Posted on 01/31/2009 2:22:19 PM PST by EagleUSA
It was definitely the mortgage industry, at the behest of the US Government, that ventured into high risk loans - allowing borrowers to make zero down purchases and loan to income ratios of upward to 7 to 1.
Couple that with 5 year ballons on most of these and the building industry producing new homes at the highest rate in history. The collapse was inevitable.
Government policy helped create a housing glut, artificially holding prices down and when these 5 year ballons come due, borrowers are either upside down, do not have the income level to refinance or both.
Uninformed borrowers and fly-by-nite lenders looking for 'easy profits' certainly did provoke this crisis and the U.S. Government (both parties) was only too glad to help as their re-election coffers kept filling up with money from builders and lenders alike.
The people who truly got screwed were those that played by the 'old school' rules. Save until you have the twenty percent down, take a mortgage less than 2 times your annual income, and make sure it is a 15 or 30 year fixed mortgage.
Seemed pretty damn smart until those who did exactly that saw their values plunge right along with the 'bad' borrowers, wiping out their equity.
Government policy helped create a housing glut, artificially holding prices down
ROFLOL, get back to me when you know the topic. LOL
LOL!
Seeing as how my father was one of those builders and our next door neighbor is a bank V.P. (a little bank called Citi - so she obviously would not know, LOL) and they sure were bragging about Government de-regulation and how wonderful it was (about 2003 to 2006) before both changed their tune and stated "get ready, the bottom is about to fall out".
So far you have provided NOTHING to back your position.
And once again you have proved you know nothing about the topic. I really could care less if your father was and is a builder. The last HUD project I had approve was 261 units.
So you either work in the government and approve hud projects and you say the government is not the problem? Or worse yet, you are a builder that depends on government hand outs - but says the government has no accontability in this problem? Both positions paint you as the one who is oblivious of the topic.
Either way you are admitting to the government’s direct involvement in an area that helped lead to the current situation - how ignorant are you?
Well, she’s actually a Bush appointee (and former Republican congressional candidate), but there isn’t really much difference, is there.
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True, and she is pandering for Obama too. It is just they way you get ahead in a government that is no longer for and by the people.
I don't care who you are, that's just funny right there...
It is quite apparent that you are clueless as to what my position is or how the deregulation of Fannie Mae and Freddie Mac along with the inactment of other federal regulatory measures designed to make housing affordable to more people DO have a direct correlation to what has occured in both the mortgage and building sectors of the housing market. How is it that you cannot get that or how about trying to articulate why you think that is incorrect?
So far you act like you are reading a script on what someone told you to say, but you have no idea what the words you say or write actually mean. Yes, I have already made it plain that a glut in housing availability has led to lowering housing values, in large part due to the reasons mentioned above. That is supply and demand by the way, you may want to look that up so you are clear on its meaning.
I'm pretty much done with you. You are incapable of articulating your position short of a junior high prospective and I have very serious doubts about the validity of any claims you may make. If your only point is to lambast others to make yourself feel better about your own failings - well then good for you, I guess. But it would be really nice to have individuals with a higher level of intellect, clear and concise thought processes and a propensity for sharing knowledge to discuss issues with rather than some 60+ year old with minimal conversational skills.
The above is you childish statement, live by it you poor nitwit.
I'll just leave you with a few thoughts, since you refuse to engage in any meaningful discussion concerning this topic.
First, I will commend you on your service to your country. I take great pride in my 20 year service on board fast attack submarines as an enlisted man, and I feel those of us that were willing to place our lives in harms way for our country and the Constitution share something that no one else can either understand, nor take away.
Second, take time to re-read Rudyard Kipling's "If". I have found it to be a truer test of what a man should be and even though I may fail at times, I certainly strive to live by those tenants.
Third, may God truly bless you and your family. The coming days will be a test that many will either fail or will be perplexed as to why such bad things have happened to them.
Sincerely,
"poor, stupid nitwit"
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