--and we are to believe this proves Obama is good for us?
Posted on 06/10/2012 8:10:22 AM PDT by WilliamIII
President Bush's weekend campaign promise that he will push legislation allowing for no money down on some federally insured mortgages could cost taxpayers as much as $500 million over four years because of a higher rate of defaults, according to the Congressional Budget Office.
The election-year idea may appeal to those who can't save as fast as home prices are rising. But some financial planners warn that increasingly common no- and low-down-payment programs can be ruinous for some consumers -- especially if home values decline.
If housing prices fall, consumers with little or no money of their own invested in the home are more vulnerable to ending up with mortgages larger than the value of the house.
(Excerpt) Read more at boston.com ...
Yes I understand that but your original point--posted to me-- is like a discussion about a person who pushed someone off a cliff and someone saying, "..but what about the gravity that was involved."
Everyone understands people lost their rears as the end result of this, so I'm not sure why you decided to counter with that. My point was about the policy that led to this, not about the obvious damage. That's why I said, "So what?"
Yeah...and they would have never lost it like that had in not been for the changes that took place in the 1990's.
Even the NY Times called it in 1999: "In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's."
Your link was about the 1990’s. I was just indicating that big government has been messing with mortgage money always. It doesn’t clear President Bush for his part.
100% true, that was a disaster
I never did clear president Bush for his part.
Governments have been messing with money for thousands of years.
1980’s Home equity tax deductions were not part of the cause of this recent housing collapse. That’s like saying child tax credits will result in an overpopulated baby boom.
My link is about the 1990’s because that’s where the lending requirements went to hades. Pointing out loans from the 1980’s when the lending requirements were sound makes no sense to me.
Understatement.
Back in 2003 and 2004 pushing home loans to minorities with bad credit was sold BY REPUBLICANS as a brilliant political 'Rove' type move to get a few of their votes for 2004, all lost by 2008 when those houses were foreclosed on. then the same Republicans denied they (GWB) were ever for it, by then it's was all a Dem plot which apparently worked well for them.
Bush home Ownership links:
Bush pushes minority homeownership (FR post | June 15, 2002 | By KATHY A. GAMBRELL)
Bush seeks to increase minority homeownership (FR post USA Today ^ | 1-20-04 | Thomas Fogarty )
President Bush Mortgage Speech 2002(Helping those w bad credit buy houses)
Compassionate conservative was proved to be a huge failure under Bush as all those minorities voted Democrat by 2008 after they lost all those homes promoted above.
GWB talked out of both sides of his mouth wrt home ownersahip, and the GWB fanatics repeat only what came from one side. Just because I hate Barney Frank, Ted Kennedy and company does not mean I must excuse Bush.
Back around the summer of 2006, I tried to warn as many FReepers as I could that California and Nevada prices were insane, and that there would be a bloodbath. I was flamed like no tomorrow : )
These are the methods socialists use to increase the size and our dependence on big government. They desensitize us as the decades pass until you don't even see the manipulation any more.
I do see the patterns. But to not address the origins of this PARTICULAR mess is not honest.
Look, if you don't like what I want to talk about, don't talk to me.
I don’t blame the Bush Administration for EVERYTHING bad. Liberal Fannie-loving Democrats and compassionate Fannie-loving Republicans are both to blame for the housing mess.
Let’s return to the days of Ronaldus Maximus when men were men and Republican presidents were conservative.
With pleasure. (You might want to do some reading in the future.)
yep!
Yes Home Ownership!
That was going to be the magic formula that turns lib demographic groups like blacks and hispanics into conservatives. Karl Rove had the magic cure, until the Housing bubble (which was a bubble) crashed and those groups (blacks and Hispanics) went even more lib than they were before. It was a disaster making the way for the O nightmare,.
But GWB did get reelected long before the house of cards started falling, which was Sept 2007.
--and we are to believe this proves Obama is good for us?
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