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I
have to ask………how come Obama will have the power and authority to change the
entire political structure of the United States, including turning a 232 year
old standing democracy into a socialist or Marxist state……be empowered to
re-distribute all wealth and health care
of 300 million people just because we elect him on Tuesday…….yet George Bush
who is known to have expanded presidential powers more than any other president
in history – after 8 years…somehow didn’t have the authority or power to
oversee mortgage lending? So if they say that it was somehow caused by Dems,
Freddie Mac and Fannie Mae somehow he wasn’t powerful enough to do anything
about it… to see it or stop it? I had to ask.
I HAVE TO ASK
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Posted By: ddenver Posted on: Nov. 2, 2008 at 7:03 PM  4 Comments
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Nov. 2, 2008 at 09:36:41 PM
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| I agree it started at the bottom with the same greed animal…predatory lenders, mortgage brokers at the local levels….but up the ladder there was knowledge of what was going on and it started early on during the Bush tenure….they had to know….hell I’ve known for at least 6 years. When they were financing people with 1 adjustable rate interest only loan for 80% of mortgage value and then adding high interest 2nd mortgage money just for the other 20% to people who could barely make their rent……the signs were clear early on. The truth is that it got to be so profitable and in such a frenzy that even folks with good qualified credit ended up with some of these toxic loans. A woman who I work with got into this boat. Her and her husband purchased a home for $240K in 2003. The lender rolled an auto loan and credit card balance ($10K) into the 2nd mortgage so they would qualify for the 1st. After 3 years they thought they would refinance to fix it only to find themselves in a similar loan with a bigger 2nd. So now they have been in their 250K home for 5 years with payments of $2400 a month. A recent foreclosure on a home the same size and model across the street sold last month for $180K (so that should tell you where the home values sit)…..some predictions say the value will correct in 5 years. This couple makes enough money to make their mortgage payments, so foreclosure is not an option as they do not wish to ruin their credit. In the end if all works as predicted – in 5 years they will have been in their home for 10 years, will have paid about $300K, and will have a $250K home that they $250K on. |
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Nov. 3, 2008 at 06:20:21 PM
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| I have asked that same question ddenver. Here is another thing that has bothered me and I hope someone can answer. Why is it, that when the Dems have lots of money, like Obama does, they are accused of buying influence, even an election. But when Republicans have lots of money, they are just hard working folk who earned every penny of it and would never think of using their overwhelming war chests to "buy" an election? Seems to me that when Republicans have money it is the Most American Way. When Dem's have money, they are just a bunch of crooks. |
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Nov. 3, 2008 at 07:28:28 PM
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[This is a reply to comment by indie616 on Nov. 3, 2008 at 06:20:21 PM]
indie616
Nov. 3, 2008 at 06:20:21 PM I have asked that same question ddenver. Here is another thing that has bothered me and I hope someone can answer. Why is it, that when the Dems have lots of money, like Obama does, they are accused of buying influence, even an election. But... View this Comment Indie, once again you are right on target……. |
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A week or so ago Bernanke appeared before the House Budget Committee and was asked if he thought extending unemployment compensation would be beneficial to the economy - his reply was that he thought measures had already been taken to extend UC by 26 weeks. One of the members spoke up in the background saying Bush wouldn't sign it - that he felt the workers would not look for work if they had additional income from UC.
We now have 6.1% unemployment, with seven states having unemployment a full percentage over. Ohio is the lowest at 7.2 percent and RI is the highest with a rate of 8.8 percent.
If you look at the mortgage lending situation from the other angle, that it was intentional, then it makes more sense. If the intent of this administration was/is to bankrupt the country, they are doing a top-notch job.
This administration has known what has been going on with the sub-primes since April of 2007. The Federal Reserve wasn't aware because their banks have regulations that are followed.
It was the state banks and lending companies that caused the sub-prime mess - they gave out the loans knowing what they were doing, while also knowing they wouldn't be caught because the loans were sliced and diced and sold to third parties - most of them overseas, which is what caused the global banking mess. They got their origination fees and other fees, so they were fat and happy, while the homeowners were out in the street.
P.
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