Posted on 09/24/2008 3:00:44 PM PDT by Syncro
Gotta bump this one. Touches on the truth behind the mortgage problem, and I don’t want that truth to go away.
You have absolutely no clue about Ann Coulter’s satire, do you?
That they did not take into account the possibility of a falling market, nor the condition of the foreclosed assets at the time of siezure indicates a lack of connection with reality on their part.
There are reasons banks traditionally were reluctant to loan to people without sufficient assets or work based income streams, and a host of reasons for limiting the neighborhoods they would underwrite.
Despite political pandering, the chickens of political correctness are coming home to roost.
September 24, 2008, 6:09 PM Email Warning! -
If you get an e-mail with "Nude Photos of Sarah Palin" in the subject line, do not open it. It might contain a virus.
If you get an e-mail with "Nude Photos of Hillary Clinton," do not open it.
It might contain nude photos of Hillary Clinton.
LOL!
Political correctness had already ruined education, sports, science and entertainment. But it took a Democratic president with a Democratic congress for political correctness to wreck the financial industry.
And now, how do we get out of this mess?
RE: “She hits hard, but she’s right on the money. Food stamp-backed mortgages. Heh Heh...”
Of course she hits hard — and she is right on the money. Food stamp money.
In So. Cal. most of the foreclosures are in areas known in recent times for high number of minority residents, such as Antelope Valley, Inland Empire and others. The folks moved out to the hinterlands to “buy” houses and now look what’s happened! (Numerous foreclosures of the little old houses in L.A. city limits, too.)
And therein lies the rub.....
Hadn’t heard about food-stamp-backed mortgages, but part of Bush’s ‘challenge’ to give 5.5 million mortgages to poor minorities and illegal aliens, included allowing for the use of Section 8 housing vouchers.
“And so, therefore, education is a critical component of increasing ownership throughout America. Financial education, housing counseling, how to help people understand that there are unscrupulous lenders. And so one of the things we’re going to do is we’re going to promote education, the education of owning a home, the education of buying a home throughout our society. And we want to fully implement the Section 8 housing program, homeownership program. The program will provide vouchers that first-time home buyers can use to help pay their mortgage or apply to their downpayment.
Many of the partners today, many of the people here today, many of the business leaders here today are creating a market for the mortgages where Section 8 vouchers are a source of the payment. And that’s good — see, it’s an underpinning of capital. It helps move capital to where we want capital to go. “
Imagine that...being able to use your section 8 voucher to purchase a home. Exactly what did Bush expect would happen.
mark
ping to #26
Here
BUMP!
Heck, Bill Clinton admitted it,
in an obvious backdoor attempt to torpedo the 0bamination.
You are apparently one of the causes too; or potentially so.
The Utopian Politicians may have put the taxpayers' treasure out on an unguarded table, but the Banks and the Financial system, all by themselves, imagined the HELP YOURSELF sign on that table, with the certain knowledge that no one would be able to catch them doing it through the thousand mirrors thay set up to loot the treasury.
You wouldn't be among the latter, would you?
Character --- the ability to do the right thing when you are sure nobody's looking.
interesting
illegal aliens taking the college seats of legal students.
unqualified quota hires take the jobs of the qualified.
now
unqualified quota gifts to take the HOMES of the qualified.
Why not just buy out the collateral outright and GIVE them the darn house?
The policies and regulations that forced affirmative action lending are still in place, plus Sarbanes-Oxley, mark to market, etc. What is the point of putting more money into the same system with the same bad books? You don't reward bad behavior unless you want more of it. Repeal the failed policies, practices, and regulations and let the market work. Kill the Bill!
Under Clinton, the entire federal government put massive pressure on banks to grant more mortgages to the poor and minorities. Clinton's secretary of Housing and Urban Development, Andrew Cuomo, investigated Fannie Mae for racial discrimination and proposed that 50 percent of Fannie Mae's and Freddie Mac's portfolio be made up of loans to low- to moderate-income borrowers by the year 2001...
-snip-
Threatening lawsuits, Clinton's Federal Reserve demanded that banks treat welfare payments and unemployment benefits as valid income sources to qualify for a mortgage. That isn't a joke -- it's a fact...
Wow... GREAT article by Ann Coulter.
I suspect, that with access to the Internet these days, it’s not going to be too difficult for John and Jane Doe to trace the slime trails right back to the slugs that covered all their crimes.
Since the “horney hick” is responsible for so many disgraces to this country, including 9/11, folks are not going to be too gullible this time around.
The wheels are coming off the liberal wagon slowly but surely.
I do not blame the banking system for this. They were told that the " affirmative action sub prime mortgages" would have the full faith and credit of the US Treasury behind it.
That was not true. They only had a cadre of Hud, Raines and other Freddie/Fannie Clinton style socilaists behind it. If anything , the banks are guilty of being scammed in the most thorough bait and switch socialist operation our nation has ever seen. Even Dubyah has bitten it, or maybe not? We will have to see.
As to my dipping money out of all this, you have a good imagination, nice try , no cigar. All my money went off shore a year ago.And I own absolutely NO US bank stock or US Mutual funds. Bumpkiss, NADA.
I listened to Bushes warnings about Freddie Mac and Fannie Mae, and acted :-)
“Threatening lawsuits, Clinton’s Federal Reserve demanded that banks treat welfare payments and unemployment benefits as valid income sources to qualify for a mortgage. That isn’t a joke — it’s a fact.”
That’s astonishing.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.