[QUOTE=PUMPKIN;93209]and point to "root causes" of this financial calamity we are facing. The real problem (someone should write a Harvard Business Case on the mortgage fraud model at ground zero in South Florida), was not the good intentions of trying to increase home ownership, although as we know not every homo sapien walking upright on this planet has a "right to own a home", but must work for it like everyone else, BUT was the LACK OF OVERSIGHT that occurred during THE LAST EIGHT YEARS. I can assure you if Bill was in the big house during this timeframe this shxt NEVER would have played out the way it had....nor would it have happened if Mr. Obama, our next President of the United States of America, was on watch.
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Vinnie - good thread and good research. Thank you!
Pumpkin - I have to disagree with you on that one. It has been massively reported, even in the mainstream liberal media, that President Bush and other Republicans tried to rein in Fannie Mae and Freddie Mac numerous times in the past 8 years but each time were out-maneuvered and out-voted by the Democrat politicians in the Senate and Congress.
It has been voluminously documented and PROVEN that this entire mortgage mess can be laid Only at the door of the Democrat politicians in power during Carter's and Clinton's Reigns Of Terror as well as the Democrat politicians who guarded Fannie Mae & Freddie Mac during the last 8 years, chief among them that venal, corrupt sonofabitch Congressman Barnie Frank (D-Mass).
All these ARM mortgages to bad-credit borrowers need to be permanently outlawed. I come from a family that lived & breathed real estate and one of the things drummed into my head at the dining room table was to never buy a house that was worth more than four times your paycheck and your monthly mortgage payment should be no more than one weeks pay. If Congress had put these simple minimum safeguards in place from the start then we wouldn't be in this mess now. Thank the Democrats for effing us over yet again.
Happy Tuesday,
Catch
