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ORIGINAL: Musicmystery

Fannie and Freddie are government creations. They don't donate to political campaigns--or anything else.

Unlike Enron.

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ORIGINAL: SilverMark
All for the history of government attempts at such a horrible thing as home ownership is now under review and rightly so however, If you will look at the states and cases involved with foreclosure, especially Fla., Calif. and Nev. you will see a number of upper middle class speculators that placed their bet and lost.It isn't all of the poor people here folks...

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Make a list and blame every politician you wish and then go outside and drive through a few neighborhoods and take a good look at those with the for sale signs and foreclosure signs. Not a one is a politician...it is someone who may have lost a job, became ill our simply suffered from a lack of economic sense...

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ORIGINAL: DomKen

The CRA was passed in 1977. The bank failures began in 2008. Now maybe I don't understand math or high finance, despite having a BS in math and developing financial software for a living, but exactly why, if the CRA was so awful, did it take 31 years for the market to crash over it? Was it some pool of 30+ year mortgages that all defaulted after 30 years of on time payment? Or maybe bigots are making hay over something they long have disliked?

Sub prime mortgages being made using deceptive terms to people who should never have qualified for loans in the first place is the problem and for that you can look at HFA and the rest of the now nonexistent sub prime lending industry.

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ORIGINAL: SilverMark

All of the history is true. The government of the United States tried very hard to make housing affordable to everyone. Damn, what a horrible concept that is! Imagine, people wishing to own homes and other people trying to facilitate the procedure involved. Sure wish I lived in country where everyone rented...don't you?
All for the history of government attempts at such a horrible thing as home ownership is now under review and rightly so however, If you will look at the states and cases involved with foreclosure, especially Fla., Calif. and Nev. you will see a number of upper middle class speculators that placed their bet and lost.It isn't all of the poor people here folks...I have read and seen so many opinions on how this took place and still and all we want to blame Clinton, Bush, Raines, and just for fun let Rick Davis (McCains campaign manager and lobbyist to Fannie and Freddie) shoulder some as well. We Americans are great at blame and bias and in some cases very poor at reality that doesn't come neatly wrapped and fed to us via our television screens. BUY a mirror!, I think those who post here are fairly responsible people but, look at the debt the average American walks around with. The house that was out of reach and still purchased, the $40,000 SUV, the Visa and Mastercards etc. I believe that the idea that was started with FDR, and changed so many times to make housing affordable was at heart a great idea and then it got too easy! Make a list and blame every politician you wish and then go outside and drive through a few neighborhoods and take a good look at those with the for sale signs and foreclosure signs. Not a one is a politician...it is someone who may have lost a job, became ill our simply suffered from a lack of economic sense...Personal Responsibility! try it...it really works! and no politician in the world would force you to use it!

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ORIGINAL: SilverMark

All of the history is true. The government of the United States tried very hard to make housing affordable to everyone. Damn, what a horrible concept that is! Imagine, people wishing to own homes and other people trying to facilitate the procedure involved. Sure wish I lived in country where everyone rented...don't you?
All for the history of government attempts at such a horrible thing as home ownership is now under review and rightly so however, If you will look at the states and cases involved with foreclosure, especially Fla., Calif. and Nev. you will see a number of upper middle class speculators that placed their bet and lost.It isn't all of the poor people here folks...I have read and seen so many opinions on how this took place and still and all we want to blame Clinton, Bush, Raines, and just for fun let Rick Davis (McCains campaign manager and lobbyist to Fannie and Freddie) shoulder some as well. We Americans are great at blame and bias and in some cases very poor at reality that doesn't come neatly wrapped and fed to us via our television screens. BUY a mirror!, I think those who post here are fairly responsible people but, look at the debt the average American walks around with. The house that was out of reach and still purchased, the $40,000 SUV, the Visa and Mastercards etc. I believe that the idea that was started with FDR, and changed so many times to make housing affordable was at heart a great idea and then it got too easy! Make a list and blame every politician you wish and then go outside and drive through a few neighborhoods and take a good look at those with the for sale signs and foreclosure signs. Not a one is a politician...it is someone who may have lost a job, became ill our simply suffered from a lack of economic sense...Personal Responsibility! try it...it really works! and no politician in the world would force you to use it!

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Fannie and Freddie are government creations. They don't donate to political campaigns--or anything else.

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The government of the United States tried very hard to make housing affordable to everyone. Damn, what a horrible concept that is! Imagine, people wishing to own homes and other people trying to facilitate the procedure involved. Sure wish I lived in country where everyone rented...don't you?

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As the country’s greatest modern champion of deregulation, perhaps Ronald Reagan contributed more to today’s unstable business climate than any other American. His long-standing campaign against the role of government in American life, a crusade he often stretched to extremes, produced conditions that ultimately proved bad for business.

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Recent troubles in the American economy can be attributed to a weakening of business regulation in the public interest, which is, in large part, a consequence of Reagan’s anti-government preaching. In the absence of oversight, lending became a wildcat enterprise.

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The government of the United States tried very hard to make housing affordable to everyone. Damn, what a horrible concept that is!  People wishing to own homes and other people trying to facilitate the procedure involved.

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ORIGINAL: Musicmystery

Well, Lookie, making random claims won't make them reality, even under whatever color sun shines in your little world.

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ORIGINAL: Marc2b
The problem isn’t in the supposed compassion some people feel for those who can’t afford their own home.  The problem is in the policies pursued to bring that result about – namely, contravening reality.  If person X can’t pay back a loan to buy a house, then loaning them money to buy a house won’t work.  It will only make matters worse.  In that situation, all the compassion in the world is meaningless.

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This mess didn't occur solely because person X was given a mortgage even though bank A knew they would never be able to pay it back.