Re: Now *THAT'S* a letter to the editor!
- From: "Paul M. Cook" <pmcook@xxxxxxx>
- Date: Fri, 24 Oct 2008 07:45:20 -0700
"Mickey" <Mickey@xxxxxxxxxxxxxxxxxxx> wrote in message
CigarBaron <garbaron67j@xxxxxxxxx> wrote:
On Oct 23, 3:08 pm, "Paul M. Cook" <pmc...@xxxxxxx> wrote:
The people being hurt the hardest now are the fools who refinanced their
houses multiple times exchanging fixed rate mortgages to really
interest only loans or ARMs and then using fake equity (inflated housing
prices) as their personal ATM machine. > Paul
Do you think that these people were sold to by unscrupulous mortgage
salespeople? I think the whole mess was monetary greed by the lay
person as well as the informed sellers. And I blame the banks and wall
street as being at the core. But, I'm certainly no financial insider.
The blame shifting has begun in earnest. There will be a concerted
effort to blame anyone who profited from the mess as being the cause
of the mess, which is not right.
Uh no - they would be to blame.
Carter created the CRA, with his usual earnest good intentions. It was
not a bad thing. Then along came BJ Clinton and his cronies, and they
cracked the CRA wide open, allowing (encouraging) the predatory
lending practices that have landed us in the goop.
Uh no. That is called delusional wingnut fabrication and reinvention of
history. CDOs and MBSs and all the other "vehicles" simply did not exist
until they repealed depression era banking laws. That is the undeniable
fact but of course it will be denied and denied to the very last gasp of
your corporeal existence. On Mike's deathbed he will clutch his Ann Coulter
doll and with his final breath speak these words "the democrats did it."
It was Clinton et al that encouraged making loans to people and
allowing them to use welfare payments as repayment funds. It also
would heavily fine banks who didn't go along.
Except no more than 5% of the loans are in default. That is another
inconvenient truth for ya. And very few banks were required to participate
with Fannie Mae and Freddie Mac. None of the ones that have failed so far
From the Boston Fed's manual:
"In addition to primary employment income, Fannie Mae and Freddie Mac
will accept the following as valid income sources: overtime and
part-time work, second jobs (including seasonal work), retirement and
Social Security income, alimony, child support, Veterans
Administration (VA) benefits, welfare payments, and unemployment
All verifiable income. And permamenent income as well. But again this only
affected 5% of the loans. 5% Mike. Ma I repeat that? 5%. Guess what
Mike, all those people are STILL receiving that income. They are probably
not in danger of defaulting either.
This crap was defended (and still is being defended) by Bawney Fwank,
who along with Brack The ONE! Obama, has received gobs and gobs of
money from the FMs.
Bawney had exactly zilch to do with Countrywide (and dozens of other
lenders) and their predatory lending practices. And again Mike, this is a
WORLD wide problem. Explain how your *theory* addresses that?
The blame for the subprime housing crisis lies squarely on Fwank,
Clintong, and Andrew Cuomo, who was Clintong's Secretary of HUD.
In your dreams. Even Alan Greenspan said yesterday that was not the case.
Is he a terrorist now?
Any other wild arm flailing is just an attempt at blame shifting and
Oh yeah, there is just no evidence whatsoever of fraud. None. Sorry Mike,
what you are engaging in is desperation pure and simple. Everyone knows the
truth. Some admit it, some do not. It's called cognitive dissonance.
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