During campaign season: I stated that Democratic social engineering via CRA had caused the mortgage meltdown?

During campaign season: I stated that Democratic social engineering via CRA had caused the mortgage meltdown?

Now it looks like this Congressional report agrees with my contention: What are your thoughts? Will the same thing happen again with mortgages and now of course the automobile industrycash for clunkers? http://www.cnsnews.com/public/content/article.aspx?RsrcID50680 Um hello? The source has a link directly to the report read it yourself der der der

Asked by If you seek Amy about Politics

Get the Dems out of office quick before they destroy out economy completely.

Answered by Polilical conundrum...

Youre singing my song. Its more fun for them to blame Bush though. When you require banks to give loans to people who cant pay for them this is what happens. Heres the link to the Congressional report. Has nothing to do with cnsnews.com http://blog.heritage.org/wpcontent/uploads/2009/07/7709housingcrisisreport.pdf

Answered by Obama is a DISASTER

the dems and reps both had a hand in dismantling the rules that controlled wild spending and investments.

Answered by David

Yes the same thing will happen again. Government interventionbad for US.

Answered by matthew

Remember Balance requires that you show both sides of a story. The republican side and the conservative side. The Cybercast News Service was launched on June 16 1998 as a news source for individuals news organizations and broadcasters who put a higher premium on balance than spin and seek news thats ignored or underreported as a result of media bias by omission. Study after study by the Media Research Center the parent organization of CNSNews.com clearly demonstrate a liberal bias in many news outlets bias by commission and bias by omission that results in a frequent doublestandard in editorial decisions on what constitutes news. In response to these shortcomings MRC Chairman L. Brent Bozell III founded CNSNews.com in an effort to provide an alternative news source that would cover stories that are subject to the bias of omission and report on other news subject to bias by commission. CNSNews.com endeavors to fairly present all legitimate sides of a story and debunk popular albeit incorrect myths about cultural and policy issues. CNSNews.com has a full staff of credentialed journalists at its world headquarters in Alexandria Virginia staffs full time news bureaus in Jerusalem and the Pacific Rim and works with credentialed correspondents in London Paris Moscow and Nairobi. In addition to news CNSNews.com is proud to present a full slate of commentaries by some of the brightest minds and sharpest wits in the nation and a full stable of cartoonists to provide you with a morning political chuckle. CNSNews.com is a division of the Media Research Center a notforprofit 501 c3 organization. Like National Public Radio and the Public Broadcasting System CNSNews.com is able to provide its services and information to the public at no cost thanks to the generous support of our thousands of donors and their taxdeductible contributions. However unlike NPR or PBS CNSNews.com does not accept any federal tax money for its operations.

Answered by River Euphrates

Fannie and freddie only account for a small fraction of subprime loans and of those not all are considered failing. Hoever the private mortgage industry contains the huge bulk of the toxic assets and bad loans. So the contention that the government was somehow the cause is illogical except if you mean the republican failure to regulate the private mortgage industry which accounts for over 90 of the toxic subprime loans. The conclusion that you post in the rightwing news web site is quite different than the conclusions in the actual congressional report which of course you have not read fully.

Answered by mr_crankypants

CNS NEWS The RIGHT news RIGHT now. Amazing...you found a right wing rag to blame the economy on the Democrats. You are quite the sleuth. Edit: Nice CONSERVAPEDIA slant...River Euphrates http://www.conservapedia.com/CybercastNewsService Hee hee hee...yall are soooo pathetic.

Answered by brown9500.v10

It wasnt the social engineering part that failed. The idea was giving loans for homes to people who were supposed to have a good future. Like minorities who obtained an advanced degree. It was assumed that if a white with an engineering degree was making 80K/year after two years on the job the same would be true of Blacks and Hispanics who got an engineering degree. And they got mortgages based on that assumption. What the government failed to take into consideration is the discrimination in pay such groups suffer. So when after two years the minorities with engineering degrees were making only 40K the few employed in the area or much less those who could not find employment in their area they had to default on their mortgages. It wasnt the excessive lending that caused the crash but the unfairness of the system. American society shot itself in the foot by discriminating people who are at this point already 30 of the work force.

Answered by Revolt Already Cowards

It wasnt just democrats here... The Bush administration took a lot of pride that homeownership had reached historic highs Mr. Snow said in an interview. But what we forgot in the process was that it has to be done in the context of people being able to afford their house. We now realize there was a high cost. The mortgage problems still have more to do with exploitation of the system. People should be in jail on both ends of the deal. Im talking about everyone from loan officers to chief officers not everyone but every position. People were abusing the system

Answered by Phil M

were headed down the wrong path and going downhill everyday. the chimerical real estate mortgages are next and as you mentioned the insane cash for clunkers policy cap and tax will bring about the worsening of this recession to the point where itll take several more years to recover if at all.

Answered by HD

RAC is dead wrong: In 2003 Fannie Mae and Freddie Mac were at the height of their power. They dominated the secondary mortgage market including a combined exposure of 372 billion to subprime mortgages made to borrowers with FICO scores below 660 81 percent of the total market.60 Wall Street firms were responsible for a mere 19 percent of this market. However accounting scandals were about to hammer the GSEs share prices threaten their market share and create an urgent need for a proactive political influence strategy to blunt calls for reform. Footnotes: 56 Secter Bob and Andrew Zajac Rahm Emanuels Profitable Stint at Mortgage Giant The Chicago Tribune Mar. 26 2009. 57 Golden Dan Angelos Fannie Pack Conde Nast Portfolio Jul. 17 2008. 58 House Oversight and Government Reform Committee Republican Staff Friends of Angelo: Countrywides Systematic and Successful Effort to Buy Influence and Block Reform Mar. 19 2009. 59 See note 31 supra. 60 Pinto Edward information provided to the Committee on Oversight and Government Reform based on an analysis of securities filings and mortgage market data.

Answered by jaker

Yes it will. It will happen over and over and over and over and over... Until we hold our hands around the necks of elected officials and squeeze when they get out of line and clearly arent doing whats in the best interest of the voters. The auto industry is another example if a liberal try not to lump all Democrats in with the bilge eh trying the same thing. The federal government now owns a controlling stock in GM. WTF Costing us billions that didnt save a single job when letting the company go into bankruptcy which it did anyway would force it to restructure to become viable again. In other words our FucktardinChief made us pay twice... Yes twice and then some and some more then a little more. Somewhere in Kenya a village is missing its idiot

Answered by jim

I agree 100 Experts and people in the know were stating this before and AFTER the elections. And were ignored by the media. All they were orgasming over was Pres. Obama and how much they love him And hated Pres. Bush.

Answered by racingdiego@sbcglobal.net