Those loans were never legal in Texas.
“Ultimately, the record is fairly unforgiving for Republicans—particularly in Congress—who have been in power in Washington over the last decade or so. They haven’t just spent our money wildly—they have blatantly ignored our core founding principles and expanded the reach of Washington into our lives while blowing a once-in-a-lifetime opportunity to restore the balance of power from Washington back to states.”
Rick Perry is pretty critical of Statist RINO’s and the very notion of “compassionate conservativism.” Fed Up!,” from 139 to p 145 lays out problem after problem. He names specifics like Farm Subsidies, Small Business Administration, Social Security, No Child Left Behind, and many, many more pork projects and wrong moves by Republicans, throughout the book.
He talks about the sub-prime loans and bank bailouts, the abuse of Fannie Mae and Freddie Mac on p. 71 - but the electronic version of the book won’t let me copy and paste any more.
Join Date: Jan 2002Location: Denton, TexasState: Texas
Professional Status: Certified General AppraiserPosts: 8,258
"We're all familiar with Alt-A loans, also known as the "liar loan". No doc, good credit, relies on a statement from the borrower as to assets, debts, etc.A bill that was passed in the last Texas Legislature has quietly gone into effect. Le[n]ders have to look at the submission and see if it passes the "smell test". Do the assets and debts in the application match the credit report? Is the job and income data confirmable? If things don't match up, it is referred to a law enforcement task force without telling the borrower that he's now being looked at. Lying can result in a felony charge, with prison time and a $10K fine.Yes, this should have been in place years ago [emphasis added]. But it is now, and maybe other states will follow suit."