LomanBill, From your homepage:
Hos 12:7 The merchant uses dishonest scales;he loves to defraud.
The bill that the Governor was signing in that picture was a move to correct law that could be used to defraud.
In Texas, we did not allow the refinance and home equity sub-prime-type loans, at all. We also have restrictions on original loans, requiring mortgage insurance if people want to borrow more than 80%. That law protected our citizens, our banks, and the housing market from the worst of the results of the subprime crash.
Governor Perry is very vocal about the type of Federal regulations and laws that resulted in the fraudulent “paper ponzi.” He would change regulations under the Executive Branch, cut most of the bureaucracy as he is able and replace the necessary bureaucrats with conservatives who believe in Constitutional, Federal and not central government.
From Fed Up!:
“The truth is, I don’t care what party the statist is in. The fact of the matter is, it is the statist, and those who support or enable him, who is the problem. For too long he has undermined this country by empowering the national government at the expense of liberty. An America defined by the statist in Washington is an America doomed to fail.” p.15 loc 338
“Our cause is simple: to restore the balance of power intended by our Founders but forsaken by secular progressives determined to say what government will do for the people rather than allowing people to do what they can do for themselves. Our goal is to take power away from Washington and instead empower states, communities, and individuals, because America’s future greatness is inextricably intertwined with states pushing back.” Kindle PC Edition, location 355
"how'come the borrowers encumbered by those loans didn't have a traditional mortgage in the first place?"