When will republicans take responsibility for the mortgage crisis?

Question

In 2003, our little moron in the White House was spouting his "Ownership Society".

One thing for sure - Bush doesn't care if anybody owns anything. He was giving permission to his banker friends to start the risky sub-prime loans and rake in the $$$MONEY$$$.

And now that the banks have collapsed, he's set to steal the largest sum of money in human history - $700,000,000,000 - to bail out his rich friends.

It's a great old republican scam - they pull it over and over - but do you think they can still blame it on the Democrats?

Answer 1

The problem is both sides are guilty on this one

Answer 2

LOL Love that this question was FINALLY twisted around. I don't know how many "When will the Dems take responsibility for the mortgage crisis?" Questions I have seen here in the last 2 weeks. You get a star! lol



To those sayers who keep saying it was Clintons fault, that he 'forced' banks to take these bad loans.

Ummm, here's some news. The banks were not 'required', they were 'allowed'. There is a difference:



CRA does not require banks or thrifts to make loans that are UNSAFE or UNPROFITABLE. In fact, the law stipulates that CRA lending activities MUST be done consistent with safe and sound banking practices. In fact, most high-cost loans

were originated by lenders that did NOT have a CRA obligation and lacked federal regulatory oversight.



This was taken exactly, word for word, from the bill that the REPUBLICANS and democrats JUST agreed on TODAY!



Read the bill for yourself...you might as well, it just cost you $700 billion.

http://senateconservatives.files.wordpress.com/2008/10/ayo08c32_xml.pdf

Answer 3

end and think of. there have been a great sort of non-public loan agencies attempting to get agency, so as that they supplied very low expenses of pastime to definitely everyone. I have been given a dozen calls an afternoon from them, maximum with a foreign places accessory telling me how astounding their equipment grew to become into.I stayed with my mounted cost. you recognize the story, while the costs went up, abruptly those money or the variable expenses sky rocketed, and individuals ought to not have the money for the homes. It grew to become into the peoples fault, not trees.not the republicans because of the fact the Democrats controlled congress, yet even that grew to become into not their(the Dem's) fault. Lay the blame on the reason, grasping human beings over extending their components. i did not fall for it, so i'm shelter. in spite of if that's merely too stable to be real, then that's undesirable.

Answer 4

Actually it was republican sponsored legislation under the clinton administration that kicked the whole thing off.



Yeah, keeping interest rates low helped exacerbate it, yes, lax oversight allowed investment banks to run too wild. In the end though, the culture of fiscal ignorance prevalent in the US contributed most, imo. You can't legislate your way out of a majority of citizens not knowing how to balance a checkbook.



If they can't do that, how can they be expected to tell the difference between sound economic policy and smoke/mirrors (when voting)? How can they be expected to make decisions on whether they can pay back a loan or not (when applying for a mortgage)? Should we strip them of that decision making ability or should we educate so they can enjoy the benefits of sound judgement? It's time we started talking about money in school.

Answer 5

Here's a little help for you, since the Reptards won't believe you. This quote from Bush's nomination acceptance speech in 2004:



"Another priority for a new term is to build an ownership society, because ownership brings security, and dignity, and independence. Thanks to our policies, homeownership in America is at an all-time high. (Applause.) Tonight we set a new goal: seven million more affordable homes in the next 10 years so more American families will be able to open the door and say: Welcome to my home. (Applause.)"



Republicans: Why didn't Bush say "thanks to Nancy Pelosi and Barney Frank, we are about to enter the biggest financial crisis since the Great Depression." Man, he didn't even give them credit for expanding minority and low-income home ownership. He took credit himself!!! Frickin amazing. But what's more amazing is that Reptards have totally forgotten this. They think the Democrats did it. You know what, Bush and the Democrats did it. And like it or not, Bush is a Republican, just like all of you.



http://www.whitehouse.gov/news/releases/2004/09/20040902-2.html

Answer 6

You need to be looking in the direction of the real villan here,



B H Obama, as an attorney took on Citi Corp to force them to make sub-prime deals. Citi was pressured by the CLINTON administration, that includes the nazi ***** Reno. Barney Frank was one of the mob too.



Citi was forced to accept loans for people that could never pay them, the administation forced Fammie Mae to take the paper from Citi.



that was 1999 and we have the result today.



You need to thank the DEMOCRATS



Bush, McCain warned about the coming crash and burn, but with a democratic congress, they were ignored.

Answer 7

Carter and Clinton both pushed bills to force lenders by law to give loans to higher risk poor people who needed money but were too risky.



Freddy Mac and Fannie Mae were built to give lower income people (higher risk people) the chance to own a home.



Homes they couldn't afford.



Now banks are left holding the bag.



Every year in the 21st century, Republicans have been fighting to help their friends the bankers and repeal these risky laws.



Blocked by Democrats (socialists) at every turn.



Research before you point your finger.

Answer 8

It is interesting that you would put this on Republicans as a whole. I think you are confused and need to read up on this more.

It would be nice for someone to have a set and actually take responsibility, but we don't live in that world. We live where everyone else is to blame for the problem and the real solution is never found or ignored.

Answer 9

They are trying to place blame on the ACORN act, of which Clinton instrumented, and one of it's primary activists for it in the Chicago area, yes... was Obama....

Basically is 'forces' banks to give out riskier loans to help the lower income families, re-build their dilapidated homes, new construction, and the like. Provides housing mainly. They are so far off the numbers, it is not funny. NO WAY did this ACORN movement take up even half, 3.5 Billion dollars.... or a quarter, or an eigth... and so on!



HERE HERE....Of course this was carefully done, to collapse right when Bush is all done...Between the War's income, McGraw/ Hill Publishing Company ( FCATS fiasco ) and now this, they probably have at least half this amount SOMEWHERE?....WE should force BUSH to pay it back!

Answer 10

wall street owns a yacht , i own a leaky dingy , its starting to rain a little , and they want ME to bail out their boat ? i say let the yacht club bail them out . America has tremendous wealth . same as two or three years ago . its just changed hands . the same thing happened in the panic of 1890 and in 1929 , the top 10% richest had amassed so much wealth that there was literally not enough for the rest of the economy to work . study history . by summer '09 there will be job and food riots . the Ds and Rs have become very corrupt . I'm voting Nader .

Answer 11

When the Democrats stop promoting the CRA.



When the Democrats stop blocking Republican efforts to regulate Fannie and Freddy like they did in:

2003 with the White House

2004 with Congress

2005 with McCain

2006 with the Senate



Get your facts straight pal. Clinton gleefully signed the 1999 bill you guys point to. Dodd, Schumer and EVEN BIDEN voted for it. LOL



Geez, can you even name the bill? LOL



waiting...



That's what I thought. It was the Grahmm-Leach-Bliley bill. Clinton loved it because it repealed the Glass-Steagal act of 1933 and made it possible for Clinton's CRA "community service" warriors to bring even more unqualified home buyers to unwilling, but CRA regulated banks for loans they likely wouldn't pay back.



Deregulation that Biden, Obama, Clinton, Dodd, Schumer, Barny "the dope" Frank and other libbies can believe in.



EDIT



EVERYONE SHOULD HAVE A LOOK AT "POOLPLAYERS" VIDEO BELOW. It follows the history correctly, and at warp speed!

Then look here for documentation by time-stamp. Interesting stuff! http://sbvor.blogspot.com/2008/09/burning-down-house-substantiations.html





Edit

Robinson Cruz:

Homeownership for everyone is a lofty and reasonable goal if approached correctly. Since you pointed to the White House web site's transcript of the RNC speech in 2004, let me point you back to the White House web site for a clear look at what President Bush thinks of homeownership done incorrectly: http://www.whitehouse.gov/news/releases/2008/09/20080919-15.html

Answer 12

It's so much fun to just keep repeating the same old bs over and over isn't it?

I know the facts won't change your made up mind, but for every republican that had anything to do with the mortgage mess, there are 10 democrats and liberals at fault.



http://www.youtube.com/watch?v=B-YGTnhcAgo



Check out the video. It may be hard for you to watch.

Answer 13

Please pay attention to what is going on. Billy Bob Klinton in 1999 signed a bill saying you can buy a house even if you cannot afford to pay for it.



Dems control both houses banking commetties. Dems control Fannie, Freddie, GS, BER, LEH, and a lot of banks.



A. Greenspan in 2002 said this was comming. (D) Chris Dodd, (D) Chuck Schummmer, (D) Barney Frank and other (D) men and women on the banking committies said NO,NO,NO,NO. It ain't broke. Bush tried to get legislation passed in 2005,6. and again ALL the dems said it ain't broke. All this is on FNC. Dems being intervied. of course ABC, CBS,MBC,CNN,PBS will not broadcast this as they support not report.



Please start informing your self and be a better person.

Answer 14

Democratic Congress has been in Charge since January 2007. Hillary warned about this a long time ago, but the Dem Leadership didn't take. No excuses. This is not the republicans fault.

Answer 15

In 1995, President Bill Clinton added a modification to the Community Reinvestment Act of 1977. His modification (commonly referred to as a Community Reinvestment Act of 1995) required bank to loan to various communities they normally wouldn't - and further encouraged those communities to complain if enough home loans weren't given to that area.



The number of CRA loans jumped by 39% in 1995, the majority going to "unqualified minorities and low income Americans" who would have trouble paying if our economy began turning south.



When our economy took a minor (and I do mean minor) turn south in 2007, these low income families couldn't make their payments. As the economy got worse and worse (ironically because of only a handful of people early), more and more people couldn't make their CRA payments and had their homes foreclosed.



While the Republicans and their deregulation are partially responsible, the majority of blame can and should be layed on the Community Reinvestment Act of 1995 - signed into law by Bill Clinton.

Answer 16

if you pull up many WSJ articles during the clinton years, you'll discover that it was his administration that pressured these lenders into expanding mortgage availability for lower income applicants. the implication was that the government would back any bad debt. the leaders of these companies, ruthless greed hogs, decided to bilk the gov't out of the money by overplaying the gov't backing for bad loans, and they started loaning 500k to people with 15k annual income.

Answer 17

They (the Rethuglican's)were put to the test by Pelosi and Co.(on purpose I might add) when they were given the opportunity to attach their names to the "aye's" list in the House regarding the bailout(Resue my ***) bill to get it passed and they failed miserably. Realizing from the voices of their constituents that they better vote "NO" they wimpered about Pelosi's speech as their "sole" reasoning for the lapse of leadership. So just who is their leader?? What is their platform? Anybody?????



All good men need to come to the aid of their country and vote out your local Republican......

Answer 18

wow thats great.



amazing that all it took to uncover is a Yahoo answers usuer with a PC.



No wait your too good for a PC. You probably had this epiphany from behind your Macintosh. good for you



Everyone knows it's because dems, under CLinton, signed the bill that forced Banks to give loans to unqualified poor people (also usually democrats.) looks like cnn.com forgot to mention that. Huh...

Answer 19

Get an education fool, it doesn't lie with the current administration. Seen the latest McCain ad with the words spewing out of then President Clinton? History is 20-20, the dems can't get out of a large ownership here unless they rewrite history. But wait, isn't that what Clinton did? Rewrite some of our history.

Answer 20

whatever--in 2003 bush pushed for more oversight for fannie mae.

in 2004 the republicans in the house pushed for more oversight.

in 2005--McCain did in the senate.



BLOCKED EACH TIME BY THE DIMS--and particularly Barney Frank.

Answer 21

They are like there Leader Bush won't take Responsibility for any thing.

Bush voters happy yet

Answer 22

When you realize that the market conditions that helped this happen were brought in and reinforced under CLINTON!! Man, you people are dense.

Answer 23

Wow where did you get your info, in 2003 Bush was trying to get cngress to regulate those loans. Nice try though

Answer 24

About the time they admit they are working for Illuminati.

Answer 25

Are you kidding when has a republican ever taken responsibility for anything except for blaming the democrates for everything? My answer is never.

Answer 26

Stop blathering....Do you have a link to support your rant?

Answer 27

republicans??



They never take responsibility for anything if they can falsely blame it on someone else....

Answer 28

When H*LL freezes over.

Answer 29

don't even try!