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What Is Behind This Financial Crisis

Posted by rightwinger on September 26, 2008

The other day I heard the stupidist thing on the radio from a so called expert.   What he said was From now on all loans will be based on the ability to pay.  Excuse me this what a loan should be and this is why we are in this mess.  People who could not afford home loans were given home loans.  Now we all have to pay for this failed home mortgage welfare system.  Some people will always be renters.  Sorry but the Constitution  does not guarantee that all Americans deserve a home.  That is communism not the free market.

From New York Times March 5, 2000:

The federal government has proposed new rules that would make it easier for low-income house buyers to qualify for mortgage loans, a move intended to help blacks and other minorities buy houses.

The proposed rules from the Department of Housing and Urban Development would require two of the largest housing finance companies in the country, Fannie Mae and Freddie Mac, to increase the percentages of overall loans that they offer to lower-income families from the current standard of 42 percent to 48 percent in 2000 and to 50 percent in 2001.

Read the article for yourself.


2 Responses to “What Is Behind This Financial Crisis”

  1. […] 4. This Fannie Mae debacle goes back to Clinton and passing legislation to force banks to make loans… […]

  2. […] 5. This Fannie Mae debacle goes back to Clinton and passing legislation to force banks to make loans… […]

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