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an excerpt form that October 15, 2002 press conference.. this is all noted on the whitehouse.gov website..NOTE: it starts out "FREDDIE MAC RECENTLY BEGAN..."
"Freddie Mac recently began 25 initiatives around the country to dismantle barriers and create greater opportunities for homeownership. One of the programs is designed to help deserving families who have bad credit histories to qualify for homeownership loans. Freddie Mac is also working with the Department of Defense to promote construction and financing for housing for men and women in the military. "
President Hosts Conference on Minority Homeownership
http://www.whitehouse.gov/news/releases/2002/10...
Dodd still has problems with his Countrywide associations and enjoys what appears to be a VIP loan from Countrywide, a Coutrywide that last year the FDIC and Feds forced Bank of America to swallow. No problem though, Congress less than a year latere delivered billions of taxayer dollars to Bank of America via the bailout to help clean up the skidmarks and mupuddles on BOA's balance sheet caused by eating the Countrywide pig.
Please do no delude yourself by thinking this leveraged financial fiasco that looks like it will cost US taxpayers into the 14 figures (double digit trillions) to undo was simply a repub and repub only creation. Remember, one party, two faces with each face immersed in the trough's deep slop represented by taxpayer dollars feeding daily and always needing and passing more.
Still, Worst. President. In. History. He'll make even Hoover look like a financial genius...
http://news.yahoo.com/s/ap/20081201/ap_on_go_pr...
(third paragraph)
Qualify means be able to pay back.
They can't have it both ways. There have ALWAYS been people that wouldn't be able to pay back their loans wanting a loan. The gatekeepers were supposed to be the free market companies acting responsibly. They found a pyramid scam that they perpetuated and constantly tried to rope in more unqualified borrowers.
And they are STILL scamming us...with our money. And our government is still just forking over our money but without any demands whatsoever.
Bush's comments at least acknowledge that it went right through his tenure (with the default implication that he sat and did absolutely NOTHING to address or prevent the problems).
Um, a "decade or so" *before* he became president, his dad was president...he may have *meant* to blame it on Clinton, and in fact, Clinton may bear some responsibility, but he actually is blaming it all on Bush 1.
The headline on my local paper this morning reads "U.S. ignored meltdown warnings". Similar to "ignored warnings about al quada", "ignored warnings about hurricane approaching New Orleans", and how many more?
We could only wish they didn't.
To Republicans, personal responsibility means "It's the Democrat's fault" They are never responsible for anything.
They have started fund raisers to fight the "left agenda" proving
they care nothing about our country and are only, as usual, out
for theirselves.
The Democrats need to get strong, make sure that all actions
by the pubs are made public and, hopefully start criminal
proceedings against those who are guilty. It is time for fighting
back.
GW isn't blaming Clinton, who was president for the 8 years prior; citing a decade and more - he's blaming his father and Reagan for starting this financial fiasco - and rightfully so. But the idiot is being too modest; he is the one who crashed it.
Just this sort of comment has come up in threads on websites that attract wingnuts, as well as the sane, for some time now so it's probably a line that's been fed to them through the right sausage machine (Limbaugh, Fox, etc.)
(Im)plausible deniability.
Then you would be a lying Repig hack. CRA was responsible for less than 1% of subprime. Try getting your economic news from someone other than a drug addict on the radio.
Bush WH Ignored Market Meltdown Warnings
http://www.ritholtz.com/blog/2008/12/bush-admin...
A brutally damning article about the warnings the Bush administration received and ignored was published this morning by the Associated Press. The AP summed up the philosophy of the Bush White House, writing: “The administration’s blind eye to the impending crisis is emblematic of its governing philosophy, which trusted market forces and discounted the value of government intervention in the economy. Its belief ironically has ushered in the most massive government intervention since the 1930s.”
Excerpt:
The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown, according to an Associated Press review of regulatory documents.
Bowing to aggressive lobbying — along with assurances from banks that the troubled mortgages were OK — regulators delayed action for nearly one year. By the time new rules were released late in 2006, the toughest of the proposed provisions were gone and the meltdown was under way.
Bank regulators had proposed new guidelines for writing risky loans in 2005, but were rebuffed by the White House. The proposed regulations might have avoided the worst fo the housing and credit crisis, had they been enacted.
What was so especially damning was these proposals were all stripped from the final Administrative rules by the Bush White House. None required congressional approval or even the president’s signature