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HUD Press Release, HUD No. 99-131, July 29, 1999 (during the DEMOCRATIC Clinton Administration):
Title:
CUOMO ANNOUNCES ACTION TO PROVIDE $2.4 TRILLION IN MORTGAGES FOR AFFORDABLE HOUSING FOR 28.1 MILLION FAMILIES
Text:
"Housing and Urban Development Secretary Andrew Cuomo [a DEMOCRAT] today announced a policy to REQUIRE (emphasis mine) the nation's two largest housing finance companies (Fannie Mae and Freddy Mac) to BUY (emphasis mine) $2.4 trillion in mortgages over the next 10 years to provide affordable housing for about 28.1 million low- and moderate-income families...."
HUD Press Release, HUD No. 99-131, July 29, 1999 (during the DEMOCRATIC Clinton Administration):
Title:
CUOMO ANNOUNCES ACTION TO PROVIDE $2.4 TRILLION IN MORTGAGES FOR AFFORDABLE HOUSING FOR 28.1 MILLION FAMILIES
Text:
"Housing and Urban Development Secretary Andrew Cuomo [a DEMOCRAT] today announced a policy to REQUIRE (emphasis mine) the nation's two largest housing finance companies (Fannie Mae and Freddy Mac) to BUY (emphasis mine) $2.4 trillion in mortgages over the next 10 years to provide affordable housing for about 28.1 million low- and moderate-income families...."
There ya go.
The Democrats destroyed the economy.
It bears repeating.
Jumbo loans did more damage than the entire subprime market.
Greed destroyed the economy. Greed is non-partisan by the way. Any objective technical analyst can read a chart without R's and D's.
The reason they're able to do it again is that nobody called out the Democrats for destroying the economy.
On the contrary, they let the Democrats "fix" the problem that the Democrats caused in the first place and never had any intention of fixing no matter what.
And so now we have Dodd-Frank.
Dodd -- the guy who got a sweetheart deal from Countrywide.
I would say that American voters are stupid -- but the fact is that they were deceived by the lying liberal media.
On the other hand, anyone who still hasn't figured out that the mainstream media is in the camp of lying liberals and Democrats is just plain stupid.
So this upcoming election will be a test of America's collective IQ and willingness to turn out and vote.
Jumbo loans did more damage than the entire subprime market.
Greed destroyed the economy. Greed is non-partisan by the way. Any objective technical analyst can read a chart without R's and D's.
"Greed destroyed the economy."
I would NOT use the term greed.
People bought houses. They appreciated faster then normal so people sold their smaller house and bought a bigger house in hopes it would appreciate, always moving up.
It is called "investment"
I'd bet YOU even have some investments and want them to GAIN in Value.
People bought houses. They appreciated faster then normal so people sold their smaller house and bought a bigger house in hopes it would appreciate, always moving up.
It is called "investment"
I'd bet YOU even have some investments and want them to GAIN in Value.
LOL, in your argument, it's as if these people somehow magically bought these "bigger houses" without a loan. HMM, wonder how that happened.
LOL, in your argument, it's as if these people somehow magically bought these "bigger houses" without a loan. HMM, wonder how that happened.
Not all people that got in over their heads were of the low credit ratings types. One would have expected those in this category would have realized we were in a bubble and it wasn't going to last but it seems many didn't.
Contractors borrowed and built entire housing developments in anticipation that people would continue to move up with those houses ending up sitting empty and the loans going bad.
The blame is very wide ranging. (D) and (R)'s. The bankers and the politicians. The rich and the poor. Those with experience in finance should have known better.
Not all people that got in over their heads were of the low credit ratings types. One would have expected those in this category would have realized we were in a bubble and it wasn't going to last but it seems many didn't.
Contractors borrowed and built entire housing developments in anticipation that people would continue to move up with those houses ending up sitting empty and the loans going bad.
The blame is very wide ranging. (D) and (R)'s. The bankers and the politicians. The rich and the poor. Those with experience in finance should have known better.
I actually agree and couldn't say it better (I think I already said it upthread).
My only point is and has been that it's a greed issue, not a political one.
The problem with this tread is that we all forget already the pushing of MBS as the best investment the world has ever seen. Iceland was the first country to fail because of the crisis. Today we are still seeing fallout from 2008-2009. The first guess that I heard was that 144 trillion disappeared from the credit markets as Lehman was dying. Their are still countries which have not recovered losses from that mess. (PR the latest)
If you are lucky enough to have a pension you must keep looking at who holds it.
The failure of the Bush Administration to monitor the credit markets. Laissez Faire economics and the danger it created.
Good reading on why Bush should not have been elected was the book about the failure of Enron "Pipe Dreams" by Robert Bryce.
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