those pernicious practices which destroyed the housing market are being re-upped by this clueless crew in charge
Defaults Rise in Federal Loan Modification Program - NYTimes.com
those pernicious practices which destroyed the housing market are being re-upped by this clueless crew in charge
Defaults Rise in Federal Loan Modification Program - NYTimes.com
the dolt shouldn't double down
See, this is the problem. It's not Obama's or Bush's economy. It's the economy. The President can only do so much. This idea that the a President is in charge of the economy is very unrealistic. He doesn't just push buttons and make it go.
Well, he would also have been crucified if he had done nothing.. Obama is in a no win situation. No matter what he does it will not fix the housing sector.
He can't push buttons to make it go necessarily, but he can push buttons to make it stop. That's what Obama is doing: higher taxes, government healthcare, cap and trade, fierce business regulation, etc, is not what business likes to hear.
Well, he can thank his buddies Frank and Dodd and company for that.
thrown in jail...
LOL!
will the partisan spin never stop?
biggest state in the union
California jobless rate swells to 12.6 percent
all time record unemployment rate
ouch!
get a rope
LOL!
will the partisan spin never stop?
biggest state in the union
California jobless rate swells to 12.6 percent
all time record unemployment rate
ouch!
get a rope
LOL!
Don't worry folks the fact that this increase of jobs won't even cover the increase of the participating labour force isn't a problem for the Obama cult, they just go to their default position for everything: "It's Bush's fault," apparently the Community Reinvestment Act of 1977 which forced banks to give loans which they wouldn't ordinarily give, the fact that Freddie Mac and Fanny Mae were forced in 1995 to lower their down payment requirements and were given affordable housing credit for buying subprime loans, and the fact that they bought up $500 billion in Alt-A loans doesn't amount to a hill of beans. Bush did it, it's as simple as that, Congress is off the hook, borrowers are off the hook, it was those evil conniving bastards, Greenspan, Bush, and private bankers, so no matter how much the national debt increases under Obama, no matter how much unemployment increases, no matter how much further down GDP growth goes never fear, just say those three magic little words: "It's Bush's fault,". :roll:
The left has controlled Congress for 3 years and the white house for more than a year, this is their economy now, they own it.
Bush and Greenspan could have stopped the housing bubble but they didn't.
They are responsible for the collapse of the housing industry. The CRA and Fanny and Freddie had nothing to do with it.
It was the low interest rates
and Bush pushing houses for everyone that led to the housing boom and then the eventual collapse of the housing sector.
CRA?
The majority of risky loans made prior to the mortgage meltdown were made by non-FDIC insured banks, those not subject to CRA regulation. According to FDIC Chairman, Sheila Bair, “Only about one-in-four higher-priced first mortgage loans were made by CRA-covered banks during the hey-day years of subprime mortgage lending (2004-2006)” (Bair). Michael Barr, University of Michigan law professor, testified to the House Committee on Financial Services in February 2008, “that 50% of subprime loans were made by mortgage service companies not subject comprehensive federal supervision and another 30% were made by affiliates of banks or thrifts which are not subject to routine supervision or examinations (Pressman).”
That 30% was still partially regulated by the CRA. At least 50% of the subprime loans issued fell under CRA provisions; furthermore, a strengthening of the CRA in the 1990's encouraged a loosening of standards throughout the entire banking industry.
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