Consider this map in NYC mortgage defaults in the context of Clinton’s gutting of loan requirements back in 1995 because after all, the need to have an income when buying a home is a form of discrimination. Not having the money for a down payment is a form of discrimination. Looking at one’s past credit history is a form of discrimination...thus the crisis we are in. And why shouldn’t welfare recipients not use their welfare checks (err I mean their “public assistance” checks) to buy homes???
This is exactly why liberal democrats block any form of regulatory oversight of Fanny and Freddie. They were too busy shoveling out the money and letting their friends walk off with $100Ms in bonuses and salaries as they defrauded Fanny and Freddie.
And with the help of the liberal media...the blame for this crisis is falling into the republican’s laps – and McCain’s lap –WHEN McCAIN WAS ONE OF THE WHISTLE BLOWERS ON THIS MESS. HE TRIED TO STOP IT!!! I am not a fan of McCain but facts are facts.
I wish this map was available for income rather than race/ethnicity...but it does tells a tale none the less.
No one is against helping people to some level...but the notion that “everyone deserves a home” has proven dangerously reckless and has helped bring the world’s banks to their knees. Poison paper = blended risk instruments. That was what Fanny was selling banks all over the world – poison paper where the underlying assets where a mix of good mortgages and bad mortgages...this is why this is so hard to sort out. Lending had no choice but to freeze-up – YOU CAN’T LEND (or BORROW) AGAINST ASSETS OF UNDETERMINED VALUE!!!
And remember the Clinton Administration imposed this lending on the banks – Fanny served to make the impractical not only possible...but in the short term – very profitable. With a government gun to their heads and ACORN storm troopers weeding out the unwilling and with money to be made...few banks would not fall into line.
And Obama helped ACORN threaten the banks that would not lend into this madness.
FW: 2006 Mortgage Default map for NYC by race/ethnicity
10/13/2008 12:32:00 PM
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Key Words:
BARACK OBAMA,
BILL CLINTON,
HOME OWNERSHIP,
JONH MCCAIN,
LIBERAL MEDIA,
NEW YORK,
PUBLIC HOUSING,
WELFARE
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This entry was posted on 10/13/2008 12:32:00 PM
and is filed under
BARACK OBAMA
,
BILL CLINTON
,
HOME OWNERSHIP
,
JONH MCCAIN
,
LIBERAL MEDIA
,
NEW YORK
,
PUBLIC HOUSING
,
WELFARE
.
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3 comments:
Fascinating how a map that's part of NEDAP's report on predatory subprime lending (which lies entirely outside anything to do with Fannie and Freddie) gets turned into an open and shut case of deadbeat low-income homeowners and liberal Democrats taking Wall Street to the cleaners. You'd never know that currently 1 out of 6 houses in the United States are worth less than their mortgage. That's a whole lot of wily low-income home owners.
You really do have to be stupid as a post to be a wingnut.
Personally, I love the efficient way in which this email hits many of the wingnut sore points.
Race? Check.
Welfare? Check.
Corruption? Check.
Big Bad Clinton? Check.
And bonus points for throwing ACORN into the whole deal as well.
Funny how a lot of these recent emails start/blurt out as non-partisan or apologetic in an attempt to appear 'fair and balanced'.
like in this case "I wish this map was available for income rather than race/ethnicity"
or other ones which start with phrases like:
"I'm not a Republican or a Democrat but isn't funny how Barack..." etc etc.
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