Posted on 09/24/2008 4:26:38 AM PDT by Renfield
It should be noted that "Republicans" do not include "McCain." Although McCain saw this crisis coming, and attempted to avert it, he is now foolishly engaging in demogogic populism, blaming Wall Street for "forcing" loans on poor people who coudn't afford them.
He knows better. But he's too foolish to know the truth is actually on his side. He doesn't need to demogogue up Wall Street. This was a fifteen year campaign by the Democrats, ACORN, and Fannie and Freddie's executives to loosen up mortgage requirements to the point where there simply where no requirements at all.
Net result? Trillions of federally guaranteed dollars flow into the housing market that shouldn't have been there -- suddenly buying a house becomes the easiest possible purchase you can make. All you need is a signature and a smile.....
(Excerpt) Read more at minx.cc ...
But by 2004, when HUD next revised the goals, Freddie and Fannie's purchases of subprime-backed securities had risen tenfold. Foreclosure rates also were rising.
That year, President Bush's HUD ratcheted up the main affordable-housing goal over the next four years, from 50 percent to 56 percent. John C. Weicher, then an assistant HUD secretary, said the institutions lagged behind even the private market and "must do more."
It should be noted that "Republicans" do not include "McCain."Which Republicans are included? I haven't heard much about this from ANYBODY.
Run ads all day long in Key States.
DEMANDING... no shitski...
All over talk radio yesterday afternoon.
I don’t know how many houses,autos credit cards and students
I will own after the bailout!
According to a 2005 article in Forbes, Fannie and Freddie were NOT federally guaranteed.
The Fall of Fannie Mae January 24, 2005 FORTUNE Magazine
Rather, it is the result of the market's belief that Fannie and Freddie's debt is safer than even AAA-rated corporate debt. Why? Because thanks to Fannie and Freddie's congressional charters, the markets believe that the U.S. government will never let them default.
In fact, there is no such federal guarantee, something Fannie and Freddie are forced to point out in their federal filings. But the two GSEs play what former assistant Treasury secretary Rick Carnell calls "a double game"--disavowing federal backing in their public boilerplate, while quietly encouraging the notion. In 1998, for instance, Fannie argued in a letter to the Office of the Comptroller of the Currency that its securities were safer than all AAA-rated debt because of the "implied government backing of Fannie Mae."
Wasn’t there a Bush bill in 03 that was to correct the housing problem that got squashed by the dems?
Which makes the decision by HUD, under Bush appointee Alphonso Jackson, to increase the percentage of high risk loans in 2004 all that more curious.
Actually it wasn’t a bill. It was a proposal. I am trying to find out what happened to it.
It appears that the dems in Congress, backed by lobbyists, were able to stall the bill.
However, in 2003, the pubs had complete control of Congress so, in effect, the pubs caved and let the issue die. Apparently so did Bush.
MASSIVE Inner city mortgage frauds were already off to the races, LONG before then. Some of these schemes started collapsing in the 2004-2005 period.
The idiots on our side of the table better stop this nonsense that wall street is not incredibly guilty in this mess. Pubbies deserve to crash and burn for being total clueless idiots if they think that the grand masters of the universe, who are all democrats and strongly support the part with lots and lots of money, are innocent. A conspiracy is not an either or question.
Keep this stupidity up and I am going to vote for 0.
When you own the student loans of 10,000 students what is your IQ. Is it the sum, the average, the smallest number, the average / 10,000. Perhaps in a competency trial a court would find that only an institutionalizeable idiot would loan that much money to that many people to be provided no useful job skills. I just want to know.
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