Clinton is largely responsible for the destruction of our housing market...

Great post. :thumb:

 

chosen1, good post. (even for the hard headed SOB remark!)

salty,

clinton may or may not have had something to do with new standards at the now govt. owned GSEs. But they never owned nor took any write downs on subprime mortgages, to my knowledge. The $300 billion in subprime writedowns ar Merrill, BofA, Citigroup, UBS Switzerland, etc. are ALL private companies, no connection to clinton or govt. policy.

the fact that GNMA and FNMA have been taken over and lost $11 billion in the last year is bad, and may have come from relaxed regs from clinton. former treasury sec. snow said this morning he asked congress in 2003 to tighten regulation on them and the repub congress refused, but this was preventable in 03.

I have not seen anything to lead me to believe this is "largely" on clinton. if you wanted to say clinton policy in the 90's played a role in starting the housing bubble, and it was a minor role in the grand scheme of things, i'd agree with that.

 

Both parties are off. Republicans pay lip service to conservative ideas but make incremental changes that are swallowed by the burgeoning government. Democrats believe in a strong federal government. I don't see enough of a difference.

saltyone, Ron Paul has been talking about this for a while. He may not be in the running for president of all that be, but that doesn't make him less right on a number of issues.

 

Exactly. This is all due to a correction to an over inflated housing market that set off a chain reaction put in place by irresponsible lending and borrowing. You can't put it on either party. Those that are suffering are those that are to blame. A very rare occurrence these days.

Well... technically we all are suffering because the fed gov is bailing the lenders out with our tax money.

I hate to see families lose their homes but they can't blame anyone but themselves. Hopefully people learned a valuable lesson. As for the mortgage companies, screw em, let them fail. Other better controlled companies will step in and take over their place.

 

Who took the restraints off the mortgage industry? Who insisted that they make loans available to everyone, or subject themselves to heavy penalties and fine's?

I'm not denying that the mortgage industry profited off of this run. Hell, I made lots of money off it...but I was just a small piece of the process. I work to make money. If the loan gets approved, I'm closing it. I never held a gun to any one's head and made them sign. Everyone that left my office, with big equity checks in hand, were smiling from ear to ear.

You, red, are missing my point....Who opened the flood gates?

I'm done with this conversation. If you read the first post of this thread, and still do not understand what I'm trying to point out, then you are blind.

I'm not defending the borrowers...if they can't afford the loan then so be it. I'm not defending the mortgage companies...I openly admit we made lots of money over the last few years. I'm just pointing out who started the ball rolling....and that is wasn't the current administration.

 

Interesting to hear Republicans getting upset with Democrats for reducing a federal program. Maybe we should blame God for free will also.

I'm busting your chops on this and not saying you don't have a point, but neither party is innocent and both have acted irresponsibly in the past. Both have had ethical failures.

 

Because it's different than what I'm pointing out. Duh! :hihi:

 

I found something interesting.
I've tried to balance this as best as I could.
I hope people will start blaming others besides big oil.
http://www.opensecrets.org/news/2008/07/top-senate-recipients-of-fanni.html
http://news.yahoo.com/s/politico/20080716/pl_politico/11781