Posted on 10/02/2008 10:36:13 PM PDT by Jim Robinson
Of late, at least in conservative quarters, reports have made clear how much of the current financial crisis may be laid at the feet of Democrats and their social engineering policies.
Jeff Jacoby, the lone conservative columnist at the Boston Globe, wrote Sunday, "Barney Frank's talking points notwithstanding, mortgage lenders didn't wake up one fine day deciding to junk long-held standards of creditworthiness in order to make ill-advised loans to unqualified borrowers. It would be closer to the truth to say they woke up to find the government twisting their arms and demanding that they do so -- or else."
Charles Hurt, in his "Inside Washington" column in Monday's New York Post, wrote, "It's not that taxpayers refuse to dig deeper to avoid an even bigger catastrophe. It's that they're all puking over the notion that it's the same bums in Washington who caused the mess by allowing it to fester who are now demanding their money to fix it." Last week, the website Free Republic posted a 1999 story from the New York Times, detailing how the Clinton administration implemented policies at Fannie Mae and Freddie Mac to encourage home loans to people with low credit worthiness. It all came under the rubric of encouraging "minority home ownership" and "ending redlining."
Free Republic crashed, whether because of overloading or sabotage. I got the story when a money manager circulated the whole text.
The next to last paragraph of that story makes clear how the mortgage pool deteriorated, and why it deteriorated so fast:
(Excerpt) Read more at spectator.org:80 ...
Jail NOT Bail is RIGHT!
And make sure it’s HARD TIME, too.
NOT a Country Club Fed Prison!
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This is a GREAT article, btw !
Thanks for the shout out for JnB MrDragoo.
Yes it is a great article. The only thing missing is the prosecution of that one lending institution in 1994, where they had to pay out something like $10,000. Janet Reno trashed the firm and it promised to immediately start loaning to poor people who couldn’t service the loans.
Reno made it clear she was on the war path, so what were lending institutions to do?
When the dust settles, the Democrats are going to come off looking like the idiots of the ages on this one.
How many of those loans were to illegal aliens using fake/stolen IDs? The number, five million, has been mentioned:
The Timeline Project / Link List of Bailout History
[post 66]
http://www.freerepublic.com/focus/f-bloggers/2093845/posts?page=66#66
How many millions of fraudulent loans did Fannie/Freddie own?
[I’ll link this to the Timeline. FRegards ....]
How many of those loans were to illegal aliens using fake/stolen IDs? The number, five million, has been mentioned:
The Timeline Project / Link List of Bailout History
[post 66]
http://www.freerepublic.com/focus/f-bloggers/2093845/posts?page=66#66
How many millions of fraudulent loans did Fannie/Freddie own?
[I’ll link this to the Timeline. FRegards ....]
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