Is it okay for banks and Wall St to use fraud to crash the housing market?A la The Bush Years. | |
Is it okay for banks and Wall St to use fraud to crash the housing market?A la The Bush Years. | |
No, it's not okay. Republicans, however, don't want to properly regulate them to prevent future such occurrences, even after the disaster of the Bush years. Republicans are their enablers and abettors.
The problem occurred from two things, one being greed the other being generosity. The government was trying to get more americans in homes. They did this by allowing more people to qualify for an FHA loan. The bank would then lend them the money knowing they were not credit worthy because FHA loans are 100% government insured. Then when the borrowers got behind on their payments the banks would not modify the loan because they would actually get them more money by foreclosing then taking less through a loan mod. The government was too generous and the greedy banks took advantage of this.
Bush warned a Democratic Congress about Fannie Mae and Freddie Mac...and was ignored.
Clinton and Fannie Mae:
http://nytimes.com/1999/09/30/busine...
Bush, McCain warning Democrats of Fannie Mae Freddie Mac crisis:
http://youtube.com/watch?v=cMnSp4qEX...
They didnt crash it. Barney Franks and Janet Reno threatened banks if they didnt give out loans
Stick it in one of your feathers cream cheese. That would be Bawney Fwank and and all the other as-swipe liberals involved in Freddie mac and fannie may. Nice try wig wam
If the government did not force banks to make the loans an the people paid them back things would be fine.
If by okay you mean they will not be prosecuted or punished in any way then the answer is yes.
......and still........you got nothing....
is there no word for "today" in your tribal tongue?