Does the special look into how Congress and the administrations pressured lenders into relaxing credit restrictions, especially under the Carter, Clinton and Bush II administrations, which created a climate in which people who would not otherwise have qualified for loans were given mortgages, which helped fuel a boom in house prices and home construction, but which ultimately was unsustainable, because in the end, you have to be able to pay back a loan, and so, we had a bubble that grew-slowly, but surely-from 1977 until 2007, when the credit house of cards began to collapse? From bad loans, to the lenders who bundled them and sold them as investments, to the investment firms that bought them. It was all air, not real value.
And to clarify, when I say "people who would not otherwise have qualified", I mean regardless of race or income level. I mean the couple making six figures who wanted to buy a seven-figure house, as well as the NINJA candidates (no income, no job, approved).
We made credit too easy, and availed ourselves of it, like drunken kids at a college party, not thinking that at some point, the beer and punch run out, and someone has to pay for more, but there's no money to do it.
