IN THE BEGINNING.... JUST TO JOG YOUR MEMORY ABOUT WHO PROMOTED JUNK HOME LOANS
It wasn't "capitalism" or the "free market". Fannie Mae is a Federal government instrumentality. The article below by STEVEN A. HOLMES appeared in the New York Times: Thursday, September 30, 1999Fannie Mae Eases Credit To Aid Mortgage Lending
SOURCE
An Internet Fisherman who uses barbless hooks and this one dimensional world as a way of releasing the frustrations of daily life. This is my pond. You are welcome only if you are civil and contribute something to the ambiance. I reserve the right to ignore/publish/reject anon comments.
Wednesday, March 18, 2009
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About Me
- Unhypentated Canadian
- I lean to the right but I still have a heart and if I have a mission it is to respond to attacks on people not available to protect themselves and to point out the hypocrisy of the left at every opportunity.MY MAJOR GOAL IS HIGHLIGHT THE HYPOCRISY AND STUPIDITY OF THE LEFTISTS ON TORONTO CITY COUNCIL. Last word: In the final analysis this blog is a relief valve for my rants/raves.
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1 comment:
yes. We've see lunatic right wingers, try to blame the left for all the economic woes.
The truth is, what first turned out to be a risky idea, an idea that perhaps you should be reminded exists here in Canada, except it's -regulated-, a word the right wing hates, or doesn't understand. Lowering down payment requirements to first time home buyers, has existed in Canada for decades, and has never caused an economic meltdown. Here a first time buyer, can buy a house with a 5% downpayment instead, of a 25% dp.
No the right wing will have you believe, that their hands were tied for 8 whole years during which the republicans had a total lock on everything right up to the senate, for 6 of those years, during which time they could have introduced controls, regulation, anything to put the brakes on what became, -under their watch-, a situation that would melt down our financial system.
It would interesting, to see what the definition of what a 'junk loan' was, in the beginning, and what it became. When you hear reports of a security guard who makes 12 dollars an hour getting a 700 thousand dollar house, something tells me, this is far, far ahead of the idea of reducing the requirement for downpayment.
Seeing the right wing, trying to blame a government out of power for nearly a decade, for it's woes, really illuminates the sheer hypocrisy, despicable dishonesty of the right.
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