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See Barney Frank and the Democrats for this issue.
This was forced upon banks by leftists wanting everyone to have a house without being able to pay the loan.
IMO those politicians deserved jail.
Yep. Barney was the third and maybe most potent player in this disaster.
But the funny thing is how the liberals were all over the banks for not giving the loans and now they are blaming them for giving the loans.
People hate the banks for other reasons like foreclosing on mortgages they no longer own (MERS).... for taking taxpayer money and then giving themselves bonuses.... for using Goldman Sachs as a revolving door between Wall Street and government positions.... for taking over 5,000 soldiers' homes while they are on active duty (illegal).... shall I go on?
People hate the banks for other reasons like foreclosing on mortgages they no longer own (MERS) (In many cases they still were managing them, all those foreclosures are again starting to go through the pipeline.).... for taking taxpayer money and then giving themselves bonuses(Big Banks were forced to take TARP money by the Democrats and President. They did not want it, only the smaller banks were having troubles. Still, when the money was paid back, the deficit didn't go down, so little question... WHERE DID THE PAID BACK MONEY GO?).... for using Goldman Sachs as a revolving door between Wall Street and government positions(Obama had those connections and they were big Obama doners).... for taking over 5,000 soldiers' homes while they are on active duty (illegal)(If the soldiers had one of thos three year no interest loans and they came due with no change, could be they lose their home legally).... shall I go on? PLEASE DO :-)
Been saying the bubble was going to crash for years before it did. It wasn't unseen except by those who believed RE could NEVER go down.
This was government caused, not bank caused.
The efforts of Dodd, Frank and others to have Fannie Mae and Freddie Mac serve the political agenda of increasing homeownership without regard for ability to pay--there's your culprit. The guarantees provided by Fannie and Freddie enabled all the rest of the nonsense, including securitization of bad loans. Countrywide is a poster-child for bad mortgage practices, but Fannie knew Counrywide as its biggest producer.
See Barney Frank and the Democrats for this issue.
This was forced upon banks by leftists wanting everyone to have a house without being able to pay the loan.
IMO those politicians deserved jail.
Yes, they most certainly should be jailed for the economic destruction they've wrought.
Since that will never happen, I guess we'll just have to settle for Barney Frank not running for re-election.
"(Big Banks were forced to take TARP money by the Democrats)"
Oh please tell me you are not that ignorant. TARP was imposed by democrats, huh?
Wow. Just wow.
You'll literally change the facts when they don't suit your pre-determined political agenda. Please stop talking about the financial crisis... it's embarrassing.
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TARP was imposed by democrats, huh?
