Charles_Main
AR15 Owner
Here is another example of the stuff that goes on almost every day anymore and it does drive thinking Democrats, as well as thinking Americans everywhere, absolutely crazy.
The primary reason we are in the current financial mess is because the government for too long has urged banks and lending institutions to make loans to people who traditionally would not have been qualified for them. That was made possible by Freddie and Fannie underwriting those loans. The increase in property acquisitions then drove up property values to dizzying heights which generated all manner of economic activity. Life was good. It was fairly responsibly managed in the Carter and Reagan administrations, but then began getting out of hand. The bubble began seriously building in the Clinton administration and continued all through the Bush administration until it finally maxed out, too many folks started defaulting on loans, and ultimately the whole house of cards the process had created collapsed in mid 2008.
So have our fearless leaders learned that maybe folks who can't afford to scrape together a down payment for a house and don't have any investment in it probably won't put a lot of priority on paying a mortgage if finances get tight? Have they learned that folks who can't afford a house probably shouldn't be encouraged to buy one?
No they haven't learned that.
Wed., May 12, 2010 4:14 PM ET
The Senate today rejected a proposal by Sen. Bob Corker, R-Tenn., to impose a minimum 5% down payment for virtually all home mortgages. The amendment to the broader financial regulatory overhaul bill, which failed 42-57, would have required income verification and an assessment of borrowers’ ability to repay as well.
Corker’s proposal also would have stripped out a provision that required financial firms securitizing loans to keep a 5% portfolio risk.
Democrats then passed their own amendment imposing some underwriting standards, but no minimum down payment. . . .
Democrats Reject 5% Down Payment Rule
You know I watch Beck every now and then to get laugh and usually I don't buy into his crazy theories. However more and more when I see them doing things like this in light of everything that has happened I am led to believe he may be right on one of his ideas. The idea that the Far leftest running the Dem party are trying to collapse the American Economy so the people will finally give up Capitalism and accept Socialism when all along it is mainly the more socialist like parts of our economy that are causing the problems in the first place.
I know now several Dems will start screaming about regulations but the fact is those dumb asses cant even show you 1 regulation that was actually removed under Bush. There were some the Dems wanted but didnt get but not one that was removed. Further more It was the Dems who resisted stricter Over site of Fanny and freddy. If you want one man to blame. Chris Dodd has to be your man lol.
Sometimes I have to wonder if Beck might not just be right lol.
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