In response to:

GOP Whistling Past the End of America

shubi_ Wrote: May 31, 2012 3:50 PM
I just listened to a professor explain the cause of the crash. It was the government policy of 70% home ownership set by Clinton, the Dodd and Frank forcing of lax mortgages and the Dem/commie leadership at Freddie and Fannie. You know, union pension funds invested in derivatives, right?
Mac287 Wrote: May 31, 2012 11:07 PM
Torr Wrote: May 31, 2012 6:05 PM
(cont)
In private industry and the real world, Dodd, Frank, Geitner and Bernanke would all be in prison for what they’ve gotten by with, in the FED and the federal government.
Torr Wrote: May 31, 2012 6:05 PM
(cont) If that weren’t bad enough, these pseudo-government organizations were allowed to bundle all these high-risk loans, and sell them as mortgage-backed securities.
Republicans attempted to reign in Freddie and Fannie, and head off the disaster 5 different times during the eight years of the GW Bush Presidency, but were consistently stopped dead in their tracks by Chris Dodd in the House, Barney Frank in the Senate, and former CBC Chair Maxine Waters, who insisted that Fannie and Freddie were in no danger, and were being managed superbly. Waters and other members of the CBC also insisted that Republicans were only conducting witch hunts.
(cont)
Torr Wrote: May 31, 2012 6:04 PM
Actually, the “Community Reinvestment Act” is the root of the catastrophic sub-prime mortgage melt down. It was signed into law by Carter, but didn’t have much of an adverse impact until Clinton’s DOJ, under AG Janet Reno, that accused banks of “red-lining” to discriminate against poor and minority applicants, and threatened the banks into the sup-prime mortgage mess, and eventually the “no-down” mortgage, and ultimately, mortgages that required no proof of income, no proof of employment, no equity, and no down payment. Banks were then assured that their risk would be mitigated by Fannie Mae and Freddy Mac, (in other words, guaranteed by the US taxpayers). (cont)
shubi_ Wrote: May 31, 2012 4:22 PM
Geronimo1958 Wrote: May 31, 2012 4:06 PM
You right. This is a band of shameless scumbags. Frank specially - I remember when he in TV threatened that banks are going to be sued, if they refuse to give loans to so called "underprivileged". Now that shameless moron blames everybody else and impose new regulations so they can force banks to do even more harm to our economy. Shameless clown - What kind of idiots are living in Massachusetts?

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