7 Thoughts on Is Obama tied to the subprime mortgage disaster which is causing all these foreclosures?
  1. Reply
    Paladin
    February 8, 2014 at 3:17 am

    everyone in government is tied to it, one way or another.

    don’t re-elect anyone

  2. Reply
    liberal_60
    February 8, 2014 at 3:52 am

    No. It was caused by the Republican mania for deregulation, which allowed all of those securitized mortgage bonds.

  3. Reply
    Bibs
    February 8, 2014 at 4:41 am

    No.

  4. Reply
    Bobby
    February 8, 2014 at 4:52 am

    I don’t trust links like yours above, because they are always one sided and do not point out the dealings that conservatives or Republicans also had in creating the mess. You do know that some of these CEOs involved were Republicans don’t you. I think that since the Republicans have had control of congress most of the past 16 years they were not dominated by Democratic interests.

  5. Reply
    Real Estate Guy
    February 8, 2014 at 5:38 am

    hey McCain was one of the Ketting 5 in the 1980’s. This was with the S&L’s were in trouble. You think that McCain would have learned from the same mistakes.

  6. Reply
    Kojak
    February 8, 2014 at 6:11 am

    While I am sure everything that is stated in your link is true…..BUT This decay started back in the Clinton years….
    As this financial crisis spreads, denials on Capitol Hill grow more shrill. They blame an aloof President Bush, a greedy Wall Street, risky capitalism — they blame anybody and everybody but those in Congress who wrote the banking rules.
    Such obfiscation won’t hold against the angry facts banging at the door.
    A visibly annoyed House Speaker Nancy Pelosi rejected suggestions that Democrats share blame for the meltdown. “No,” she snapped at reporters “Stick to our narrative”, she scolded: “The bursting of the housing bubble was another story of market failure and deregulation.” Only one problem , THE RISK TAKING WAS HER IDEA — and the idea of all the other Democrats, along with a handful of Republicans, who over the past 30 years have demonized lenders as racist and passed regulation after regulation pressuring them to make more loans to unqualified borrowers in the name of diversity. They were the ones who screamed — “REDLINING!” — and sent banks scurrying to low-income neighborhoods, where Banks were forced to lower long-held industry standards for judging credit worthiness to make these subprime loans.
    If they didn’t comply, they are threatened with stiff penalties.
    The more branches that lenders put in poor neighborhoods, and the more loans they made there, the better their CRA rating. Those lenders with low ratings can not only be fined, but also blocked from mergers and other business transactions
    The regulation (CRA) grew to monstrous proportions during the Clinton administration, obsessed as it was with pandering to minorities and the dis-enfranchized. Amendments to the CRA in the mid-1990s dramatically raised the amount of home loans to otherwise unqualified low-income borrowers.
    A leading player in forcing these bad loans was a young public-interest lawyer in Chicago by the name of BARACK OBAMA.
    The mortgage lenders didn’t care, because they were going to sell the loans to other banks. The banks didn’t care, because they were going to repackage the loans as MBSs. The investors and traders didn’t care, because the MBSs were backed by Fannie and Freddie and the Democrat led government guarantees
    So everybody won until everybody lost, including the minorities the government originally mandated the banks to serve.
    The original culprits in all this were the social engineers, Democrats in Congress, who compelled banks to make the bad loans. The private sector has no business conducting social experiments on behalf of government.
    In order to put low-income minorities into home loans, they were ordered to suspend lending standards that had served the banking industry well for centuries. No one wants to talk about THAT, so now they just scapegoat greedy Wall Streeters.
    Just a point…..McCain and John Glenn were found NOT GUILTY in the Keating Five Scandal..The three Congressmen found guilty were Democrats
    And the Lincoln Savings And Loan was NOT about making bad loans……it was about mismanagement and bad INVESTMENTS.

  7. Reply
    EZMZ
    February 8, 2014 at 6:50 am

    His piece of the pork from Fannie Mae/Freddy Mack was second only to Hillary —-this is unacceptable.

    McCain/Palin ’08=economic growth through energy development.

    Leave a reply

    Register New Account
    Reset Password