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MrRodgers -> RE: Could the GOVT "organize" catastrophy? (4/28/2009 6:56:37 AM)
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quote:
ORIGINAL: servantforuse
Don't blame the current conditions on the Bush Administration. The housing collapse can be layed at the doorstep of your very own Barney Frank and Christopher Dodd. They had their buddies running Fanny Mae and Freddy Mac. It was their policy to make banks loan money to minorities and others who had no business buying a home they couldn't afford. That all started in the Clinton Administration. It took that long to blow up in everyones face..
When will this unmitigated bullshit stop ? Those at Fannie and Freddie were not forced to borrow 100's of billions except that same old capitalist greed.
Frank and Dodd were nothing but bit players and only took the majority in 1/07.
Look:
In 2003, during the height of the predatory lending crisis, the OCC (Office of the Comptroller of the Currency) invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory banking laws, thereby rendering them inoperative against national banks.
The OCC then actually promulgated NEW rules that then prevented states from enforcing their own consumer protection laws against national banks. The federal govt.’s actions were so egregious and so unprecedented that all 50 states attys. general and likewise all 50 state banking superintendents, actively fought the new rules.
This unanimous opposition did not deter the BUSH admin. or even slow it in its goal to protect national banks. In fact when one state opened an investigation in 2005 looking into possible discrimination in mortgage lending by a number of banks including national banks…BUSH’S justice dept. filed a federal lawsuit to stop the investigation against the national banks.
STOP this bullshit NOW !!
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