Gaar is correct again! For the Dems it was a continuation
of their socialist program known as EOL " Equal oppurtunity lending ".
It will come out soon that the majority of loans defaulting were loans
made to EOL clients that knew they could not really afford to pay
back.
The EOL law was a Democrat sought after program to allow loans to go
to mostly minority and or low income famillies even though the Dems
knew that eventually this could be a serious problem in terms of EOL
clients meeting their financial obligations due to their income
levels.
Under that EOL Law the banks and institutions had no choice but to
make risky loans. Good work Democrats know you want to put the blame
elsewhere. This is an example of what a democrat socialist program is
used for: to buy VOTES . Most working class people see right through
this and that is why McCain & Palin will win.
******************************************************************************************************************************************************************
On Sep 16, 4:23 pm, Gaar <[EMAIL PROTECTED]> wrote:
> You saw the part where the Democrats INCREASED the "Cap" on Fannie and
> Freddie in that Legislation, right?
>
> You know, the stuff the White House was against, but Democrats
> demanded in order to back the Bill.
>
> On Sep 16, 7:40 am, Hollywood <[EMAIL PROTECTED]> wrote:
>
>
>
> > gaar,
>
> > Interesting article. It was dated 1/24/08, which would make it a
> > product of the Democrat-controlled Congress.
> > The full title of the article is "White House, Congressional leaders
> > Announce Deal On Economic Package Update."
> > It was basically the rebates from earlier this year.
> > Also interesting that the package DID NOT include extending
> > unemployment insurance or providing funds for food stamps, both ideas
> > Democrats had hoped for.
>
> > THIS is the sum total of the legislation you say Bush "tried" to pass
> > that would have "stopped" the current economic troubles????????
>
> > On Sep 16, 8:40 am, Gaar <[EMAIL PROTECTED]> wrote:
>
> > > On Sep 16, 6:33 am, Hollywood <[EMAIL PROTECTED]> wrote:
>
> > > > Tell me specifically what Bush tried that would have "stopped it".
>
> > >http://www.forbes.com/markets/feeds/afx/2008/01/24/afx4572366.html
>
> > > The House plan also calls for a temporary increase in the size of
> > > mortgages that Fannie Mae (nyse: FNM - news - people ) and Freddie
> > > Mac
> > > (nyse: FRE - news - people ) can buy, to 730,000 usd from the current
> > > 417,000.
>
> > > Paulson had opposed this component, because he wanted to use it as a
> > > carrot to push Congress into passing legislation that would toughen
> > > the regulatory structure of the two mortgage giants.
>
> > > 'But I got run down by a bipartisan steamroller,' Paulson told
> > > reporters at the White House.
>
> > > Frank told reporters he assured Paulson that he would not pursue
> > > legislation to further expand the conforming loan limits. And Senate
> > > Banking Committee Chairman Christopher Dodd of Connecticut is
> > > expected
> > > to push legislation to strengthen federal regulation of the two
> > > companies.
>
> > > Nonetheless, the federal regulator of the two companies, the Office
> > > of
> > > Federal Housing Enterprise Oversight (OFHEO), said it was
> > > 'disappointed' that the stimulus package includes an expansion of the
> > > conforming loan limit that is not part of increased regulatory
> > > authority.
>
> > > 'We are very disappointed in the proposal to increase the conforming
> > > loan limit as we believe it is a mistake to do so in the absence of
> > > comprehensive GSE regulatory reform,' said OFHEO Director James
> > > Lockhart.- Hide quoted text -
>
> > - Show quoted text -- Hide quoted text -
>
> - Show quoted text -
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