Re: The FCIC falls apart

Whatever.  I'm tired of the bullshit meme that the housing bubble was caused 
by lending to the poor, or "those who really couldn't afford to own a 
house", and the first time home ownership programs.  There were a shitload 
of homes bought by well heeled folks buying way more home than they should 
have.  And the losses on those homes add up a lot faster than the homes 
being bought by first time home buyers and "those who really can't afford to 
own a home".

I'm fed up with the grifters and greedheads who, having gotten theirs and 
consolidated wealth upward, now want to keep it to themselves by fraudulent 
and corrupt means.

I'm as libertarian as they come and accordingly I loathe govt helping out 
the rich and powerful at least as much, if not moreso, than the govt handing 
out money to the poor.

Mike F.

-----Original Message----- 
From: Karl
Sent: Thursday, December 16, 2010 5:54 PM
To: 'DADL (off topic)'
Subject: Re: [DADL-OT] The FCIC falls apart

But you cannot say that fannie did not contribute, and that is really the 
point
that the dems refuse to concede.

-----Original Message-----
From: [email protected] [mailto:[email protected]] On 
Behalf
Of Lance McLain
Sent: Thursday, December 16, 2010 3:51 PM
To: DADL (off topic)
Subject: Re: [DADL-OT] The FCIC falls apart


On Dec 16, 2010, at 5:29 PM, Bruce Geerdes wrote:

> On Thu, Dec 16, 2010 at 4:23 PM, Lance McLain <lance-X3DuywwxauBWk0Htik3J/[email protected]>
> wrote:
>> Best politicians bankers can buy!
>
> Way to go Republicans!
>
> (Karl, no need to reply that Dems are just as bad, I don't vote for
> them either.)

The thing that bothers me about the Republicans report is that it is
untrue.  The vast majority of subprime lending was done through
private lenders and not those associated with Fannie and Freddie and
the CRA, especially at first.  It wasn't until the bubble was already
inflated that the GSE's began to get into the act and lowered their
lending standards.  Of course, the GSE's were used later as a
mechanism to unload these toxic mortgages off of the banks and onto
the taxpayers, but that was in an attempt to fix the crisis, not the
cause of it.

regards,
-Lance

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