Back when Jennedy and Johnson and Carter were screwing up our coutnry, I was thinking about Ronald Raygun and george washington. and i was wondering, what would jesus do? and thomas jefferson, and descartes and voltaire and george jetson. And edison invented the light bulb based on an ideal I gave him.

Then randolph scott appeared to me in a dream and he said, you are a great american like Thomas Paine and Sargent York and Jesse Owens, except i can't run because I was a POW.

And , it's all Obamas Fault.

That article is equivalent to vomit.

" short of properly assigning blame to the liberal policies and politicians who are responsible for this mess..."

Republicans have been in power for most of the last decade. All this author is doing is admitting the Republicans can't govern, even when they control all three branches of government.

This author is also trying to get simps to believe the minority party controls everything, when it's the Committee Chairs and the Majority Leaders who control the agenda and the vote.

This is from an August 2004 press release that's still on the White House website:

"Expanding Homeownership. The President believes that homeownership is the cornerstone of America's vibrant communities and benefits individual families by building stability and long-term financial security. In June 2002, President Bush issued America's Homeownership Challenge to the real estate and mortgage finance industries to encourage them to join the effort to close the gap that exists between the homeownership rates of minorities and non-minorities. The President also announced the goal of increasing the number of minority homeowners by at least 5.5 million families before the end of the decade. Under his leadership, the overall U.S. homeownership rate in the second quarter of 2004 was at an all time high of 69.2 percent. Minority homeownership set a new record of 51 percent in the second quarter, up 0.2 percentage point from the first quarter and up 2.1 percentage points from a year ago. President Bush's initiative to dismantle the barriers to homeownership includes:

American Dream Downpayment Initiative, which provides down payment assistance to approximately 40,000 low-income families;

Affordable Housing. The President has proposed the Single-Family Affordable Housing Tax Credit, which would increase the supply of affordable homes;

Helping Families Help Themselves. The President has proposed increasing support for the Self-Help Homeownership Opportunities Program; and

Simplifying Homebuying and Increasing Education. The President and HUD want to empower homebuyers by simplifying the home buying process so consumers can better understand and benefit from cost savings. The President also wants to expand financial education efforts so that families can understand what they need to do to become homeowners."

This, coupled with the Fed's decision to systematically decrease interest rates and the governments direction to Fannie and Freddie to relax mortgage qualifications for these types of initiatives have brought us to this mess. Who do you think is defaulting on these loans? What neighborhoods are being affected? The answer is the same for both: mostly minorities and mostly neighborhoods high in minorities.

What we need of course is less regulation so that banks can make enormous fees off of lending to the most piss poor credit risks on the planet. Then when it all blows up in their face, come running to the taxpayer for a bailout all the while counting their fat golden parachutes and multi million dollar bonuses.

Let the stupid banks fail. Survival of the fittest.

What we need of course is less regulation so that banks can make enormous fees off of lending to the most piss poor credit risks on the planet. Then when it all blows up in their face, come running to the taxpayer for a bailout all the while counting their fat golden parachutes and multi million dollar bonuses.
Posted by 726

I agree and as long as we're at it, lets throw everybody out of the Federal Goverement and elect new leadship on both sides of the aisle. Everyone of these SOB's has been compromised.

lets throw everybody out of the Federal Goverement and elect new leadship on both sides of the aisle. Everyone of these SOB's has been compromised.

#7 | Posted by wisgod

Let's do it right then....
Execute EVERYONE currently in Government-above middle management-and let Satan sort them out?

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

1999 for anyone that is interested - no GWB - yet

"1999 for anyone that is interested - no GWB - yet"

Thanks for pointing out Bush had 6 years to change the requirements, and didn't.

"the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders. "

Where's the language which forced lenders to make 125% LTV loans, interest-only loans, and no-money-down loans, then to repackage them, re-rate them, and leverage bad paper against bad paper?

Thanks for pointing out Bush had 6 years to change the requirements, and didn't.

How long has congress been in the DEMs hands? The point was, there is plenty of blame - not a DEM or REP only issue - Clinton started the push for people who should not own homes to get mortgages and Bush magnified the problem.

"And short of properly assigning blame to the liberal policies and politicians who are responsible for this mess, the blame will automatically fall to the current Presidential administration and by extension, his party."

You mean, like Phil Gramm?

Grampy McPoopypants can't remember what city he's in-let alone the names of his Co-Conspirators......