Who Supported Subprime Loans? (Congress, accuse, racism, Clinton)
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From 1993 when subprime lending started to 2007 who were the critics and supporters of these loans during this 14 year period? I'am speaking politically.
Was the Clinton adminstration supporters or critics of these loans back then? How about the republican congress after 1994?
From 1993 when subprime lending started to 2007 who were the critics and supporters of these loans during this 14 year period? I'am speaking politically.
Was the Clinton adminstration supporters or critics of these loans back then? How about the republican congress after 1994?
this was not a GOP vs. Democrat issue, it covered both admns.
This issue is one where non-White racists pushed for special privileges, handouts and subsidies.
Fannie and Freddie suspended the free market, to do centralized planning, and it was done at the behest of non-white racists -- who to this day our "pols" are unwilling to stand up to, even if means bankrupting the nation to pander to them.
When I think of the cretins and slime that did this, I usually envision snakes like Cisneros and Barney Frank. We all know who these people are.
From 1993 when subprime lending started to 2007 who were the critics and supporters of these loans during this 14 year period? I'am speaking politically.
Was the Clinton adminstration supporters or critics of these loans back then? How about the republican congress after 1994?
Good read on the Bush doctrine of the Ownership Society which housing was a key part of. There are many articles to help you gain insight. The links from the Bush White House on the topic are now dead due to the change in administrations.
From 1993 when subprime lending started to 2007 who were the critics and supporters of these loans during this 14 year period? I'am speaking politically.
Was the Clinton adminstration supporters or critics of these loans back then? How about the republican congress after 1994?
Another good read about how the Clinton administration pushed then the Bush administration went on steroids pushing home ownership.
this was not a GOP vs. Democrat issue, it covered both admns.
This issue is one where non-White racists pushed for special privileges, handouts and subsidies.
Fannie and Freddie suspended the free market, to do centralized planning, and it was done at the behest of non-white racists -- who to this day our "pols" are unwilling to stand up to, even if means bankrupting the nation to pander to them.
When I think of the cretins and slime that did this, I usually envision snakes like Cisneros and Barney Frank. We all know who these people are.
USATODAY.com - Bush seeks to increase minority homeownership
Bush seeks to increase minority homeownership
By Thomas A. Fogarty, USA TODAY
In a bid to boost minority homeownership, President Bush will ask Congress for authority to eliminate the down-payment requirement for Federal Housing Administration loans.
More names to add to your list of cretins and slime we all know
Good read on the Bush doctrine of the Ownership Society which housing was a key part of. There are many articles to help you gain insight. The links from the Bush White House on the topic are now dead due to the change in administrations.
Like anything, there is plenty of blame to go around.
1. Sub-prime lending was pushed heavily by both parties. A lack of loans to minorities was decried as racism and there were several major pushes to loosen minority lending standards. Combatting true racism was good....loosening standards for people with the right skin color was taking things too far.
2. This is a free country, take responsibility for your actions. If you got a mortgage you couldn't afford...some of the fault is yours. How many mortgages were truly *bad* and not just walked away from when payments still could have been made or that other spending habits doomed the possibility of making the mortgage payment.
3. Banks got greedy and so did investors. They got burned as bad as anyone.
I get tired of people making this into a political issue and also trying to lay the blame at the feet of one party or another. Also, if you want rights to do what you want but not face consequences....that's not how things work.
Home ownership became a giant Ponzi scheme and then we ran out of buyers. It was not a political issue as much as financial opportunity. If you got out early enough you made out ok. Look at all the folks from the North East who cashed out during the good times and bought a retirement in the south. Lots of us did. Lose some in the market make a lot on your house in the long run. The ones who didn't get out in time are feeling pain and the ones we sold our house to at or near the peak are the ones hurting the most. However where there is now pain there was then gain. Take as an example the couple who are retired and their portfolio is down 250K but they made 400K more on their house then normal appreciation would have suggested. I would think they would say that was a fair exchange.
From 1993 when sub prime lending started to 2007 who were the critics and supporters of these loans during this 14 year period? I'am speaking politically.
Was the Clinton administration supporters or critics of these loans back then? How about the republican congress after 1994?
This actually goes back to Jimmy Carter, with the CRA (Community Reinvestment Act) which is what forced banks to make loans in low income neighborhoods to people who otherwise would not qualify. The hammer was that if they did not, they could lose their FDIC backing.
This came about because of the Democrats belief in home ownership as a fundamental "right".
This was the beginning of the "sub-prime" market. These risky loans were bundled and sold to Fannie Mae, which in turn sold them to investors in the form of "Mortgage Backed Securities". A report on how this all worked was done by the media back in September, and I'm writing this from memory, so I don't remember all the details, but Democrats were getting bonuses or "kickbacks" for the increases in the Fannie Mae "portfolio". Top Democrats like Barney Frank, and Chris Dodd, and even Barak Obama benefitted..
This is purely a Democrat scandal. Republicans had tried to warn many years ago that this scheme was going to crash, but Democrats accused them of trying to create a crisis where none existed, for political gain, and they all said that they "saw no problem". Democrats were in charge of Fannie Mae and Freddie Mac.
This was all featured on a YouTube video as well, where Democrats were complaining that they were wasting there time in "these hearings" which were called for by Republicans.
Now we are reaping the fallout of the Democrats incompetence. And who is it that is in charge of finding a solution to the mess? DEMOCRATS! The same people that created it in the first place!
Had ONE Republican been involved in this, the Democrats would be calling for him/her to resign. But such is not the case, because there are none. It is all Democrats.
Anybody who uses youtube as a source of information should be ashamed of themselves. No matter what side of the aisle they are on.
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