“By your words you will be condemned.” Matt 12:37

Democrats in their own words covering up the Fannie Mae, Freddie Mac scam [8:37]

At a 2004 hearing, Democrat after Democrat attacked Republican attempts to impose regulations on Fannie Mae and Freddie Mac that would have prevented or mitigated the growth and bursting of the housing bubble that set off the current economic crisis.

Watch this whole thing and PAY ATTENTION to what party is associated with the legislators demanding regulation and what party (and what skin color) is associated with the legislators condemning regulation.

Barney Frank Lies About Fannie Mae [:50]

Barney Frank says he was never pushing for excessive homeownership, just renting homes. And of course, he says the whole Fannie-Freddie mess was Bush’s fault.

But he lies. He pushed for home ownership, just like the rest of the Democrats involved in Fannie and Freddie.

“Those of us on our committee who continue to push for home ownership, but you’re not going to see the collapse you see when people talk about a bubble.”

It was these “risk-less” loans that failed and led to all those foreclosures the media tried to blame on Republicans.

Fannie and Freddie handed out 100% mortgages to people who couldn’t afford the monthly payments, never mind come up with a down payment, and who would never have qualified if they’d had to meet sound banking standards for loans.

But under Fannie and Freddie, they had the right skin color, so they were handed houses that they then had taken away again.

It stinks of Affirmative Action, which gets unqualified students admitted to colleges where they are almost certain to fail.

The Left calls this “compassion” … I call it unmitigated evil.

5 Comments

Filed under Affirmative Action, Barney Frank, Democrats, Economy, George W. Bush, Maxine Waters, Republicans, Videos

5 responses to ““By your words you will be condemned.” Matt 12:37

  1. Dee

    I do distinctly remember Bush giving a speech about expanding home ownership. I’m not saying he’s to blame, not at all, but I do remember it. I worked at a title company and we were crazy busy.

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    • chrissythehyphenated

      “Expanding home ownership” is not a bad thing in and of itself. I heartily support the government program that helped us buy our first (and only) home. It was a targeted program for low-middle income, first time buyers. The government helped finance the loan at low interest, but we had to qualify for the mortgage AND the program, which also put a very low upper limit on the price of the houses that were eligible.

      In fact, our sellers wanted a bit more, but the market was slow, so the realtor convinced them to drop the price a couple K to get it under the limit for this program. I had to go at the crack of dawn and stand (sit on the sidewalk LOL) in a long line of wannabe buyers to get a chance at the money the state had made available for these mortgages.

      Once we got accepted to the program, there was still paperwork, but since house was empty and we needed to move asap for various reasons, the sellers let us move in immediately as renters. It got them some extra money toward what they’d wanted for the place and made no difference to us, since we were paying rent anyway.

      What with the lawyers from their bank, our bank, the state’s program all going on end to end vacations, we didn’t close for 4 months, by which time, the sellers had actually gotten in rent just about what they dropped the price by.

      There is all the difference in the world between this kind of government support for home ownership and what Fannie and Freddie did!

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  2. Dee

    I processed (on the title end) refi’s and purchases where the liabilities column on the loan app would make your head spin. And on the refi’s, they’d take an 70 year old single woman, wrap her 10-15 unsecured credit card debts into her new 30 year mortgage, and because it was a B/C loan make it an ARM so the interest rate would adjust in a few years. Sometimes I hated that job – I always made it a point to show them that the rate was going to adjust or if there were pre-payment penalties, but most people signing paperwork at a closing are in daze and don’t really process much of what’s said.
    And then there’s the fraud. We never had proof of fraud, but we suspected it when we saw invoices for repairs that were payable to the mortgage broker’s sister’s brother-in-law, appraisals that were probably inflated, people who you were 99% sure where straw purchasers for friends/family who couldn’t get approved, those claiming it would be their primary residence but you were pretty sure it was a rental – which is a different loan process with a higher interest rate due to the increase risk.
    I was young, and since most of it you couldn’t prove we never really did much about it. Looking back, and since I’m older and more confident, I would have been more proactive about turning things in that I suspected. The title company is in a tough spot though – the mortgage brokers are our customers, and if you don’t have proof it’s hard to turn someone in that is your livelihood. I do remember firing one mortgage broker. Our company sent him a letter that we would no longer work with him because we were pretty sure he was doing shady deals. We should have turned his ass in though. Nice guy, just lousy ethics.

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  3. Since when is encouraging or facilitating home ownership a concern of the federal government anyway? Just one more area (like education, health care, welfare, agriculture, etc., etc.) where government has no business sticking its nose. They pretend to be addressing a problem, they make it much worse, they use the worsening situation as justification for more government intervention… and so on ad nauseam. It’s almost enough to make an anarchist out of me.

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    • chrissythehyphenated

      I suspect some number of these thieves know exactly what they’re doing, cooking up ways to steal tax money and sell the ideas to the sheeple with prettified “compassion” language.

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