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monkeyman1140 (November 30, 1999 at 12:00 am)
If the community reinvestment act was responsible, there would have been a housing crash in the 1980's. House prices skyrocketed from 2000-2007, during the Bush Administration because of the White House's unwillingness to increase interest rates and control inflation. The never-ending printing of money devalued the money further.
crashoppe (November 30, 1999 at 12:00 am)
I'm in the building trade. We have been fabercating homes for about $70,000 that are sold for about $225,000 in S.E. Michigan. In essence, with finacing, the home is sold for $600,000/30 years. What has wallstreet been doing with all the profits? At a monthly payment of $2,000 the home mentioned is paid for in 35 MONTHS (2 years 11 months). the rest is intrest, finance charge, closing costs,,,,,,,
Ron Paul '08!!!!!!!
oilhammer04 (November 30, 1999 at 12:00 am)
...President Carter in 1977 signed the Community Reinvestment Act, which pushed Fannie and Freddie to aggressively lend to minority communities... in 1993, [Clinton] extensively rewrote Fannie's and Freddie's rules.
...he turned the two quasi-private, mortgage-funding firms into a semi-nationalized monopoly that dispensed cash to markets, made loans to large Democratic voting blocs and handed favors, jobs ...TERRY JONE INVESTOR'S BUSINESS DAILY
bob4this (November 30, 1999 at 12:00 am)
Now that the collapse has occurred, the reform roadblock built by Senate Democrats in 2005 is unforgivable.
We now know that many of the senators who protected Fannie and Freddie, including Barack Obama, Hillary Clinton and Christopher Dodd, have received mind-boggling levels of financial support from them over the years.
KARStarla (November 30, 1999 at 12:00 am)
lol My dad was one who invested in mortgages and received dividends so he was burnt and lost all his retirement when *other* people couldnt pay their mortgages.
He paid his mortgage in full so he is just working for living expenses now (not mortgage)
At near 70 years old he'd be relaxing, now he works two jobs
stinkypoon (November 30, 1999 at 12:00 am)
Not exactly. The buyers get to walk away from all of that debt, the stockholders get hosed, and our taxdollars pay for it all. I'm paying for your dad's debt when he walks away.
beerbottle123 (November 30, 1999 at 12:00 am)
too bad,predators are running this land
moniequa (November 30, 1999 at 12:00 am)
big house warming parties, buying new furniture and vehicles from their borrowed money. She invested her money in gold and oil while they continued to spend lavishly. House market crashed, they cried, she sold her stocks and bought one of their foreclosure homes, cash. Now they made all kinds of excuses for their stupidity. Now she just laughs and lives debt free. With financial freedom she can even afford high priced food and gas. She who laughs last, laughs loudest. Hahahahahah
moniequa (November 30, 1999 at 12:00 am)
There was dirt poor girl who came from dirt poor family, who worked hard, put herself through school, and saved for a home. When she thought she had enough money to buy, real estate went up and she was priced out of the market. She could borrow but didn't because she knew that the real estate price was over inflated and she didn't need to show off. She told everybody to stop and think about financial consequences but no one listened. They bragged about their home, throwing
Continue
moniequa (November 30, 1999 at 12:00 am)
No one needs an expensive home, especially people who can't afford it, they need to rent and save. Government shouldn't use tax payers money to bail out businesses or individuals who practice bad business. Banks create money out of thin air but if we don't borrow they can't create or charge interest on it. A couple made about 75,000/year borrowed 535,000 for a second home, the rate adjusted, its gone. And the bank is to blame because it put the gun to these people's heads and made them borro. |