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Black Landlord wrote:
So Swampy, McCain stands for increased government regulation?
Swampy?
Hello?
Landlord... Fannie and Freddie ARE government controlled to start with. They are not privately owned. F/F are the direct result of the failure of the FHA. The basic problem is that Congress laid too much regulation on F/F in telling them they needed to lend more money to minorities and some liberal's bright idea that _everyone_ should own a home so insisted that banks make loans to people who "normally" would not qualify. Ergo sub-prime loans that were destine to go sour.
Way to change the subject, Lux... That's what you do when you don't have anything factual to add to the discussion.
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Did not Clinton use his veto power much more than Bushy? The congress got more done then, than now.
Dems have not gotten anything done...I had hoped they would, but they have not. They all vote "present".
I think we have lame folks in Congress right now...time to clean house.
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Why do you assume minorities are "colored" people. Just might be from the largest group of Hispanic people.
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Or it just might be that the sub-prime mortgage crisis is not a result of having to "lend more money to minorities" but actually a result of companies lending people amounts that they knew could not be paid back because they could turn around and bundle the bad mortgages and sell them so they didn't care if the people qualified or not. These included people who had good incomes but poor credit who bought houses that cost three times what they should have borrowed. Why are you assuming that the banks could not find any minorities to lend money to except sub-prime customers? Even if it turns out most of the customers were in minority groups, the amount of loans given out far exceeded the number required by any regulations. The banks wanted to make these bad loans, they weren't forced to.
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All I know is when I got a mortgage for my home, I had to provide 2 years of tax returns and proof of income along with a statement of net worth (and survey and title search and proof of insurance and lots of other stuff). Of course that was 25 years ago before Congress started telling banks how to write loans.
And of course the Banks sold the mortgages to Fannie and Freddie in order to reduce their liability.
