This, term predetory lending, as if the the people that took these loans out have no responsiblity. The bottom line is this, if you make 30,000.00 a year and your looking at a 400,000.00 house with 0.00 down and a 1 % ARM that matures in 3 years. Sooner or later your going to have to make that house payment. The bottom line is this, as a borrower you couldn't afford that house in the first place. Now these lenders that blatently broke the law and lent money to people cound not afford to pay in the first place, do NOT deserve to be bailed out, as the market takes care of people that are doing business in a shotty manner if we let it. The bad thing here, is that these lenders and insurers made so many bad loans that the impact on the economy has been tremendeous. However, the borrowers are not the innocent parties in all this. So to point a finger at Phil Gramm or Charlie Black is funny as to border on the absurd. The democrats need to start with their own house before they start pointing fingers in this mess. Starting with Jimmy Carter, to Bill Clinton, to Chriss Dodd, to Barney Frank, and yes even Barack Obama. John McCain was sounding the alarm in 2005 when S. Res 190 was brought to the floor of the Senate. Barack Obama was busy accepting more money in three years from Fannie/Freddie than all the Senators on the list have in 10 years except Chris Dodd. Oh and what was Chris Dodd doing? he was busy getting on the preferred customer list at Countrywide. So you finger pointing at Phil Gramm doesn't wash.