This video shows Democratic Lawmakers defending Fannie/Freddie back in 2004 when REPUBLICANS and auditors asked for stricter oversight & regulations of Fannie/Freddie-
YouTube – Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis
http://www.youtube.com/watch?v=_MGT_cSi7Rs&feature=related

Video tying it all together-
YouTube – Burning Down The House: What Caused Our Economic Crisis?
http://www.youtube.com/watch?v=1RZVw3no2A4&feature=iv&annotation_id=event_193366

In the last two days several of these Democrats (Barney Frank [Ma], Maxine Waters [Ca], etc.) have been in the news stating that they had “No Idea”, “we tried to stop it”. The Hypocrisy is shocking. These people are socialist traitors to our country.

This is the worst crises to hit America since the great depression, some say, aside from the loss of life our situation is far worse then what happened on 9/11.

You may not want to vote for MacCain and that’s fine but please remember this when you vote for our Legislators.

Epic fail.

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

In July, the Department of Housing and Urban Development proposed that by the year 2001, 50 percent of Fannie Mae’s and Freddie Mac’s portfolio be made up of loans to low and moderate-income borrowers. Last year, 44 percent of the loans Fannie Mae purchased were from these groups.

Notice the date: September 30, 1999.

Any other Obama campaign lies to try to push?

That is the headline of Ann Coulter’s column.

“Fannie and Freddy were willing and eager to buy them up. Why? because the Democrats running Fannie and Freddy were giving themselves millions in bonuses for doing so, and they justified and demonized opponents of such practices all in the name of minority home ownership. they lambasted anyone who DARED oppose their destructive business practices as racist — just as you are lamely trying to do now. ”

Again this is factually incorrect. The policy of Fannie and Freddie being allowed to purchase sub-prime mortgage and to count this toward affordable housing goals was established by HUD under the Bush Administration. Consumer right groups, or “libtards” as most posters here seem to prefer objected to the change in practice but it was allowed under Bush.

All loans are not alilke and for years Fannie and Freddie guaranteed loans to low and middle income people–the recent problem is less a matter of who received the loan than the way the loans were packaged as very high risk instruments.

Yes if we only didn’t allow those colored folks to buy homes and let them clean white folks homes where they were all so happy none of these problems would have happened.

“colored folk” ARE allowed to buy homes the same way anyone else is …a good credit rating, down payment and enough income to afford the payments. It is liberals who have the racist position, as they do with affirmative action, that inferior minorities need their benevolent white help to get ahead. This is not a question of “letting” anyone buy a home, it is the fault of liberals who force lenders to give loans to bad credit risks.

“THEY GAVE YOUR MORTGAGE TO A LESS QUALIFIED MINORITY”

What an asinine canard. No one has ever said any such thing. Indeed, the major problem with sub-prime loans has not been minorities but people flipping houses given loans to buy houses they couldnt afford on the prospect that housing prices would only keep going up and that they would be able to repay the loan, with the knowledge that if they werent able to repay the loan, Fannie and Freddy were willing and eager to buy them up. Why? because the Democrats running Fannie and Freddy were giving themselves millions in bonuses for doing so, and they justified and demonized opponents of such practices all in the name of minority home ownership. they lambasted anyone who DARED oppose their destructive business practices as racist — just as you are lamely trying to do now.

But there is no such THING as a “predatory loan”. A loan is a loan is a loan. NO ONE is forced to enter into any loan agreement. People ARE expected, however, to know the terms of a loan before they sign it, and their signature is proof in any court of law that they accept responsibility for those terms.

Once again, liberal arguments are based entirely on lies.

But lenders did nothing illegal. If they did, please provie evidence. They were instead doing exactly what Fannie and Freddy wanted them to do — what Fannie and Freddy encouraged them to do and that was to make lots of loans to bad credit risks — and it was Fannie and Freddy who promised to buy them up.

Pratices that Republicans tried to stop with regulation that Democrats blocked and demonized as racist.

So, with all due respect, youre full of shit.

Don’t you folks want people to own homes? would you prefer socialist forms of public housing? Geesh, make up your mind

I’d love for anyone who wants to to own their own homes, thats why I support conservative economic principles. No, I dont support socialist public housing, which is why I dont support liberal socialist economic policies. But you act as if owning a home or public housing are the only choices. They arent. There is rental housing and private charitable temporary housing.

The only one who keeps saying that is you. Why should we have to refute something we never said. Believe it or not, Non-Leftists are not consumed with identity politics are entire waking hours.

I don’t dispute this, but you make a leap in logic when you conclude that the financial collapse is due to providing mortgages to low-middle income people. Such mortgages can and were provided safely and it was the sub-prime market (which goes far beyond the GSE’s) that initiated the current housing crisis. In fact it was HUD under the Bush Administration that allowed the GSEs to count as part of its affordable housing goals the purchase of high risk sub-prime mortgages against the advise of consumer activists.

You say, we’re repeating talking points here, fine, then rebut them.

And where, oh, where, do you get the racists notions you have? Are you suggesting we don’t want black people to buy homes? If you have evidence, please provide it.

And no, this is not a crisis entirely of private markets, but primarily of excessive government involvement. Please note, as I say in the post, Fannie Mae and Freddie Mac, were government supported enterprises. They failed. And let’s not forget Countrywide, whose chief executive declared that “lenders have to stretch the rules a bit” to comply with the CRA.

Now, go address the points. And until you do, I’ll just consider that all you’re doing is spouting Democratic talking points.

I’ve been saying the Fed Govt is bankrupt for about a year now.

Yes if we only didn’t allow those colored folks to buy homes and let them clean white folks homes where they were all so happy none of these problems would have happened.

The only problem with the latest right-wing talking point is there is no evidence to support it. The vast majority of defaults on mortgages have nothing to do with the Community Reinvestment Act, but are on private “unregulated” loans that most repuplicans, including McCain, supported deregulating.

Did the CRA result in giving loans to people likely unable to pay mortgage payments? Yes, very likely. Is this the cause of the current financial breakdown? Only in the minds of the most deluded water boys of the republican party.

I am not a huge fan of O’Bama but if he pulls this off, I do think he owes Tine Fey a Cabinet Position, preferably “Commissioner of Correct Lesbain and Gay Politics”. Shoosh!!

can someone please have the balls to admit that both sides and many unidentified sides are to blame?

Back in 2005, I remember a friend of mine who briefly worked for a subprime loan sweatshop telling me that it was like that movie “Boiler Room” You had managers screaming at you that you had to meet sales quota hourly and to “Get the loan dealt” whether or not you had payroll verification or signatures or anything else. How were these a-holes running these subprime shops able to do this? There needs to be more regulation on this!! Sorry – I know most of you hate regulation but it needs to be there…We need to get this crisis dealt with and stop blaming sides – that is beyond the point at this time. We can bitch about partisan politics later….

In any event, he makes me sick, too.