New Study Finds Democrats Fully to Blame for Subprime Mortgage Crisis that Caused 2008 Financial Disaster.
New Study Finds Democrats Fully to Blame for Subprime Mortgage Crisis that Caused 2008 Financial Disaster.
I have known this since at least 2008. Now show me how we can convince the low information voters in this country. Low Information Voters = at least 51% of the electorate.
We knew this would happen before the crash. It was inevitable. You can't just keep giving housing loans to people who won't pay them back - period. The Republicans in Washington said and did nothing. They let the MSM and the far left blame Bush, who tried to get congress to stop it - twice.
The spineless Republicans seriously dropped the ball on this one. They had the democrat party by the balls, but hid under their desks instead of sounding the alarm.
These democrat policies still stand. The housing for freeloaders is still law. We're still being forced to pay most of their mortgages right along with our own. They're setting the U.S. up for another crash down the line, and the Republicans are standing around like idiots letting it happen.
Odd.
I’m not buying it , “commitments” ,, What exactly does that mean? Seriously it’s not hard money or loans. I see it (allowing the ponzi that was the real estate bubble) as more of a payoff to the “banks” and their cronies that oversee them .. an excuse , COVER , for bad loans , known to be bad at inception .. loans that were propped up with phony appraisals and sold of before they were even funded.
The gutless cowards never own up to the damage they cause. Their fellow travelers in the media either ignore inconvenient facts or refuse to report them. Imagine how much they must hate the new media.
Known this all along. Now, get the talking head sOcIaLisTs to report on it.
Best of luck.
Personally, I'm a little ticked at myself for not realizing this, and taking that lowball offer we got on our California house in 2006. That house, which we still own now as a rental, is down $275,000 from its 2005 high.
Barney Frank was warned about the likely failure of the idea, and he said, “We want to roll the dice”. His gamble cost the US trillions... and yet the MSM allows him to continue as if he wasn’t primarily responsible for the greatest loss of wealth in world history.
btt
Unfortunately Republican politicians are about as good at explaining these things as Democrats are at understanding economic growth.
So don’t vote for them.
Democraps sent two democraps to head up fannie and freddie, then gave them bonuses tied to their “assets” (loans they bought). So the two democraps made millions while the banks were all too happy to sell them the loans. That’s where the SHTF.
The measure to curtail risky lending was sponsored by rino senators Hagel, McCain, Dole and Sununu.
Where were the vaunted conservatives?
And not a pip squeak out of any Republican as to these events. There have been plenty of times/opportunities for Republicans to set the record straight. However, Boehner and others have been silent or playing golf with Obama from whom they buy doublespeak.
What????? I thought it was George Bush’s fault! ///>>>/s
While I detest what the democrats have done, and I believe they are much responsible. It is nonsense to say that they are wholly responsible. I don’t like such misrepresentations, and they can easily be proven false. For one the Big bankers are very much responsible as they committed fraud after fraud in the name of a quick buck. For two the Republicans are also responsible for some pretty heavy things. One of those in fact is what enabled the whole banking system to fail and put the US taxpayer on the hook. That is the repeal of Glass-Steagall by a bill sponsored by 3 Republicans. That is the single worst thing that caused all of this. One could argue that most of the rest of the fraud and corruption was enabled by that one greedy act. Of course the Democrats had quite a hand in Repealing Glass-Steagall as well.
This is why the RINO herd got it’s arse handed to it on 11/7.
Show some character - learn from the mistakes, OWN THEM, and drive on.
Under the sap-happy Hobamanated giveaway mtge standards, lenders could no longer turn down a loan from a welfare recepient, from those who recieved unemployment compensation, or child support as their "primary income." One couple receiving only SSI---applied for a mtge w/ a fraudulent app prepared by a greedy latino realty agent.
HERE'S HOW THE SAP-HAPPY CRIMINAL LIBERAL MIND WORKS HObama sued lenders to force them to give out toxic loans, and now---as President---he is suing them for complying, and actually lending the money.
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MASSIVE MORTGAGE FRAUD ON CAPITOL HILL:
The Congressional Hispanic Institute, Inc, is an entity organized by Cong Joe Baca (D-Cali) in his capacity as head of the Congressional Hispanic Caucus.
Cong Baca created "HOGAR" (Spanish for home) in 2003 to work with the mortgage industry, F/M, lenders, banks and latino community groups to increase mortgage lending to what savvy observers consider to be unqualified Latinos.
"HOGAR" colluded w/ Cong Baca in what was to become a massive bilking of taxpayers. Cong Baca calculatedly hyped the fact that the national Latino homeownership rate was 47%, compared with 68% for the overall population.
HOGAR was coached to call the figure "alarming," and to say "a concerted effort was required to ensure that by the end of the decade Latinos will share equally in the American Dream of home ownership."
HOGAR and Cong Baca conned the public, failing to note that most of the "dreamers" were illegals, citizens of Third World countries who had violated US borders.
Predictably, HOGAR colluded w/ co-conspirators which included:
(a) shaky mortgage companies that ran into big trouble;
(b) Fannie Mae and Freddie Mac, both now under federal control after billions in taxpayer bailouts;
(c) Countrywide Financial Corp., sold to Bank of America Corp;
(d) Washington Mutual Inc., taken over by the US government and sold to J.P. Morgan Chase & Co.; and,
(e) New Century Financial Corp. and Ameriquest Mortgage Corp, both now defunct, killed by defaulted subprime Latino mortgages.
HOGAR's ties to the subprime mortgage industry were substantial. Bribery and self-dealing were rampant:
<><> Companies that donated $150,000 to Cong Baca got the right to have their own research fellow who would conduct fraudulent studies, which were cunningly used by industry lobbyists to pump lending.
<><> Bribery and extortion in the form of $100,000 annual donations to Cong Baca, for which HOGAR provided phony news releases from Cong Baca's Hispanic Caucus promoting a lender's commercial products to the Latino market,
<><> The most shocking example of bribery well-substantitated by Hogar's literature..... HOGAR announced it worked with Freddie Mac on a self-serving two-year examination of Latino homeownership in 63 congressional districts.
The "study" found Hispanic ownership on the rise thanks to "new flexible mortgage loan products" that the industry was adopting at the urging of Cong Baca's collusive coterie.
<><> HOGAR conned lenders into even more lenient down-payment and underwriting standards.
<><> As the subprime debacle unfolded, HOGAR declined repeated requests for comment despite the economic havoc their activities precipitated.
The mortgage schemes demonstrated the criminal activities of border violators with multiple identities---perhaps violent, terrorist-connected foreigners---colluding and conspiring to defraud private companies and public entities. And mortgage racketeering enterprises which employed sub rosa finance and business practices to carry out deceptions and frauds.
The alleged ring of swindlers---a Congresman, individuals with multiple identities, banks, insurance companies, mortgage nrokers--might be charged with cheating the US govt, taxpayers and bank share holders out of hundreds of millions of dollars via an elaborate web of mortgage and bank frauds.
The mortgage Dreamers used multiple phony identities, fraudulent Social Security numbers, purchased from identity forgers in order to obtain govt-subsidized benefits.
L/E will find that individuals with multiple identities obtained fraudulent mortgages then flipped the houses at ever-higher prices to family member who then absconded to foreign countries, sticking banks (and taxpayers) with hundreds of millions in fraudulent mortgages.
BACKGROUND A Wall Street Journal investigative report related that, according to the Federal Financial Institutions Examination Council examination of the borrowing spree, uncovered financial schemes by low-income housing groups, Hispanic lawmakers, a congressional Hispanic housing initiative, mortgage lenders and brokers, all colluding in fraduent schemes to increase homeownership among Latinos with forged documents which enabled massive fraud.
This was not simply the mortgage market at work. It was fueled by avarice, greed, and Congressional enabling fraudulent practices. In 2005 alone, mortgages to Hispanics jumped by 29%; Latinos with multiple fraudulent identities in low-paying jobs obtained subprime mortgages for prime properties---soaring to 169%.
(Research provided by Wall Street Journal. Some material excerpted from the NY Times).