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That's exactly what they did to you.
They might as well send me to the cornfield too!
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 ...
Interstate banking - another disaster that no one will admit.
They banned the guy that posted this thread?
lol...
I guess the Bush crowd just can't tolerate the damn truth!
You sound like a victim of BDS
Here ya go woofie...This should ring your bell.
Bush’s speech, were he demanded home loans for totally unqualified minorities.
http://www.youtube.com/watch?v=MqR15H0gNBU
History will judge Bush on 911, the Iraq war, and how he dealt with the unprecedented natural disasters that occurred under his presidency.
Those same historians will hopefully put the financial crisis in a proper(separate)context, and assign blame accordingly.
The financial crisis was born with the computer age, and those who hired kids out of computer science programs to create intricate sub-prime mortgage/wall street instruments, mostly for get-rich-quick schemes, or to simply keep their major stock holders(or their bosses)happy.
The "ME" generation simply got caught up in it(particularly home values)...and just wanted to enjoy THEIR piece of the action.
During that time too many sat on their hands and did nothing(after all, it was a party..."irrational exuberance" anyone?), instead waiting for "someone else" to be "the adult" in the room.
...in that sense, we are ALL responsible for the financial condition the country finds itself in.
Obviously what was going on in the financial industry was way over the head of the SEC/other(so-called)government watchdog groups(hell, a few of them were probably willing accomplices for their own personal gain).
While I don't exactly consider myself a fan of the Bush family, to dump the financial crisis all on his presidency is ludicrous.
...for everyone who cashed in on the(unrealistic)5-10% monthly equity gains on their home values, or 401K's in the 90's early '00's... are nothing more than people who "dashed for the cash"...when the guys who stole the Brinks truck(accidentally...or on purpose)left the back doors open.
Bump!
Bad call, AM, if it is based on his (WmIII) posts on this thread.
“Let’s not forget the first housing bubble back in the late 1970s and 80s just after Jimmy Carter signed the Community Reinvestment Act into law. Lots of banks, Savings and loans and other lenders went belly up after that.”
Right President, wrong bill. The S&Ls went bankrupt due to reasons other than the CRA.
The inflation rate of that era began to exceed the interest rates permitted by Regulation Q. Depositors left them for money market accounts.
A bill to address this problem was passed, the Depository Institutions Deregulation and Monetary Control Act, signed by Carter in 1980.
But there was a problem with this act. It let S&Ls invest outside of housing, and opened the door to widespread fraud and speculation. Many S&Ls were taken over by crooks, who “loaned” themselves and their friends money. A lot of S&L executives ended up in prison.
“Interstate banking - another disaster”
That’s a subject I don’t know at all.
In Bush's own words, pushing home loans for totally unqualified minorities:
Bush: By the end of this decade we will increase home ownership by at least 5.5 million minorities...dismantle barriers for home ownership
Bush: You don't have to have a lousy home for first time home buyers, you can have as nice of home as anyone else!
In Bush's own words, pushing home loans for totally unqualified minorities
Do you understand politics at all?
Name a politician who is gonna say “ Homeownership is only for those of you who will pay your mortgage on time”
More than a lack of “bad” homeowners who were upside down when things collapsed you had a bunch of people who gamed the system and attempted to get rich on paper. Plus there was the packaging of good and bad loans and selling them as if they were all good.
Besides if we dont get back on track to where every body again wants to own their own home how well do you think our economy is going to do?
You guys who want to blame Bush are just sad delusional sick people
Ohhhhh you make me soooo mad calling me a name. LOL.
LOL!
Bush: By the end of this decade we will increase home ownership by at least 5.5 million minorities...dismantle barriers for home ownership
Bush: You don't have to have a lousy home for first time home buyers, you can have as nice of home as anyone else!
Too bad they didn't do anything when the GOP controlled Congress. W had other priorities like burning our food for fuel and other compassionate conservative government programs.
“While I don’t exactly consider myself a fan of the Bush family, to dump the financial crisis all on his presidency is ludicrous.”
Dubya was hardly alone, his “failure” was one widely shared by financial elites of all political stripes. They failed to see that there was a bubble in the housing market, and that the economy of the 2000s was dependent upon that market continuing to go up without end. Their fault was a lack of curiosity about what was creating the boom that they were riding.
While I don't exactly consider myself a fan of the Bush family, to dump the financial crisis all on his presidency is ludicrous.
Of course it's ludicrous. That's why no one claims that.
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That's exactly what they did to you.
They might as well send me to the cornfield too!
Precisely.
I’d say it was their lack of faith in free markets.
What about the home equity line of credit? In the 1980’s banks offered this new revolving line of credit . . . and everyone wasted their equity - the biggest savings in their lives blown away.
I agree. This is an informative thread.
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