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Federal Regulators Admit That Clinton's Mortgage Scam Caused the Economic Crisis
Rush Limbaugh ^ | 1/10/13 | Rush

Posted on 01/10/2013 6:56:15 PM PST by Nachum

RUSH: "Federal regulators for the first time are laying out rules," this is from the AP, "aimed at making sure that people who borrow money for mortgages can afford to repay them." Do you realize what this means? Do you realize what this means? "Federal regulators for the first time..." It's 2013! For the first time? This is a tantamount admission. Nobody's calling it this, except I, El Rushbo, except me.

I'm telling you: It's a tantamount admission that the subprime mortgage mess was exactly what it was. It was people who were given loans that could never pay 'em back, and they were not picked on. It was not predatory lenders that went out and found them. This was social engineering by Democrats. (summarized) "The American dream is everybody should have a house. It's not fair that certain Americans should have houses and other Americans don't."

So here came the subprime mortgage plan, and it basically was a federal program that ordered banks to lend money to people that had no way of paying it back, lend money to people that didn't have to take a credit test and pass it, lend money to people that everybody knew would never pay it back. By the way, if you're new to the program, I want to explain this again. Because the economic mess that we are in was caused and is the result of, predominantly, this.

(Excerpt) Read more at rushlimbaugh.com ...


TOPICS: News/Current Events
KEYWORDS: admit; clintons; federal; regulators
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To: Fee
you make all the sense in the world....the whole of our society has settled into a sordid immorality in the little things and the big things...our banks, our govt, our citizens..our fbi,cia,justice depts...a lot of our churchs...certainly most of our colleges/universities...

liberals are just the shallow face of the game...an ugle face to be sure...

21 posted on 01/10/2013 8:23:12 PM PST by cherry
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To: Nachum

obama and his minions are still blaming Bush for this one.

Phooey!!!!


22 posted on 01/10/2013 8:24:35 PM PST by Honorary Serb (Kosovo is Serbia! Free Srpska! Abolish ICTY!)
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To: Essie

If the gov inadvertently created a loophole for rape, would you use it to rape a beautiful woman? When the bankers created liar loans, had them resold to pension funds and etc as AAA investments. Sooner or later this will come back to haunt them, and even worst destroy our country. Bankers knew this when they took advantage of gov stupidity. What does that make bankers in terms of being patriots. Would you do something that will in the long term destroy your own country? I would not. Bankers would. How are they no different from liberals that we hate and loathe.


23 posted on 01/10/2013 8:36:32 PM PST by Fee
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To: Nachum

Now we finally know the “hole” story of the 2008 Crash. It was caused by Bill Clinton’s penis!


24 posted on 01/10/2013 8:51:33 PM PST by vette6387
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To: Nachum
I think this is it.
25 posted on 01/10/2013 8:58:01 PM PST by <1/1,000,000th%
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To: Nachum

So after forcing banks and other institutions to abandon prudent lending requirements twenty years ago so government could give free houses to the poor at taxpayer expense, regulators are now going to let government save us by forcing those lenders to return to those same requirements - this is sick.....


26 posted on 01/10/2013 8:58:10 PM PST by Intolerant in NJ
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To: cherry

“many, many middle and upper income people bought 2nd and third houses and flipped them.”

Very true! And they did it because everyone was of the opinion that housing prices were just going to go up ad infinitum! But the mechanism here was different in that absent the crash (caused by those who got loans they couldn’t pay back) the people who were “leveraging” their capital could pay what they owed. Further, that they could continue to pay, but chose not to when they found that the market value of their holdings was substantially less than what they owed. In hindsight, they were caught and lost, but they were not caught directly by their investing strategy, but by a falling market that was caused by the bums getting loans that they could not afford. I have a neighbor who is now renting a house nearby. Back before the crash he bought a home for something on the order of $800k. He elected to “give it back” to the bank when it appraised for something like half of that. So it’s not really fair to blame the so-called middle and upper income people for what happened. They are victims of the government too. The government has succeeded in “erasing” literally trillions of dollars in real estate equity with CRA and its cousins.


27 posted on 01/10/2013 9:07:26 PM PST by vette6387
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To: American in Israel

Amazing accomplishment to explain to God some day.


Who thinks he’s going to explain to God. He has to go to heaven to see God and I don’t think he’s headed in that direction.


28 posted on 01/11/2013 2:50:30 AM PST by DH (Once the tainted finger of government touches anything the rot begins)
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