If You Are Already Angry About the Bailout, Don’t Read This

From Sea to Shining Sea ^ | 10/06/08 | Purple Mountains

[PurpleMountains]

If I thought I was angry about the housing and mortgage crisis before, an article in Sunday’s Providence Journal about many actual cases of mortgage fraud in Rhode Island has escalated my anger to a level where I would not trust myself to be in the same room as Chris Dodd and Barney Frank, and I will not sleep until liberal Democrats like Obama are defeated. The article gives specific instances of how low-income people were prodded by realtors and lenders into accepting huge subprime mortgages to buy houses they could not possibly afford. They are all in default and all have lost those houses, and we, who worked and saved and acted responsibly are going to pay the tab for them and for radical liberalism run amok. Yes, there was greed and fraud involved, and yes, the victims who signed on to these impossible mortgages bear a lot of responsibility for this crash, but the main culprits are liberals who think our society is evil and who are trying to transfer wealth from those who earn and plan to those who do not.

[Leisler]

.......“Why pay rent,” his wife, Janice, recalled the broker saying, “when you can buy your own house?”

Their loan application stated that their household income was $3,500 a month — even though Janice said it was actually closer to $2,000 a month. Their mortgage broker also listed on their loan application another $1,850 for rental income that they would receive from the two apartments which they had agreements to lease. That raised their annual income on the application from $42,000 to $64,200.

The broker, whom they knew and trusted, arranged for two mortgages — a $224,000 mortgage to cover 80 percent of the loan, and another $56,000 mortgage for the remaining 20 percent. Their payments on the “80/20” loan were $2,200 a month......."

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Hey, what's the difference between these paper writing mortage guys.........and our politicians? A house, a country....what the heck, eh?

[geologist]

We are a trusting people. There are forces whose intent is to breakdown our whole system. They do not care how they accomplish it, just that it happens.

Communism.

Fascism.

Atheism.

Socialists,

Marxists.

Islam.

Muslims.

Jealousy.

We are too blase to believe the obvious?

[Republicus2001]

sounds like a Billy Joel song

[francisbacon]

This crisis was caused by SUBMARINE REPARATIONS - the libs knew they could not shove reparations through congress, so they used the community reinvestment act et al to give their cronies what they wanted.

[geologist]

Are you a fan?

[geologist]

Hey! write a verse of your own.

[Republicus2001]

I tried to Kareoke Joel's We Didn't Start the Fire one time in a bar - it's hard to do (couldn't breathe fast enough)!

[Republicus2001]

Are you a fan?

I still am until he does a fundraiser for Barrack Osama (sigh)

[HighlyOpinionated]

Ping a ding a ring and thank you.

[geologist]

no wonder

... there is real talent in entertainers, huh?