Bernie M.

couldn't have said it better....

 

Re: RE: Bernie M.

Oh, I think you could have. And so could Don.

He might start by elaborating on just how 'low-income folks who just want to buy a home' got 'swindled'. And just who it was made the swindles possible.

I dont give a crap if Madoff never sees the light again but through bars, and I have very little sympathy for those who lost millions with him. The core of all swindles is greed. On the part of all parties concerned.
There were some who lost all they had, but comapratively modest sums under a million, but no one made them do it. The returns smelling like a ponzi should tip people off.

But what about those, pushing the laws promoting 'increased home buying' who get elected by saying they 'look out for the little guy'?
The laws that made it possible to offer 110% mortgages.. interest only.

Shouldnt they go to jail? At least shouldnt they be put under oath and made to testify?
Hmmm, don?

Summary... the crocodile tears dont phase me a bit.

 

I HAVE been ignoring what makes me ill. Why I havent been posting on here.

But let's start off with the KING of all destructive entitlement legislation, ironically the most 'innocent' of malevolence; Barney Frank. Just because he's stupid.
Who is it always deflecting away from the crap at FNMA, FMAC? Barney Frank.
Then let's look at Chris Dodd.. a leading progenitor but doesnt seem to know how he gets his OWN mortgage deals. Hell, if you want I'll get the list of the 'Friends or Angelo' somewhere... would that make you happy? I'm sure it's 'bi-partisan' somehow.
Then we can hearken back to the discussion on here during the crash and how those junk instruments came about. We can go back to the nineties and who it was signed the Community Reinvestment act. Clinton.. at least HE was honest enough to say -once- that it wasnt a good idea. You want to point to the Tx Republican that helped put that up.. go ahead.
Want to reopen the ACORN bank extortion subject? Go ahead.

But you MIGHT want to supply examples of how the low income homebuyer 'got swindled'. Ready to explain how they are too stupid to realize the balloon payments are coming due in a few years?

Dont lecture me on not supplying examples ..you know freakin well you never supplied any in your Dubya bashing rants on how he shredded the constitution on overseas wiretaps. Hell, maybe it was summa the same guys as had those interest only mortgages.. they got bundled off to some concentration camp somewhere.

But the bottom line is your freakin logic:
The high risk packages that lead to the meltdown are directly traceable to the efforts to increase low income home ownership. PERIOD. That they were not regulated even at the level of loan qualifications is what lead to the crisis we're in.

Tell me this... the loan qualification rules have been fixed, yes or no?

The sad part is you could have stopped at your rant on Madoff bilking the rich and I would'a left this alone.. but no, you had to imply that the low income mortgagee got swindled by the rich, somehow.

They didnt. They fell for the 'easy out' implication; "buy now, pay somehow". The further implication is that poor people are stupid. Maybe they are..certainly that Obama voter who said she was happy he got elected because now she didnt have to worry about her house and car payments anymore sears my memory.. but does that mean they get a pass on consequences?

Or does it mean in your mind that housing should be supplied by the government?