farglebargle
Posts: 10715
Joined: 6/15/2005 From: Albany, NY Status: offline
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quote:
ORIGINAL: cuckoldmepls This so called economic meltdown was brought about by liberal policies financing people who couldn't afford their homes and loaning money to people without income verification. These are liberal policies, not conservative. If Democrats had required 10% down payments like we used to do the mortgage crisis would have never happened. In a bid to stem taxpayer losses for bad loans guaranteed by federal housing agencies Fanny Mae and Freddy Mac, Senator Bob Corker (R-Tenn) proposed that borrowers be required to make a 5% down payment in order to qualify. His proposal was rejected 57-42 on a party-line vote because, as Senator Chris Dodd (D-Conn) explained, ". ..passage of such a requirement would restrict home ownership to only those who can afford it." I can't add anything to this. It wasn't financing the loans to PEOPLE. It was taking those loans, bundling them into different levels of quality and then securitizing those newly created entities. If the banks just held the loans WITHOUT trying to exploit them, then there wouldn't have been anything to implode. Remember, Eliot Spitzer WARNED everyone about all this.
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It's not every generation that gets to watch a civilization fall. Looks like we're in for a hell of a show. ברוך אתה, אדוני אלוקינו, ריבון העולמים, מי יוצר צמחים ריחניים
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