Whose to Blame for the bailout and mortgage meltdown....

By
Mortgage and Lending

Interesting.....

Want to learn more about what caused this mortgage meltdown and has caused the nationalization of our banking industry (by the way thats one of  Karl Marxs first steps into turning a country towards socialism.)

The "Communites Reinvestment Act" google it find out more about it who supported it who didn't. Who tried to stop the run away train called Fannie Mae and Freddie Mac and who tried to reform it.

It looks like where going to get more of the same because people don't know the truth or understand how certain policies hurt us all!

What do YOU THINK caused the mortgage meltdown? I'd love to hear your feed back! 

Comments (3)

Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

I do not know. Not before I read the post, not after. Thanks for invitation to Google, though (LOL)

Oct 15, 2008 05:01 PM
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

From what I know. the Communities Reinvestment Act was an attempt to get the lenders to stop their red-lining policy.  Fannie Mae and Freddie Mac would have been much better if much of the de-regulation that was removed during the Bush administration was left in place.  That's my two cents.

Oct 15, 2008 07:05 PM
Pete Stanley
Coldwell Banker Residential, Prescott AZ. - Prescott Valley, AZ
TEAM STANLEY, PRESCOTT, ARIZONA

Personally I believe you have to go way back to the political environment several years ago.

The economy was slow, (wish I could remember the date, I think was under Clinton) and the politicians were looking for ways to stimulate the economy. 

"Wow, housing is down and we want every American to have a home, so let fix that."

But people have not saved any money, they are spending what little they have on credit cards, so

Walla, lets let them buy it for nothing down, that will fix it.  And better still, lets relax the credit score requirement for loans, meanwhile kick Fannie Mae and Freddy Mac up by making more money available.

Got it yet, your right, the politicians created this mess with polices that violate the basic American Rule, "you got to work for what you get, no free rides".

OK, just my opinion but check it out and you will see the history.  I am 65 years old, and when I grew up my dad told me "save your money son, some day you can buy a home".  Was I shocked when I started Real Estate and went to the first closing where the buyer brought a pin and that was all, the money came from other sources, including the down payment and all the closing cost.

Think about it, our Government created a problem and failed to monitor the results.

Pete

Oct 15, 2008 07:15 PM