recent crisis

[mike martell]

THE RECENT CRUNCH HAS US ALL WONDERING WHO CAN PULL US OUT OF THIS MESS. WELL WHO CAN DO THE BEST JOB. A DEM OR REPUB?LETS GO WITH COMMON SENSE. I HAVE TRACED THE ROOT OF THE RECENT CRISIS BACK TO THE CARTER ADMIN.THAT WAS WHEN GOVERNMENT OFFICIALS EGGED ON BY LEFT WING DEMOCRATS BEGAN ACCUSING MORTGAGE LENDER'S OF RACISM. AND RED LINING.BECAUSE URBAN BLACKS WERE BEING DENIED MORTGAGES AT A HIGHER RATE THAN SUBURBAN WHITES.THE PRESSURE TO TO MAKE MORE LOANS TO MINORITIES BECAME RELENTLESS.CONGRESS PASSED THE COMUNITY REINVESTMENT ACT. EMPOWERING REGULATORS TO PUNISH BANKS. YES PUNISH.THOSE THAT FAILED TO MEET THE THE CREDIT NEEDS OF LOW INCOME MINORITY, AND DISTRESSED NEIGHBORHOODS.LENDERS RESPONDED BY LOOSENING THEIR UNDERWRITING STANDARDS AND MAKING SHODDY LOANS. TWO GOVERNMENT CHARTERED MORTGAGE FINANCE FIRMS FANNIE/FREDDIE. ENCOURAGED THIS SUB-PRIME LENDING BY AUTHORIZING EVEN MORE FLEXIBLE CRITERIA BY WHICH HIGH RISK BORROWERS COULD BE QUALIFIED FOR HOME LOANS AND THAN BUYING UP THE QUESTIONABLE MORTGAGES THAT ENSUED.WHAT THIS MEANS IS AFFIRMATIVE ACTION POLICY TRUMPED SOUND BUSINESS PRACTICES. LACK OF CREDIT HISTORY SHOULD NOT BE SEEN AS A NEGATIVE FACTOR. LENDERS WERE DIRECTED TO ACCEPT WELFARE PAYMENTS AS WELL AS UN- EMPLOYMENT AS A VALID INCOME SOURCE, FAILURE TO COMPLY COULD BE MET WITH A LAW SUIT? WE CAN AGAIN THANK LIBERAL WISDOM AND THE HAVE TO SAVE THE WORLD MENTALITY FOR THE MESS ,GUYS LIKE BARNEY FRANK ARE MOST INSTRUMENTAL FOR THE CRISIS BUT QUICKLY DOES THE SAME THING AS OBAMA AND BLAME BUSH? AN OBAMA ADMINISTRATION WILL MANDATE MORE OF THIS BEHAVIOR. AS WELL AS A ROSA PARKS HOLIDAY CELEBRATION.IT IS A SOCIAL DRIVEN AGENDA. THEY CAN NOT HELP THEM SELVES. I SOME TIMES HAVE RESERVATIONS ABOUT MY CANDIDATE THAN I LEAN OVER THE FENCE AND LOOK AROUND AND IT SCARES THE HELL OUT OF ME. LIBERAL DEMOCRATS

[tramp]

1 of the best posts i have seen on this subject.