JUST DO IT!
Posted on 01/27/2012 1:41:24 PM PST by BuckeyeTexan
Edited on 01/27/2012 3:02:28 PM PST by Sidebar Moderator. [history]
At the CNN Florida Republican Presidential debate in Jacksonville on January 26th, Governor Romney attempted to link Speaker Newt Gingrich to the 2007 Housing Crisis by questioning the Speaker’s role as a consultant at the troubled mortgage giant Freddie Mac. He made the same connection in the NBC debate on January 23rd. Governor Romney claimed in the debates that Speaker Gingrich peddled his influence in Washington D.C. to promote Freddie Mac when he should have been blowing the whistle on the government-sponsored entities' practices.
Well, I think you know that Fannie Mae and Freddie Mac were a big part of why we have the housing crisis in the nation that we have. And we've had this discussion before.
Speaker Gingrich was hired by Freddie Mac to promote them, to -- to influence other people throughout Washington, encouraging them to -- not to dismantle these two entities. I think that was an enormous mistake. I think, instead, we should have had a whistle-blower and not horn-tooter.
He should have stood up and said, look, these things are a disaster; this is a crisis. He should have been anxiously telling the American people that these entities were causing a housing bubble that would cause a collapse that we've seen here in Florida and around the country.
Romney ignores the fact that there were whistle-blowers who pointed out that Fannie Mae and Freddie Mac as government-sponsored entities (GSEs) needed regulation to prevent financial trouble. In a September 2003 article, the New York Times reported that President George W. Bush introduced “the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.” Likewise in April 2005, Fed Chairman Alan Greenspan testified before the Senate Committee on Banking, Housing, and Urban Affairs regarding the necessity of reforming and regulating Fannie Mae and Freddie Mac.
From now on, limiting the potential for systemic risk will require the significant strengthening of GSE regulation and the GSE regulator. (…) Left unresolved, such uncertainties could threaten the stability of financial markets.
In a 2008 Financial Times article, George Soros said:
The current financial crisis was precipitated by a bubble in the US housing market. (…) Boom-bust processes usually revolve around credit and always involve a bias or misconception (…) The super-boom got out of hand when the new products became so complicated that the authorities could no longer calculate the risks and started relying on the risk management methods of the banks themselves.
And according to the April 2008 International Monetary Fund’s World Economic Outlook, the “financial market crisis that erupted in August 2007 has developed into the largest financial shock since the Great Depression, inflicting heavy damage on markets and institutions at the core of the financial system.”
Mitt Romney served as Governor of Massachusetts from January 2, 2003 to January 4, 2007. As Governor, Romney aggressively promoted affordable housing as a key component of his jobs initiative. In several 2003 and 2004 press releases, Governor Romney claimed that Massachusetts needed more affordable housing to stay economically competitive and that employers weren’t moving their operations to Massachusetts for lack of affordable housing. As was the common theme among liberal Republicans and Democrats at the time, Romney proclaimed in a March 3, 2004 press release that “fair and affordable housing should be a right, not a privilege.” According to a review of press releases from his administration, Governor Romney pledged approximately $350 million in state and federal funds and low-income housing tax credits to build more affordable housing and assist low-income borrows with special mortgage financing. So when President Bush’s administration was attempting to regulate GSEs to avert a financial crisis, Governor Romney’s affordable housing policies were significantly contributing to the bad assets on the books of Fannie Mae and Freddie Mac. According to data from the Federal Reserve Bank of Boston the number of subprime mortgage originations in Massachusetts spiked between 2003 and 2006.
Not only did Governor Romney aggressively promote access to affordable housing, he also convened private and state entities to develop ideas for creative financing programs that would allow low-income borrowers to purchase the affordable housing units the state was building. One such program developed by MassHousing and United Cooperative Bank was “Take the PVTA [Pioneer Valley Transportation Authority] Home” which Governor Romney launched with a personal appearance and press release on January 31, 2003.
United Cooperative Bank is currently offering the “Take the PVTA Home” mortgage with a 30-year fixed interest rate of 5.75 percent. Banks like United Cooperative are willing to make the no-downpayment loans because MassHousing insures them. As an added incentive, lenders receive enhanced Community Reinvestment Act (CRA) credit for the loans for partnering with MassHousing. (…) According to MassHousing Executive Director Tom Gleason, “When we designed the program, we took into account that people who take mass transit have fewer car-related expenses, and have more money to spend on a mortgage.”
Given that there were whistle-blowers warning the U.S. Government about the potential dangers of Fannie Mae and Freddie Mac, why was Governor Romney still pushing affordable housing in Massachusetts? Apparently, riding the bus in Massachusetts had some great benefits under Governor Romney.
The next article on Governor Romney’s role in the 2007 Housing Crisis will address that question and more.
Of possible interest to this (Ping) list.
Have sent article to quite a few people in my private email address book.
Great job Tex ~ Great Job ~
The time has come to step up and fight against those who would destroy Reagan’s American dream. The Republican establishment is behind Romney, and whether it be Cain, Bauchmann, Santorum, or Newt, they will stop at nothing to destroy those in their path.
The list of Benedict Arnolds is growing by the day, as more and more masks come off the posers of conservatism. Many I used to look up to have sworn an oath to destroy all I believe in, and Romney is the ant-conservative they will use to do so.
I have sworn in my heart, that if Romnmey becomes the Republican nominee, that I will not vote for him in November. I will still vote, but not for either Obama or Romney, because we will end up the same place.
As a Christian conservative, I had hoped that Santorum would have prevailed, but alas it will not be so. As of today, I am fully and 100% behind Newt Gingrich. The recent Florida polls may make it seem like I am jumping on a sinking boat, but I would rather go to my death fighting for what I believe in, then to sell my soul to Satan as so many pseudo conservatives have.
I was asked to ping my list for a heads up about what is happening. I understand that the vast majority of you are well informed on what has transpired as of late, but maybe there are a few of you still unaware of the assault upon conservatism by the Republican establishment. It is to those of you who are either unaware, or in disbelief of how desperate the situation is, that I pass along this message with a ping to this article.
Our time is nearer then most Americans can imagine, if we fail now, then we fail all those who came before us, and all those who will follow. Seldom does a people have the ability to make the difference their great grandchildren will honor with pride. Today, this Summer, this year is such a moment.
You must ask yourself, what will you tell your children’s children when you are old and knocking on heavens door, when they ask you, “Why did you not fight harder to stop it when you had the chance?”
Please help fight by doing all you can now. Call friends and relatives who may live in Florida or maybe you have friends and relatives that know someone else who has friends or relatives living in Florida. We need to stop the hoards of hell from taking this Christian country down. If we fail, then come next January the wrong person will be sworn in.
Mark my words, when the last defender of God goes down, the world will soon follow. Yes, I do believe that America is the only country in the world that still defends Christ, and while the ranks of Christians in America are dwindling by the day, the rate of fall will be precipitately quicker if the Muslim Obama is re-elected, or the Anti-Christian Mormon, Mitt Romney, ascends to replace him.
On a personal note, I am facing surgery on my lower neck on the 18th of January, please keep me in your prayers. I was diagnosed with degenerative disc disease (real bad arthritis) and a slipped disc on my C7 vertebrae. It explains why I have had so many troubles with neck, arms, hands, and fingers as of late. The surgery will alleviate the pain in my arms and hands, the neck is a different matter that I will just have to live with.
God bless America, Free Republic, Jim, and each and every one of you,
OneVike
Sorry, I failed to add this to my ping, so I’ll post it separately.
Please, please donate anything you can to help Free Republic.
Now more than ever we need this home of ours to not only survive, but to keep from ever needing to advertise to make ends meet.
As you are already well aware of, there is no other conservative forum that has stayed the course and not wondered from the path less traveled as so many other conservative sites have.
Join in and give what you can to keep Free Republic Free.
Could not agree with you more. Gingrich has my support 100%.
I pray your back surgery goes well. I had lower spinal surgery a few years ago and have a titanium implant at L3,L4, L5 with a neuro-stimulator implant. My back is stronger than ever before.
Hope it all goes well for you...and I am with you and all who want our nation to be great again! Fabian
I seriously doubt they are going to be able to give us a judgment on the candidates that anyone should trust to guide voters in other states.
Thank you both.
I will not be having any clamps, braces or pins put in. They are going to cut a portion of the vertebrae off and remove the portion of the disc that has slipped out.
Then let it heal. Because it is the base of the neck on the C-7, and thus the largest of the cervical vertebrae, they can remove a portion of it without weakening it.
Down the road I may need another operation to fix my lower spine that very well may end up to be similar to what they did to you Jukeman.
Either way, I pray the surgery will put an end to the wretched pain I have been dealing with. Today is a good pain day, but as I learned that can change in 10 minutes.
i salute you and feel the same
bttt
The rehab physical therapy is of utmost importance.
I am ready to get started now, but unfortunately I have to wait the operation.
Oh my. You are in my prayers, FRiend.
try the miracle liquid DMSO also...used by many sports teams because there is no better natual healer. Also known as horse linament because it is used on racehorses.
Thank you so much for sharing your insights, dear OneVike, and yes of course I am praying for you!
Florida Freeper Ping here!
I’ll be giving extra beyond my monthly later this week...
FREEPERS EVERYWHERE!
PLEASE read before you vote! I have learned a great deal during this past week of research and seeking the truth. Much of what we have heard about Newt Gingrich is not true. Please spread these links to all your family and friends and just ask them to read and then decide for themselves about what is true and what isn't. Everyone who knows me knows I am supporting Newt Gingrich, and they ALSO know that I did not start out favoring Newt. I realize now that Newt is the one we need as our Commander In Chief!
http://www.freerepublic.com/focus/f-news/2838983/posts
Article that Rush and Mark Levin featured this past week:
http://spectator.org/blog/2012/01/27/elliott-abrams-caught-misleadi
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.