Thursday, September 25, 2008

Ann Coulter column

They Gave Your Mortgage to a Less Qualified Minority
Under Clinton, the entire federal government put massive pressure on banks to grant more mortgages to the poor and minorities. Clinton's secretary of Housing and Urban Development, Andrew Cuomo, investigated Fannie Mae for racial discrimination and proposed that 50 percent of Fannie Mae's and Freddie Mac's portfolio be made up of loans to low- to moderate-income borrowers by the year 2001.

Threatening lawsuits, Clinton's Federal Reserve demanded that banks treat welfare payments and unemployment benefits as valid income sources to qualify for a mortgage. That isn't a joke -- it's a fact.

Now, at a cost of hundreds of billions of dollars, middle-class taxpayers are going to be forced to bail out the Democrats' two most important constituent groups: rich Wall Street bankers and welfare recipients.

The solution to a government created problem is not more government.

In the mainstream media and around the watercooler I don't hear people talking about what the private sector might do to solve this or how government could remove themselves from the equation to allow private investment to work it's magic.


Rick said...

One of the major contributors to this problem has been the Fed. It started with the "GENIUS" Alan Greenspan, who drove the Fed rate to "Historic" lows. I've been reading about this for the 2 years prior to finally buying a home. My biggest worry has not been the Fed deciding to do an rate increase, I was hoping that somebody would finally do it. Well, as long as the Fed wants to keep almost free money in the system, the Dollar is going to continue to fall, because it's a bad investment when you are only getting 1-5% interest on it, or the Fed is going to have to do what it should have done about 3-4 years ago and do some SERIOUS raising of the rate.

Anonymous said...

Ilegal Aliens allowed to get an I.T.I.N. and then to buy a Home have a lot to do with this as proven by Michelle Malkin.

How else could millions of Illegal's say in California qualify for a $300,000 loan?
They don't, BUT Democrats wanted to make sure "Minorities" could get a house here, no matter what and NOW you dear Taxpayer are once again gong to pay for this avoidance of enforcement of laws done on purpose by your Government.

Sheeple lose again!

Rooster said...

I think, instead of giving the 700 billion dollars to the folks that created the mess, they should divide it up and send it to every citizen of the country over 18 years of age, who makes less than 500 thousand per year. Talk about economic stimulus.

Tax it at a rate of about 35% and the fed gets back about a third to start paying down the debt.

Figuring about 200 million people, that would be about 250 grand per person. Married couples would find themselves with an extra 500 g to spend. Now, all the people with unpaid mortgages would be able to pay off their cars, computers, other toys.

No more mortgage crisis, no more economic failure because of a huge influx of cash into the economy.

It works for me...

Robin said...

lets not forget that for a while it was becoming popular for banks like Bank of America to give mortgage loans to illegal aliens.

Now just how smart was that?

Anonymous said...

Thats right Robin, blame the Mexicans. Why is it always the one track idiot single issue bigot voters that are too stupid to realize that it is the Republicans that caused the collapse.

Anonymous said...

What Ann Coulter does not mention (and consequently, what Daniel remains blissfully ignorant of) is that the skids to the credit crisis were greased by Phil Gramm's 1999 banking deregulation bill, the Commodity Futures Modernization Act. You know Phil Gramm ... the one who said all this economic shit is just in our imaginations? The one who advises McCain on economic policy? Or "economic guru," as McCain himself has said.

Pretty pathetic when you have to leapfrog over eight years of Republican rule so you can lay it all in Clinton's lap. That routine's getting old. Tell me Daniel .. are Republicans responsible for anything?

The only thing Michelle Maulkin has "proven" is that she's a flaming dimwit who has all the grace and dignity of a turd.

Bobkatt said...

Nice try anons. Who said anything about Mexicans, oh yeah you did? Who's idea was it to force banks and mortgage companies to lend to anyone with a pulse? Check out Anthony Cuomo, Barney Frank, Chuck Schumer, et al. Don't worry, there's enough greed and blame to go around. Check out Nancy Pelosi's portfolio. I wonder if she knows how many homes she and her husband own? Don't make the mistake and believe that either side is less culpable than the other. Ron Paul is the only candidate that ran that even mentioned the corruption of the Fed and the impending mess we are in. He is the only candidate that had the guts and the honesty to tell the American public the truth that we don't belong messing around with other countries leaders and we can't afford to spend money we don't have. He suggested we follow the Constitution rigorously. It got him labeled a weirdo or kook. With the exception of Dennis Kucinich, I didn't follow his path, he may have tried to mention it. If you want any small amount of change you can not vote for either of the two parties. Vote for CFR, trilateral, one world U.N. Obama or vote for ditto, ditto, ditto, McCain. Get the same year after year.

Anonymous said...

Who's idea was it to force banks and mortgage companies to lend to anyone ...

It wasn't a matter of forcing them, Katt ... it was a matter of allowing them. That's what DE-regulation is all about. Eight years of anything goes under Bush-Cheney. Now the chickens are coming home to roost, and Miglavs blames ... Clinton! Don't think I'm giving the Democrats a pass ... they were complicit. But Daniel's view seems to be that "taking responsibility for one's actions" doesn't apply to right-wing presidential administrations. Daniel's mission in life seems to be providing daily illustrations of hypocrisy.

Bobkatt said...

Sorry but I stand by my statement.
This from the Village Voice.
"In 2000, Cuomo required a quantum leap in the number of affordable, low-to-moderate-income loans that the two mortgage banks—known collectively as Government Sponsored Enterprises—would have to buy."

"Cuomo's predecessor, Henry Cisneros, did that for the first time in December 1995, taking a cautious approach and moving the GSEs toward a requirement that 42 percent of their mortgages serve low- and moderate-income families. Cuomo raised that number to 50 percent and dramatically hiked GSE mandates to buy mortgages in underserved neighborhoods and for the "very-low-income."

"Indeed, in March 2000, HUD had acknowledged that the new goal-driven pressure on the GSEs might "warrant increased monitoring and additional reporting." But when the final rules were adopted in October, that momentary caution had been abandoned: "HUD is not establishing any requirements for additional data to carry out this rule." The report explained that the GSEs "objected" to information mandates "related to their purchases of high-cost mortgages," so HUD decided against imposing "an undue additional burden." HUD would have no way of telling how abusive the low-income mortgages it was mandating might be."

I hate Bush's policies too but in 2007 he finally stepped up and suggested that Fannie Mae and Freddie Mac must be streamlined and reorganized before they make more subprime loans but was rebuffed by Sen. Schumer and Dodd and by Rep. Barney Frank, all Democrats.

Anthony DeLucca said...

Anon 10:58

Wrong. It started with Carters "Community Reinvestment Act" in 1977, and the flames were further fanned by Clinton in 1993 with additional legislation requiring lenders to make available "Affordable Loans" to those with low to moderate incomes. The banking industry testified at the time that mandating these types of loans would eventually lead to "massive defaults". The Dems didn't listen. The Republicans protested.

2001 and 2003 saw Bush offering advice that Fannie and Freddie should have thier oversight tightened, citing the huge influx of "creative" loans to borrowers who are historically likely to default based on credit scoring models. However this was rejected by Rep. Dodd, Rep. Frank and other democratic members of congress as not necessary. Fannie and Freddie are "Fiscally Sound" they said.

The Dems have been in charge of Congress since 2006, when the first signs of disaster started to show up. They did nothing.

Now, when the manure has hit the fan, it is all because of the "Bush" policies. How stupid do they think we are?

DAVE01 said...

Anon 10:18 and 10:58, oh yeah, right. I guess Carter and Clinton did not want banks to lend to low income people who COULD NOT AFFORD to pay the loan back. Oops, my bad. It was Carter and Clinton that wanted poor people to have a house. Remember, it's their HUMAN RIGHT. What bullshit. Our grandkids will be paying this back. I bet with the dems in charge, once the assets are sold, they will be reinvested in some bullshit. We are so fucked. I think you should stop smoking crack. I thought the dems have been in charge of congress for the past two years. It is clearly their fault.

Anonymous said...

Bottom line: Republicans and Democrats are to blame, plain and simple. They're both guilty as charged. And as long as the Democrats simply bitch about what the R's did and the R's bitch about what the D's did, they will get NO WHERE. They're all fucking guilty. THEY did this. Each party's claim to represent ordinary working and middle-class Americans is bullshit. That has become spectacularly obvious.

Anonymous said...

The solution to a government created problem is not more government.

Bush has been expanding govn't spending and the government's reach into people's lives for the last 8 years. Nice to see you finally come around now that he's got ... 3 months left in office.

Anonymous said...

Who's idea was it to force banks and mortgage companies to lend to anyone ...

Barney fag that's who!!!

Gumby said...

Considering how much money will be recklessly thrown at this problem by the Feds, is there any doubt that $millions will be squandered and unaccounted for when the dust settles?

That's what happened during the Savings and Loan debacle.

Deja Vu on a larger scale.

DAVE01 said...

Anon 6:36, millions will be squandered. Hell it will be many billions. We will guarantee the profits of billionaires. I can't wait for that. Don't forget the congress critters who have invested in these companies. I can't wait until the messiah feeds, medicates and educates the world. Adios republic.

Scottiebill said...

Concerning the fiscal debacle in Wall Street and the stock markets, caused in large part by the Carter administration, later by the Clinton administration, and in present time by Barney Frank and his gang of hoodlums in the Congress: If Nobama does in fact get elected in November, he will be known in the not-too-distant future as the modern-day Herbert Hoover. He will be a one-term president at best, and will likely be impeached for gross malfeasance of office by the end of his third year. By then, even the do-nothing House of Representatives will not be able to tolerate him any longer.

Anonymous said...

Anyone who can suggest, in the year 2008, after 8 years of Bush-Cheney, that the next president will be impeached for "gross maleasance" is, quite simply, full of shit.

Anonymous said...

4:14 is exactly right. 8:33 is a partisan HACK.

Scottiebill said...

Anon 833: Perhaps you may be right. But, IN MY OPINION (I put that in caps so that even you might see it), that is what may happen. You have your right to your opinion about what I said. But you really don't want anyone to have a opinion different than yours, do you? That makes the rest of us full of shit. Except you, of course.

Now you can go back to attacking Daniel for just about everything he posts here, as is your usual habit.

Bobkatt said...

While a bit one sided, this video sheds a lot of light on the origins of the current economy meltdown.

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