First and foremost word to John McCain
I am not your friend motherfucker, I am your employer, your boss…treat me as such.
Apparently neither of you clueles dirtbags have the first clue why we are having the mortgage crisis. That or you are simply, liars. Remember the community re-investment act? you made it easier for people to own homes. Remember when you strengthened it and sent it to Bill Clinton and he signed it? You made it so anyone could buy a home they couldn’t afford with no money down, now those chickens are home to roost.
So McCain your plan is to have the government buy up these mortgages and re-fi them at lower interest and lower principle…In other words us homeowners who acted responsibly are going to pay for all those people who didn’t? That about it?
And both of you talk about how in the long run this 700 million dollar bailout will make the government money…uh huh right…that’s based on the presumption that these faulty mortgages the government spawned via the community re-investment act and is now going to buy, won’t go into default and the government will be stuck owning a bunch of devalued houses. What do you want to bet these houses will be re-distributed to the very people that bought houses they couldn’t afford and the government will end up LOSING money o nit? Remember when I say the government I mean me and you people…it’s OUR money they are using for this shit.
And you both have the audacity to stand there and straight up lie to us when you tell us that we must make sure the profits from this are returned to the taxpayers…uh huh ya I’m gonna hold my breath waiting on that to happen.
You are both disingenuous lying pieces of shit. You could both drop dead tomorrow from a lack of brain activity and the world as whole would be better off.
You are both for sale, admit it…why else would you spend 25 million dollars each to get a job that pays 400,K per year? And what exactly do we the people get? I will tell ya what we get…exactly what we fucking deserve for allowing this.
OK I’m off my soapbox…what do YOU think?
3 Responses
Hey Mike,
The Community Re-Investment Act inspired loans that were risky, but sustainable. I know that the right-wing radio talking points aim to put the blame for the current crisis entirely on the pressure placed on Fannie Mae in the 90’s. but that pressure wasn’t the cause of the mortgage crisis.
It opened the door to it by removing down payment requirements, etc., but it didn’t create outright fraud. The riskier Fannie Mae-backed mortgages from the early days of the Community Re-Investment Act weren’t the ones that collapsed the investment banking industry.
The real crisis began in the mid 2000’s when the Bush administration was determined to keep the mortgage bubble growing, and interest rates down. Mortgage brokers took advantage of the Community Re-Investment Act, and having run through all the barely qualified lower-income borrowers, turned to the completely unqualified lower-income borrowers with new borrowing schemes that weren’t envisioned in the 90’s because our simple-minded legislators (Republicans) hadn’t looked forward to all the ways their constituents would twist the law and take advantage of the complete lack of regulation of the mortgage industry.
Year-long teaser rates, subprime loans, etc., were never part of the Community Re-Investment Act – they were invented to create fraudulent paper that mortgage companies could pass off to investment banks and confused bond traders to keep the Bush bubble growing – the only thing that actually was growing besides debt during the Bush bubble presidency.
If there had been any oversight at all during the first decade of this century (which is almost over, in case you forgot with all your whining about the fucking Clinton administration in the 90’s), that is, during the fucking Bush administration and the Republican hegemony in both the legislature and the Senate, we might not be hip deep in this mess. Just knee deep, maybe.
Come on, man, I expect a little more perspective on this site. The whole “blame the Clintons”, “blame the minorities” bit is too fresh and raw right now for anyone to buy into who isn’t a … well, I’m not going to say. No need to characterize anyone at this point.
Terri
http://www.thefloatingworld.com
Oh I don’t blame the Clintons over Bush or anyone else, I blame the whole crooked lot of them. As you even noted it was the strengthening (weakened requirements) of the CRIA that made it all possible, so when the politicians point the finger at the financial institutions without including themselves (ya like that’s gonna happen) it makes me crazy.
I’m no Republican, but I’m no Democrat either, ya wanna hear someone who has it right listen to what Ron Paul has to say about it on any number of youtube clips.
BTW
Read this NYT Article on the subject and remember this article is from 1999
http://query.nytimes.com/gst/fullpage.html?res=9c0DE7DB153EF933A0575AC0A96F958260&sec=&spon=&pagewanted=1