Ah, but the 2 govt orgs played a big part in the problem because if they would not have bought the bad loans, the loans would not have been made. The deal was that the lenders would place the loan, then sell it. The lower standards came from Fannie & Freddie with the encouragement of congress to make housing more affordable. Beyond that, in some areas, they were pushed into even more foolish loans by ACORN who actively terrorized the banks with interesting threats if they did not make loans.
Sure there was plenty of green in the lenders et al, but we have to look at the whole picture. http://www.sodrillalready.com/lies.html Larry Miller ----- Original Message ----- From: Stephen Russell To: ProFox Email List Sent: Fri, 24 Oct 2008 00:04:21 +0000 (UTC) Subject: Re: [OT] Barack Obama and the Strategy of Manufactured Crisis On Thu, Oct 23, 2008 at 1:53 PM, Michael Madigan wrote: > And who created the crisis? Fannie Mae and Freddie Mac, both run by > DEMOCRATS with DEMOCRATS in their pocket. > > ************************************************* It was greed. Everyone wanted bigger and better. The advancement of credit for ANY type of purchase was all to common. Being told that your purchase had a time bomb in 2,3,5 years and you were responsible to refinance it was considered FINE. Today we all know that we were miss led. It was not the fault of 2 govermental orgs. It is really EVERY Real Estate agent and mortgage company who sold the lie to buyers. >From my POV it was all greed. Greed in the eyes of the commissioned agents who were part of the transaction. Greed in the hearts of the new owner who were n over their head, were informed but thought that time would make their property grow in value and it would all be good. -- Stephen Russell Sr. Production Systems Programmer Mimeo.com Memphis TN 901.246-0159 --- StripMime Report -- processed MIME parts --- multipart/alternative text/plain (text body -- kept) text/html --- _______________________________________________ Post Messages to: [email protected] Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech Searchable Archive: http://leafe.com/archives/search/profox This message: http://leafe.com/archives/byMID/profox/[EMAIL PROTECTED] ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
