Please stop blaming Bush on the housing crisis
Folks,
The media wants you to believe that the GOP and their deregulation ruined this country. Countless of explanations are all over the web and their counter-explanations to boot. The truth is far more sinister.
A large group of the senate and congress believed that the poor have struggled way too much and implemented mechanisms of Social Engineering. They felt that the less priveleged deserved houses too. Utilizing a much neglected 1977 law (Community Reinvestment Act) and a 1995 revised bill they enabled community organizing groups like ACORN, NACA, LaRaza, MAHA etc to extract hundreds of millions from banks.
Many liberals claim that the CRA is just a right-wing scapegoat, but they are lying as they often do. They are neglecting that the groups have provided a massive number of loans through their own off-shoot housing programs. No one, including the govt can quantify how many loans were issued via CRA.
Let me tell you, every poor town in the Boston area is defaulting like crazy. Roxbury, Dorchester, Mattappan, Framingham and others have foreclosure rates that are SKYROCKETING. Guess who issued those loans? I assure you that banks are in the business of making money and providing loans to unreliable people is not smart.
Remember lastly that in 2004 Republicans called a hearing to reform Freddie Mac and Fannie Mae (the chief culprits in all of this) and Democrats pushed back violently. Lead especially by that fat disgusting windbag of a man named Barney Frank. God, why can't the comm....i mean wonderful people of Newton vote him out??
Here is a video I made that talks about it more, check out that goofy face!!
The media wants you to believe that the GOP and their deregulation ruined this country. Countless of explanations are all over the web and their counter-explanations to boot. The truth is far more sinister.
A large group of the senate and congress believed that the poor have struggled way too much and implemented mechanisms of Social Engineering. They felt that the less priveleged deserved houses too. Utilizing a much neglected 1977 law (Community Reinvestment Act) and a 1995 revised bill they enabled community organizing groups like ACORN, NACA, LaRaza, MAHA etc to extract hundreds of millions from banks.
Many liberals claim that the CRA is just a right-wing scapegoat, but they are lying as they often do. They are neglecting that the groups have provided a massive number of loans through their own off-shoot housing programs. No one, including the govt can quantify how many loans were issued via CRA.
Let me tell you, every poor town in the Boston area is defaulting like crazy. Roxbury, Dorchester, Mattappan, Framingham and others have foreclosure rates that are SKYROCKETING. Guess who issued those loans? I assure you that banks are in the business of making money and providing loans to unreliable people is not smart.
Remember lastly that in 2004 Republicans called a hearing to reform Freddie Mac and Fannie Mae (the chief culprits in all of this) and Democrats pushed back violently. Lead especially by that fat disgusting windbag of a man named Barney Frank. God, why can't the comm....i mean wonderful people of Newton vote him out??
Here is a video I made that talks about it more, check out that goofy face!!
“No one, including the govt can quantify how many loans were issued via CRA.” Really? Proof?
ReplyDeleteIt’s definitely not Bushes fault. But blaming social programs for corporate greed and mis governance is just as insane!
Why don’t we all take a good long look in the mirror, especially those of us who were mortgage brokers selling Variable Rate Mortgages to people who couldn’t afford them? Take a good look…
The banks and the mortgage sharks who sold those loans to people who had no business getting loans. Nobody forced them to sell those loans. They sold them because they could make a quick buck and there was no risk since they turned around and sold them off to investment banks.
The guys that wrote those loans are criminals, but they are not getting screwed. It’s the people they let into those houses that are getting screwed and the rest of us because the ibanks collapsed and froze the credit markets.