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Bloomberg to OWS: Congress caused the mortgage crisis, not the banks
Topic Started: Nov 8 2011, 02:39 PM (394 Views)
Chris
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Fire & Ice Senior Diplomat
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tomdrobin
Nov 9 2011, 09:57 PM
Chris

You can play all the manipulation games you want. Fact is.

Quote:
 
"More than 84 percent of the subprime mortgages in 2006 were issued by private lending institutions," and "Private firms made nearly 83 percent of the subprime loans to low- and moderate-income borrowers that year."


Fannie and Freddie jumped in late because they were loosing market share. It was government policy that created the financial meltdown. But, it wasn't requiring banks to make loans in poor communities, it was lack of oversight of the banks. Greenspan himself has even said, he got it wrong, and thought they could self regulate.

Now in true fashion we have the right wing spinmasters trying to rewrite history.
Where do I play games, tom? Back up your accusation.

I show where your source and you twist what people write and say into straw men.

And you come back repeating it.

Annie and Freddie came in late? They were created by FDR. Check your history.

No one mentioned so far in this thread has said government alone is to blame. And yet you keep arguing against that strawman. Who you arguing with?
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Chris
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telcoman
Nov 10 2011, 12:35 AM
Quote:
 
It wasn't poor folk who were buying all those expensive homes, in Ca., Fl and Nev. that they couldn't afford. Of course you will believe what you want anyway.


I've always wondered about that. Most of the pictures of rows of foreclosures I have seen have been high end homes that I somehow doubt anyone classified as poor could have qualified for under any circumstance. I suspect most of it was middle class people overextending themselves on the hope that inflation & appreciation would take care of them.
Then which homeowners did Obama just bail?

Government greed for power, financial institutes greedy for quick profits, homeowners greedy for more than they can afford.

Why do libs focus on only one player?
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