Featured Video: Timeline shows Bush, McCain warning Dems of financial and housing crisis; meltdown
It's hard to blame anyone but these Democrats for the housing crisis and this recession. Why are the Democrats blaming everyone but themselves for this?
Of course they did. Barny Frank and Chris Dodd should be frog marched off to jail for what they've done.
ReplyDeletewhat timeline? all i see is a video?
ReplyDeleteWe should start with republicans and democrats who signed on to the The Gramm-Leach-Bliley Act.
Then we can hold George W accountable for his share of the mess with his leadership in low income housing.
In the Bush press release "A Home of Your Own EXPANDING OPPORTUNITIES FOR ALL AMERICANS, PRESIDENT GEORGE W. BUSH JUNE 2002",
The government-sponsored corporations created to increase the liquidity of mortgage markets, so more capital would be available for mortgage loans, are supposed to lead the market in reaching underserved populations. While these corporations have increased their commitments to these efforts, they lag behind private lenders in this regard, according to government studies. The Administration will revisit the regulatory goals for these corporations' purchases of affordable housing loans, which are set to expire in 2003.
From Bush Administration's White House Press Release entitled, "Focusing on the Nation's Priorities – Meeting America's Housing Needs":
In 2002, the President issued America's Homeownership Challenge to increase first-time minority homeowners by 5.5 million through 2010. The Federal Housing Administration (FHA) mortgage program is an important tool for reaching that goal. In 2006, 31 percent of those using FHA mortgages were minorities purchasing their first home. The 2008 Budget continues Administration efforts to modernize FHA by improving its ability to reach traditionally underserved homebuyers (aka those who do not normally qualify for loans), such as low- and moderate-income families, individuals with blemished credit, and families who have little savings for a down payment.
From White House Press Release "American Dream Downpayment Act of 2003 – Expanding Homeownership Opportunities for All
On December 16, 2003, President Bush signed into law the American Dream Downpayment Act of 2003, which will help approximately 40,000 families a year with their down payment and closing costs, and further strengthen America's housing market. This legislation complements the President's aggressive housing agenda announced in 2002 to dismantle the barriers to homeownership.
then removing the downpayment requirement for HUD.
BUSH ADMINISTRATION ANNOUNCES NEW HUD "ZERO DOWN PAYMENT" MORTGAGE Initiative Aimed at Removing Major Barrier to Homeownership
LAS VEGAS - As part of President Bush's ongoing effort to help American families achieve the dream of homeownership, Federal Housing Commissioner John C. Weicher today announced that HUD is proposing to offer a "zero down payment" mortgage, the most significant initiative by the Federal Housing Administration in over a decade. This action would help remove the greatest barrier facing first-time homebuyers - the lack of funds for a down payment on a mortgage.
Speaking at the National Association of Home Builders' annual convention, Commissioner Weicher indicated that the proposal, part of HUD's Fiscal Year 2005 budget request, would eliminate the statutory requirement of a minimum three percent down payment for FHA-insured single-family mortgages for first-time homebuyers
So after all that you want to say that bush and Republicans were warning us of the impending crisis and the minority democrat congress wouldn't listen your just telling lies.
Government is the problem. Government should not be pushing home ownership, or car ownership, or anything. It should stick to what it does best, which is run the military. Government should not dictated or legislate to what it deems is important, because free people should be left free to decide that for themselves. All government does is muck it up. And some muck it up more than others, like Hypocrats. When a tax cheat is put in charge of the Treasury, and a liar and thief like Dodd is put in charge of a bank reform bill, and Bawney Fwank is put in charge of anything after all he has done, we got us some big problems. It's going to take a couple of cycles to flush the Hypocrats down the toilet, but let's keep flushing til the turds are gone!
ReplyDeleteWatch the video again Joe. If you even watched it. Listen to the warnings and look at the date GWB and McCain warned the Democrats of it coming.
ReplyDeleteI don't watch the videos.
ReplyDeletebut please tell me when they said it.
2002 when Bush increased the push for risky loans?
2003 when bush again pushed for more risky loans?
2005 when bush pushed even more for risky loans?
2008 when they once again pushed for more risky loans?
LOL ... I love it:
ReplyDeleteOBAMA FLASHBACK: A SUPREME COURT NOMINEE WITH NO JUDICIAL EXPERIENCE REQUIRES EXTREME SCRUTINY
http://www.breitbart.tv/obama-flashback-a-supreme-court-nominee-with-no-judicial-experience-requires-extreme-scrutiny/
Why Not Have Hearings On Fanny Mae/ Freddy Max Just To See What Went Wrong. Who Knew The Bubble Was Going To Burst and Most Important WHY No Body In Charge Did ANYTHING To Prevent The Burst? I Bet It Would Be Just As Informative As Hearings On Oil Spill Or Golden Sachs. Just Seems To Me Alot Of People In Charge Did Not Respond To Crisis and Wonder If Crimes Were Committed. We May Never Know Because Those Hearings Have NO Chance of Occurring Cause Those Pesky Foxes Are Indeed In Charge Of The Hen House!
ReplyDelete