Absolutely correct!
The housing bubble was the direct result of the community reinvestment act (scheme to force lenders to lower the bar on loan qualifications in order to make home ownership more accessible to a larger block of dumbocrat voters) signed into law by the peanut head in ‘76.’ The law was given more strength in 96 by slick willie (after all, he was handed an internet ipo boom by the folks at Netscape). It started to go off the rails when those low-bar borrowers started defaulting. The big lenders fannie and freddy (and others), seeing their bottom lines evaporating started shuffling bundled bad mortgages (derivatives) around, inflating perceived wealth. When the bubble burst, W did what his advisers told him to do.....basically what zippy is doing right now....government bailout!
Not absolutely sure, but it is likely the CRA was crafted and drafted by the same community organizer types that mobilized zippy’s run in 08.
It is absolutely hypocritical for zippy to claim the problems were caused by the previous administration when in fact they were caused by two previous dim-o-crad administrations, and that the attempted solution (tarp/government bailouts) is exactly what zippy would have done/is doing/will continue to do.
Tea party principles (strict Constitution adherence) need to infect the the gop, and a reckoning is most called for.
Cheers
“Not absolutely sure, but it is likely the CRA was crafted and drafted by the same community organizer types that mobilized zippy’s run in 08.”
How right you are...
A Freeper posted an ACORN brochure pdf-—”Success” Stories from the ACORN Housing Corporation.
Here’s a damning quote:
“The agreements expand the traditional definition of income to include government sources such as PUBLIC ASSISTANCE, FOOD STAMPS, foster care and Social Security. This opens the door to homeownership for many families whose jobs alone do not meet the bank’s income guidelines.”