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in 8 short years GWB has bankrupt us just like he did once as a business CEO prior to being president.
Yep, didn't anyone ever stop to consider this guy never was successful even as a businessman? And we let him run the country. Yep, all you morons who voted for him the SECOND TIME deserve what you get.
Yep, didn't anyone ever stop to consider this guy never was successful even as a businessman? And we let him run the country. Yep, all you morons who voted for him the SECOND TIME deserve what you get.
Not only that but he couldn't operate a major league baseball team and was probably the only guy in the history of Texas who lost money in oil !!!
Now that our financial system is in ruins everyone wants to blame Obama whos only been in office for a little over a month for our financial woes. Get a grip....blame the far right who voted for GWB soley because he claimed to be a "Christian".......yet this prior alcoholic "Christian" ignored the hundreds of thousands starving in Darfur in favor of spending 12 billion a month to start a war to remove weapons of mass destruction that didn't even exist while Osama sits in Pakistan thumbing his nose at us !!! It took George Bush 8 years to create this mess.....Obama can't fix in a month !!!
As bad as GW was, HE didn't sign these mortgages; individual borrower's did. Whatever else one says about him, (and we can all say alot), harping about him just amounts to "venting" and not addressing the irresponsible actions that prompted the OP.
Bush's screwup's could fill it's own thread. On this subject it's just a distraction.
As bad as GW was, HE didn't sign these mortgages; individual borrower's did. Whatever else one says about him, (and we can all say alot), harping about him just amounts to "venting" and not addressing the irresponsible actions that prompted the OP.
Bush's screwup's could fill it's own thread. On this subject it's just a distraction.
No....he didn't sign the mortgages but his administration pushed the banks to "devise" loan strategies that would allow people to qualify for mortgages that under normal requirements wouldn't qualify. This banking and housing mess is his responsibility from top to bottom.....geeze.....it was late summer and he was still proporting that the ecomony was sound and it was late October and McCain was still claiming that the foundation of the economy was sound !!! This isn't so much about Bush as it is people venting on here about the direction Obama is taking....we all forget that just a few months ago the American people screamed for change....its seems because Obama hasn't turned things around a month everyone is disappointed.....well.....don't forget what we just voted out of office........Obama was voted in as our leader with a mandate for change.....everyone just stop the whining and let the man leed !!!
pushed the banks to "devise" loan strategies that would allow people to qualify for mortgages that under normal requirements wouldn't qualify.
You're not, by any chance, talking about the Democrats in Congress who blocked every Republican effort to regulate Fannie Mae and force it to stop giving loans to unqualified borrowers (you know, the same unqualified borrowers who make up a huge chunk of the Democratic base)?
No....he didn't sign the mortgages but his administration pushed the banks to "devise" loan strategies that would allow people to qualify for mortgages that under normal requirements wouldn't qualify. This banking and housing mess is his responsibility from top to bottom.....geeze.....it was late summer and he was still proporting that the ecomony was sound and it was late October and McCain was still claiming that the foundation of the economy was sound !!! This isn't so much about Bush as it is people venting on here about the direction Obama is taking....we all forget that just a few months ago the American people screamed for change....its seems because Obama hasn't turned things around a month everyone is disappointed.....well.....don't forget what we just voted out of office........Obama was voted in as our leader with a mandate for change.....everyone just stop the whining and let the man leed !!!
Historically incorrect. Happened before his watch, when I was still doing loans. Actually, he tried, (half heartedly I admit) to reign things in during his first term. It was the push to extend mortgages to those who previously did not qualify for the then current underwriteing guidelines. And alot of it was aimed at broadening the pool of minority home-owners. Both Jessie Jackson and Al Sharpton had seperate initiatives to accuse banks of racism based upon approval percentages with no regard to credit worthiness. Just raw percentages were compared. Failure to achieve a "significant" increase, (whatever that was), resulted in charges of credit discrimination.
Thus, the banks came up with what were then "exotic" products and lossening qualification standards so as to push up the percentages. A worthy goal, but accomplished under duress. A good rule of thumb should have been that someone that couldn't qualify for a new SUV should never have been given a mortgage.
I understand the angst so many have with GWB, but this is a near crisis situation that is not served by partisans on either side ranting about things that are at best, tangental to the true causes. Had we kept the same credit standards we had in the 1980's, we would not be in this mess today.
Much worse. But the American people voted for Socialism, and now they have it. So no bitching now: from each according to his ability, to each according to his need. It is not the people with money who matter. It is the people without. It is not the people who are responsible who matter; it is those who are not. It is not the people who make jobs who matter; it is the people without jobs. Those who produce will be taxed. Those who consume will receive refunds for taxes never paid, and never to be paid.
This has already been tried. The result was, and is, France. Is this the ignominious result of our great Republic? Time will tell, but it is not looking good.
-Marc
Agreed 100 percent. I rather live in a tent in a park after I worked 2 jobs my whole life than bail out banks and people that can't pay their mortages. Wake up people, No credit cards, save, save, save. This socialism and country makes me sick.
The problem with tracking down the scumbags that used "double-talk" and made unsophisticated borrowers rush through signing loan docs is that it still goes back to personal responsibility, absent fraud. It's hard to argue they didn't know that adjustable means adjustable when several documents exist in their loan package that attest they DID know it was this type of product. Heck, many lenders have one page in double sized bold and no other boilerplate just to hammer this fact home!
Re: the Obama pledge on taxes. I saw recently where he briefly hinted he may seek increased tobacco taxes, which statistically impact the lowest socio-economic sector. Then there are other plans to raise money through "fees"; just a euphemism for a tax. He never said he would lower income taxes only, he said TAXES. To redirect this to say he only meant income taxes would be akin to the tricks of a used car salesman. If the net effect means you lose $350.00 a year (or whatever amount) available cash, you probably don't care why.
Can anyone one here explain what the legal definition of predatory lending is? As much as we hear about it, I've never seen this explained.
Yea I can explain it in one sentence. Some idiot buyer bought a house from some thieving banker without reading the fine print. Thus the collapse of America. That wasn't hard.
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