They had zero power to block anything in the house from 2001 to 2006 under Republican control. You think the House has a filibuster?
As I already pointed out by 2007 it was too late, Housing prices had reached levels they could never be sustained at. They were going to crash and the big fall started Sept 2007 with a brief suckers rally in mid 2008 when Bush and Bernake assured the country that the economy was sound.
Earlier Bush was too busy taking credit for home loans to minorities with bad credit to propose reforms that would end his own programs.
GWB 2002 Speech :”More and more people own their homes in America today. Yet we have a problem here in America because fewer than half the Hispanics and African Americans own their own homes. That’s a home ownership gap; a gap that we got to work together to close. And by the end of this decade we’ll increase the number of minority homeowners (future Obama voters ) by 5.5 million families. “
“One of the major obstacles to minority home-ownership is financing. Fannie Mae and Freddy Mac (who I will bail out in 2008) have committed to provide more money for lenders, they committed to meet the shortage of capital available for minority home-buyers. Freddie Mac just began 25 initiatives around the country to dismantle barriers (like income requirements) and create better opportunities for home-ownership. One of the programs is designed to help families with bad credit histories to qualify for home ownership loans (by faking their income) . You don’t have to have a lousy home for first time home-buyers. You put your mind to it the first time low income home buyer can have just as nice a house as anyone else (till those adjustable rates go up).
President Bush Mortgage Speech 2002(Helping those w bad credit buy houses)
Nope. But the Senate does. And DID. Very effectively.
The current House has passed many bills that are DOA in the Senate. Just as it was in 2001-2006.
You got me thinking. Waters and the Crew Et-Al may have been running the block in 06-08' time frame BTW the video is out their on youtube of this....
Shame on "our side" for not getting anything done sooner ( Hastert, what a waste ), when they had the House. And no, I know they don't have a filibuster....
Many loan brokers lied to the buyers...especially Countrywide Home Loan brokers.
Some in California were making 60-80,000 per month.