I think of this as a preemptive, cover-the-gov’t-butt strike against a woman who called Limbaugh’s show yesterday, with a comprehensive, easy-to-follow explanation of the housing collapse. I rather expected that Rush would’ve posted this call prominently on his website, but don’t know if he has.
The woman spoke of her experience in the loan industry, where credit reporting agencies, acting under pressure from - guess who? - the government, were doing rapid credit rating resets to qualify prospective home buyers who would not otherwise be eligible.
These temporary boosts to credit scores would only last long enough for someone to qualify for a mortgage. At the next reporting cycle, the rating would revert to its former, non-qualifying level. Everybody knew that these loans would become toxic, but what the hell...
While not the sole reason for the collapse, this woman indicated that Fannie & Freddie were at the heart of the whole thing.
And so were idiot soulless robot money grubbing capitalists. Private sector. Wall Street. Banksters. Don't fall for that stupid Rush Limbaugh stuff about it all being Gov't fault. Barney and Dodd are scum but are they worth millions today due to the real estate bubble? No.
Follow the money. See who profited the most. See who made millions and who made tens of millions