Which sounds more likely?
Dems lobbies forced banks to give houses to poor?
Repub lobbies forced deregulation on banks and market, all made millions now blame poor?

Or some of both.
Nobody guilt free.

 

He sure did IIRC. It was about that time that the Dems put the ball rolling and began FORCING loans to be given out to people who otherwise wouldn't qualify or face serious fines. Yeah, that's free market...

Naturally, you don't much hear about that in the media...well, because, it's Bush's fault...right?

 

- Og

 

I read a government web site a year ago that stated the same thing and it was a quote from the 2nd Bush... It was one of his early State of the union speeches. Bush had a Republican Congress and House and could not get this policy changed. That should tell you something about how our Government does (or does not) work.

Name a person who is pushing to kill this "BAD" policy. Even with ALL the bad debt we have piled up, could we get it passed through congress? Somebody, please tell me the the next house bill introduced puts this BS housing policy SIX FEET UNDER? Yea, it is way too little, way too late, but it is a step in the wrong direction.

 

You guys should do a little research regarding who is actually defaulting on these "sub prime" loans before you go pointing fingers (here's a hint, it's a lot less poor people, and the loans Clinton forced banks to give than you think). Just because some right-wing columnist (hold your breath), blames Clinton, doesn't make it so or is the entire story.

Funny, the guys always whining about the "blame Bush" crowd always seem to have a "blame Clinton" line to throw out.

 

I remember that & Healthcare for every American too!...........

 

http://www.forbes.com/2008/09/16/for...ealestate.html


In some of America's wealthiest spots, that's already happening. According to RealtyTrac, an Irvine, Calif.-based listing firm that tracks foreclosures and provided the data here, several of the country's wealthiest ZIP codes--where year-to-date median home sales are above $700,000--have reported foreclosures into the triple digits. They include La Jolla, Calif.; Miami Beach; and Carlsbad, Calif.

In Carlsbad, for example, there are 302 homes in foreclosure. The wealthy beach town--the median home sale price is $710,000--has suffered from overvaluation and risky financing, says Rick Sharga, a senior vice president at RealtyTrac. The only thing that separates homeowners in Carlsbad from those in spots like St. George, Utah, with 274 current foreclosures and a median home price of $218,000, and Ann Arbor, Mich., with 436 current foreclosures and a median home price sale of $225,000, is that in Carlsbad folks are losing their second homes.


One example of many....

 

One of the biggest contributors to forclosures right now is poor planning and irresponsibility of the buyer. The average American family is a few paychecks away from forclosure. Most people could not pay their bills if they were hurt and could not work for a month or two. Too many people are "used" to living paycheck to paycheck and don't see anything wrong with it.

If more people would put money into an emergency fund rather than buying toys and non essentials we would have a heck of a lot less forclosures. Rather than saving Americans are more concernced with getting a bigger house, or a new car, or a boat.

Too many people spend what they make. If they get a raise they buy more stuff. Rather than living a little below their menas they live above them. Don't set yourself up for failure and expect the end result to be different. 3 months salary in the bank is a minimum someone should keep set aside for a just in case. Stop buying "stuff" and start saving for the tough times ahead.

 

Correct, and add to it that too many families are relying on two incomes and spending it all. What happens when one loses their job, or even both?

 

Many stories (urban legends) get started with no basis in fact, then people that don't read on their own say the non facts (lies) over and over and then it becomes common knowledge.

Fact: At best 20% of home loans in this country are subprime and maybe half have ended in foreclosure so we are led to believe 10% of home loans failure cause all the financial woes in country?

It's always easy to blame and beat down the weak or poor.
Most cant or don't know how to defend themselves or respond.
Their silence is assumed guilt.

 

Sadly, I don't believe it's unintentional, at least not at the source.

 

Maybe we should read up on white water!

 

This part that you posted is just about the only part that greed was a factor. These loans I bet where people buying several properties to flip them. They got caught with there pants down. Like I said before, I don't blame the poor. They got a house by hook or by crook. I would have done the same thing for the American dream. Yeah they lied. But the banks are responsible for making sure they are qualified. The government forcing banks to take the loans is WRONG. And that was all democrat insisting that. Look at youtube and see all the videos out there showing in 2004 how maxine waters and barney frank and other dems where saying nothing is wrong with fanny and freddy. And several republicans saying they need MORE regulation. So much for this stupid idea that republicans where against regulations. Even clinton said the other day that in 1998 or 99, the democrats should have taken up the cause and reigned in the macs to protect them from a housing bubble.

 

LOL now there is a story!!

 

You should do a little research before you post. Only large banks were regulated and forced to give loans, over 50% of mortgages are written by small banks, credit unions and brokers who are not forced. Also, the program was designed to help lower income people buy homes, which it did to some degree, many low income people didn't take advantage of it, but these are not the people that have caused this mess. The middle class and banks have caused this by distorting an effort designed to help poor people have something to work for and feel good about. Yes, flippers are involved, an interest only loan sounds great when you are going to turn a house around fast, but when you can't sell it at all, you default. You have too many people buying houses far beyond their means and far too many banks and brokers allowing it. I know you'll keep telling your friends it was all Clinton's fault, hopefully some of them are smart enough to look into things they hear.