Breitbart.tv

How Prsident Clinto distroyed the hosuing markets! 1996 Over the past few years, I have emphasized three basic ideas community, opportunity and responsibility that I believe are at the heart of a more dynamic and prosperous America. The priorities of the Department of Housing and Urban Development, from making sure that hardworking Americans realize the dream of home ownership, to addressing the tragedy of homelessness, are outstanding examples of how our government can empower people and institutions.
President Bill Clinton
Entering into an unprecedented partnership with more than 50 key public (Fanny May and Freddy MAC) and private-sector organizations to form a National Home Ownership Strategy. Coupled with a stable economy and low interest rates, this initiative is working to help 8 million more families become homeowners by the year 2000. Total of 6 million bad loans expected by 2012

How President Clinton distroyed the hosuing markets! 1996 Over the past few years, I have emphasized three basic ideas community, opportunity and responsibility that I believe are at the heart of a more dynamic and prosperous America. The priorities of the Department of Housing and Urban Development, from making sure that hardworking Americans realize the dream of home ownership, to addressing the tragedy of homelessness, are outstanding examples of how our government can empower people and institutions.
President Bill Clinton
Entering into an unprecedented partnership with more than 50 key public (Fanny May and Freddy MAC) and private-sector organizations to form a National Home Ownership Strategy. Coupled with a stable economy and low interest rates, this initiative is working to help 8 million more families become homeowners by the year 2000.

Too bad Greenspan, Bush and then Paulson and now Bernanke refused the 50 State Attorney Generals years ago when they unanimously confronted Bush on predatory lending and the other stuff the financials were pulling. They could have stopped this years ago, but Bush refused. Then Gov. Eliot Spitzer wrote about it in the Washington Post and a month later his political career was over.

Predatory Lenders’ Partner in Crime
How the Bush Administration Stopped the States From Stepping In to Help Consumers
By Eliot Spitzer
Thursday, February 14, 2008; A25

Even though predatory lending was becoming a national problem, the Bush administration looked the other way and did nothing to protect American homeowners. In fact, the government chose instead to align itself with the banks that were victimizing consumers.

Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye.

In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative.

http://www.washingtonpost.com/wp-dyn/content/article/2008/02/13/AR2008021302783.html

Post a Comment