key role in setting up the housing industry for collapse after millions of poor borrowers had their homes seized by unscrupulous bankers. Adjustable Rate Mortgages began because Jimmy Carter and his Democrat-run Congress had the bright idea to force banks to lend to poor borrowers using Adjustable Rate Mortages via the 1977 Community Reinvestment Act.<ref>Carney, John (2009, June 27). "[https://www.businessinsider.com/the-cra-debate-a-users-guide-2009-6 Here's How the Community Reinvestment Act Led to the Housing Bubble's Lax Lending.]" ''Business Insider.''</ref> Nonetheless, Republicans must bear some of the blame as well, since Federal Reserve Chairman Alan Greenspan deregulated the housing industry based on a "fatal flaw," namely a belief in self-correcting and self-regulating free markets.<ref>Naylore, Brian (2008, October 24). "[https://www.npr.org/templates/story/story.php?storyId=96070766 Greenspan Admits Free Market Ideology Flawed.]" ''NPR.''</ref> Greenspan was originally appointed by President Ronald Reagan although he also served under Presidents George H.W. Bush, Bill Clinton, and George W. Bush as well. While Republicans were widely blamed for Greenspan's appointment, the fact that he served under Bill Clinton's lengthy 8-year tenure shows that both parties bear guilt for housing industry deregulation. Furthermore, Democrats supported Greenspan to the point they'd even considered him 'untouchable' until he began backing George W. Bush's tax cuts in 2005.<ref>Milbank, Dana & Henderson, Nell (2005, March 5). "[http://www.washingtonpost.com/wp-dyn/articles/A8519-2005Mar4.html Some Democrats Say Greenspan Has Gone From 'Maestro' to Partisan.]" ''Washington Post.''</ref>

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