What's really behind the financial crisis

By
Education & Training with Real Estate Expert Witness Support

Unless you went to sleep a couple of weeks ago,  it must be quite clear that this fiancial crisis didn't just happen  And,  all the finger pointing at Wall Street (and I think they are mostly weasels) was a diversion away from the real culprits.  The congress put incredible pressure on Fannie Mae and FreddieMac to lower the standards to allow more lower income and minority people to buy houses.  Yes,  that means people who could not afford them.   Then,  add on top of that the lack of supervision by the Departments of Real estate and Lender oversight regulators at state level,  mortgage brokers really scammed the system with no doc loans,  cleverly called stated income.  Everyone knew they were cheating but no one did anything.  Now,  look where we are. And,  our politician come up with a bail out program.  First it was $700 billion.  Now it is $850 billion and growing.  Why did they need to add another $150 billion of SPECIAL programs except to push their little agendas.

Anyway,  enough ranting.  We have the government we deserve based on who we vote into office.  So,  stop whining or get involved in someones campaign to throw them all out of office,  no matter what party.

As a followup,  there is an excellent article in the Boston Globe (not exactly a conservative think tank) about the culprit behind this mess.  Here is the linK

http://www.boston.com/bostonglobe/editorial_opinion/oped/articles/2008/09/28/franks_fingerprints_are_all_over_the_financial_fiasco/

 

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Guy Berry

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Comments (4)

Bubba Fife
Complete Property Maintenance - Nashville, TN

Guy, You oughta know by now, no one can spend YOUR money better than the FEDS!!!!

Oct 03, 2008 12:04 PM
Takara Taylor
Midwest Properties - Kentwood, MI

Sorry to tell you, but there were middle-class people were also put into homes they couldn't afford, not just "low-income" and "minorities" as you stated, and further more, I think there is more to the picture that you are trying to paint. It's not that I totally disagree with you, but as far as the blame game goes, there is some collective effort involving Wallstreet & Congress.

Oh, and, my husband & I are both minorities, and we can afford out home, (so you may want to rephrase your statement)  The loan officer tried to convince us we could afford a 250k home, and luckily enough, we had the sense to disagree. So, I agree, SOME of the mortgage brokers in the industry messed things up consumed with greed or maybe just not knowing any better. I'm amazed at how easy it is to be a loan officer and I'm glad that things are about to change regarding their requirements. My 2 cents.

Oct 03, 2008 12:04 PM
Lori Lincoln And Associates
Top Agent Serving Dighton Taunton, Rehoboth and more! - Taunton, MA
Top Agent Taunton,Dighton Rehoboth &more

Guy,

I read the article. I believe the writer speaks the truth about "loans at all cost" was the mantra during sellers market. This probably created the high, high home prices.

 

Oct 03, 2008 12:06 PM
Dustin Nulf
Keller Williams Realty - Pittsburgh, PA

here's a link to my opinion on the same matter... everyone was at fault from the bottom to the top... no one should be "bailed out"

 

http://activerain.com/blogsview/786563/My-Opinion-on-the-Current-Economic-Crisis-of-America

Nov 12, 2008 11:36 AM