MaggieD
DP Veteran
- Joined
- Jul 9, 2010
- Messages
- 43,244
- Reaction score
- 44,664
- Location
- Chicago Area
- Gender
- Female
- Political Leaning
- Moderate
What caused the housing crisis? Should it have been foreseen? Could the crisis have been "headed off at the pass?" Are we still making the same mistakes?
My opinion: President Clinton's National Homeownership Strategy (1994) began the mess that's led us to where we are today. With the help of an historic meeting of public and private lenders/bankers/public-private housing industry moguls convened at the White House in August 1994, the NHS was born. It's underlying intent: "Everybody ought to be able to buy a home. So, lenders, come up with some creative ways to make that happen!" And they did. Bill Clinton's drive to increase homeownership went way too far - BusinessWeek
Voila! The housing crisis -- and the worst economy our country has seen since 1939.
Do we have Democrats to thank for this housing crisis? More importantly, is the current Administration doing the same thing all over again in the business sector?
Discussion?
My opinion: President Clinton's National Homeownership Strategy (1994) began the mess that's led us to where we are today. With the help of an historic meeting of public and private lenders/bankers/public-private housing industry moguls convened at the White House in August 1994, the NHS was born. It's underlying intent: "Everybody ought to be able to buy a home. So, lenders, come up with some creative ways to make that happen!" And they did. Bill Clinton's drive to increase homeownership went way too far - BusinessWeek
Voila! The housing crisis -- and the worst economy our country has seen since 1939.
Do we have Democrats to thank for this housing crisis? More importantly, is the current Administration doing the same thing all over again in the business sector?
Discussion?