Canadian Explains U.S. Debt Crisis

[jwoodie]

One of the most concise explanations of the mortgage debt crisis I have seen.

[ame]http://www.youtube.com/embed/wWkUaJId7pM?feature=player_embedded[/ame]

 

[zeke]

Did you know that Fanny and Freddie both, would take buses and load them up with poor people and do the big ole home tour. Then they would allow the people on the bus to pick out the house of their choice and give them a loan right there on the spot.

Amazing that this activity has been kept secret all this time. But I was an mortgage loan originator during this time and I saw it happen. Day in and day out. Poor people were given thousands and thousands of dollars and were told they would never be expected to pay any of it back.

And it was only poor people that could take advantage of this once in a lifetime offer. You had to be on welfare, have extremely poor credit and breathing. I did see one dead man get a home and a loan, but he did have his son with him.

Yes all in all I would say that the entire blame for the housing mess should be placed squarely on the shoulders of Demorats and poor people.

There wasn't a single mortgage banking operation (except Fannie and Freddie) that had anything to do with anything concerning mortgages.

Sure am glad this Canadian figured this all out for us.

 

[jwoodie]

Did you know that Fanny and Freddie both, would take buses and load them up with poor people and do the big ole home tour. Then they would allow the people on the bus to pick out the house of their choice and give them a loan right there on the spot.

Amazing that this activity has been kept secret all this time. But I was an mortgage loan originator during this time and I saw it happen. Day in and day out. Poor people were given thousands and thousands of dollars and were told they would never be expected to pay any of it back.

And it was only poor people that could take advantage of this once in a lifetime offer. You had to be on welfare, have extremely poor credit and breathing. I did see one dead man get a home and a loan, but he did have his son with him.

Yes all in all I would say that the entire blame for the housing mess should be placed squarely on the shoulders of Demorats and poor people.

There wasn't a single mortgage banking operation (except Fannie and Freddie) that had anything to do with anything concerning mortgages.

Sure am glad this Canadian figured this all out for us.

Unable to refute a single point, eh?

 

[jwoodie]

Actually, GWB shares the blame for not blowing the whistle on this impending disaster, instead hoping it wouldn't explode on his watch. But the bumper sticker mentality that this was caused by "Wall Street Greed" is a preposterous historical invention which was cleverly sold to the voters. Worse yet, Dodd-Frank, which was passed to give cover to this lie, made a rapid recovery impossible by restricting banks' ability to make loans. Thanks a lot.