The Democrats are to blame for the housing and financial crisis?

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People, these Mortgage Backed Securities and the people who told little Hypotheken.Im 1977 as part of a DM controlled Congress and the Carter administration, the act of the CRA was passed effectively forced private banks to bad loans to people who are not good for the money machen.Und in the 90’s by the Clinton administration, Janet Reno, the continuation of this policy in the jaws of the industry Private Finance until today, when people who had nothing good start for the money first, in large scale default libs Kraft.Keine, everyone does not deserve a home, is not a right, and when to take your contacts in the power of Congress under this type of loan, we get what we have today.

10 Comments
  1. Reply
    Tom T
    May 1, 2011 at 10:55 pm

    Congress can force business’ to do their bidding? Hmm that’s news to me. Got proof?

  2. Reply
    Rev. Cleophus
    May 1, 2011 at 11:06 pm

    Yes

    Ever the do-gooders, they wanted to ‘expand opportunities’ for home ownership to poor and minorities…tampering with the dynamics of the Free Market

    Only problem was, alot of mortgages were issued to folks who couldn’t afford it in the first place. Now the chickens have come home to roost.

  3. Reply
    MS S
    May 1, 2011 at 11:37 pm

    So comprehensive and well put. It did start with Carter, and got worse with Clinton.
    Smarts says, if you cannot afford the loan,today, or 5-10 years from now as with interest only and balloon loans, then you don’t buy.

  4. Reply
    leavin#1
    May 2, 2011 at 12:12 am

    If the Dems robbed the bank, the Reps were driving the get-a-way car. Both sides are totally complicit and both sides benefit in ways none of the public will ever see.

  5. Reply
    Precinct 1099
    May 2, 2011 at 12:40 am

    Yes.
    McCain knew it that is why he co sponsored S190:
    “I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

  6. Reply
    kRiSmAs
    May 2, 2011 at 12:41 am

    Exactly!!!!!! Everyone is blaming Bush for this financial nightmare, he didn’t help, but he certainly didn’t start it.

  7. Reply
    Bubba the Hutt
    May 2, 2011 at 12:56 am

    You’re mostly right, but Congress didn’t force the banks to make those loans because they didn’t need to. Bank greed was enough on its own to more than compensate.

  8. Reply
    scrooge
    May 2, 2011 at 1:14 am

    a lot of people deserve to sleep on the street.

  9. Reply
    tehabwa
    May 2, 2011 at 1:59 am

    Uh, forced them with no guarantees or back-up? I’m pretty sure that’s wrong.

    It’s the deregulation and utter corruption. Although too many Dems are also corrupt, they aren’t for the rich getting away with every bit of mayhem they want.

  10. Reply
    WannaHug?
    May 2, 2011 at 2:31 am

    yes! fannie & freddie were liberal projects. they force them to extend low income family loans to the unqualified.

    that’s why we are in the hole

    wall street just got stuck with the useless paper in the seconadary market

    hugs!

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