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Originally Posted by Cannon Shell
Congressional pressure on Fannie Mae and Freddy Mac to secure homeowner loans to people who didnt necessarily deserve the loans was what allowed the banks to make such poor choices and decisions. The fact that a quasigovt agency was in effect backing all the loans, bad or good, allowed the banks to go wild with the refinancing and crazy ARM's. While the banks absolutely took advantage and went too far, the politicians courting special interest groups (like acorn) created the atmosphere for this kind of behavior to flourish.
The govt basically said make the bad loans we will cover them, until FM and FM ran out of money.
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Govt said make loans easier,
the banks saw an opportunity to cheat.
Homeowners saw an opportunity to own a
home, the American dream. Or wheeler-dealers
saw an opportunity to buy up lots of homes.
Conservatives concentrate on the idiots that had
no business buying a house. Liberals look to the
wealthier parasites that took advantage of very cheap, easy
to obtain Mortages on a number of houses to be sold
again. The dreaded middle man that serves no purpose.
The maggots that just trade some hypothetical curreny.
Speculation gone mad.
Many forgot the American dream requires a job
and hard work.
And then you have to make enough
money. A bit of an oversight on all fronts.
Blaming just the victims/idiots is too easy.