Frank, Pelosi, Reid, and Dodd stood firm along with other Dems on forcing FREDDIE MAC AND FANNIE MAE give loans to poor people with no money down...as if it entitled them to a home they could not pay for. So the result of that was subprimes, arms and mortgages these poor souls could not afford, and then they were foreclosed or had to declare bankruptcy. THESE PEOPLE WOULD HAVE BEEN BETTER OFF WITHOUT THE DEMOCRATS HELP. Now they can’t even think of doing anything for at least 10 yrs due to credit problems... at least they wouldn’t have been deeply in debt, just poor.
She bought a condo with no loan documentation - she said they asked her no questions because she was able to make a down payment with money she had scratched and saved.
Now she cannot afford the condo mortgage, the condo fees alone are $400 a month. She is trying to make the payments by renting the condo for $600 less than her payment. Her son is with her mother.
She is living in the back of her cab.
When Dave said “So you are homeless because the govt gave you a loan for a home” ... and told her to sell the condo and try to arrange a short sale....she tried to mention how high her credit score is! He yelled “You're living in the back of a cab- don't tell me how high your credit score is!” He had to hang up, shaking his head, he was so angry at the whole situation.
I think this is a poster child for the problem with Barney Frank liberal giveaways of OPM.