Watching Paulson now...he was weak and ineffective with Wallace. Hope he is better at fixing this mess than he is in explaining it! (eye roll)
He failed to mention that Bush tried to fix this stuff in 2003 and McCain tried to fix it in 2005. If he didn’t want to appear partisan, he simply could have said the Administration had tried several times to bring this looming problem to the attention of Congress, but that the congress had blocked it. He could have said that some ‘members of Congress’ had tried in 2005 to pass legislation, but that it was also blocked.
Schumer up now to provide cover for the rats...(eye roll).
Bush Administration already provided mortgage relief for ‘home buyers’ a few months ago!! Why are the dems demanding more be done for the ‘home owners’ now?
“Why are the dems demanding more be done for the ‘home owners’ now?”
Dems got us into this trouble in the first place. See below.
From a recent IBD editorial:
“It was the Clinton administration, obsessed with multiculturalism, that dictated where mortgage lenders could lend, and originally helped create the market for the high-risk subprime loans now infecting like a retrovirus the balance sheets of many of Wall Street’s most revered institutions.
Tough new regulations forced lenders into high-risk areas where they had no choice but to lower lending standards to make the loans that sound business practices had previously guarded against making. It was either that or face stiff government penalties.
The untold story in this whole national crisis is that President Clinton put on steroids the Community Redevelopment Act, a well-intended Carter-era law designed to encourage minority homeownership. And in so doing, he helped create the market for the risky subprime loans that he and Democrats now decry as not only greedy but “predatory.”