An economics dissertation.Prior to the crisis, the signs were first noticeable in 2006 when the house prices began to reduce. Realtors were praising this result and thought it would be a good situation; however, they did not realise that having too many homeowners with poor credit had allowed banks to provide loans equal to the amount of the homes or even more than 100%. The crisis led to large criticism of the Community Reinvestment Act due to it encouraging banks to lend to those from low to average income backgrounds (Attig et al., 2015). The Community Reinvestment Act was indorsed in 1977 in order to reduce banks from continuing to decline those from poor neighbourhoods. This was an opportunity taken by those who possessed a higher chance of not paying back those loans. Moreover, this also was accompanied by reduced interest rated which were lowered to 1%, the lowest in a period of 45 years (UNCTAD, 2010). As a result, high risk borrowers were able to secure loans in higher amount
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