It's time to REALLY kick Bush when he's down folks. Hillary and Congress too. Politics is blood sport and Bush and Clinton and some in Congress have declared war on America by promoting government housing market intervention and Housing Gambler Bailouts.
The nation CLEARLY doesn't want Washington meddling in the free market and trying to prop up home prices which CLEARLY need to fall with a Mortgage Fraudster and Housing Gambler Bailout.
ANY politician who promotes something so stupid (in order to satisfy their investment bank masters) should be hounded out of office. Any politician who is against this should ride a wave of popular support.
Al Lewis - Denver Post: "The liars win"
That's how Glenn Mueller, a professor at the Burns School of Real Estate and Construction Management at the University of Denver, sees the Bush administration plan to clean up the subprime-mortgage mess.
"They were actually called 'liar loans,' " he said. "And now, the liars have won."
Foreclosures have so ravaged the nation that Treasury Secretary Henry Paulson pulled together the biggest players in the mortgage industry. He got them to extend their teaser rates on certain sub prime loans for up to five years.
"Just a few years ago, the government was encouraging lenders to make loans to borrowers with poor credit," said Wil Armstrong, an owner of Cherry Creek Mortgage and a Republican candidate for Colorado's open 6th Congressional District seat. "Now, they are saying we don't want you to make those kind of loans anymore? When the government intervenes, it typically makes matters worse."
Hillary Clinton wants to crack down even harder — putting a moratorium on foreclosures. A bunch of liars bought homes; now they can't pay their bills, so the solution is to protect them?
As brokers, appraisers, lenders and others committed blatant fraud, Wall Street turned a blind eye. It bought the loans, packaged them in bundles and sold them to investors around the world.
Instead of bailing out borrowers and lenders, how about simply enforcing the laws? How about prosecuting everyone from the heads of Wall Street's banks down to the hustling brokers and appraisers? Nah, that's too messy.