http://www.huffingtonpost.com/2011/06/03/obama-failed-foreclosure-relief-plan-jobs-crisis_n_870928.html
How Failed Obama Foreclosure Relief Plan Contributes To Jobs Crisis [UPDATE]
Read More: Layoffs, Foreclosures, Cardoza, Unemployment, Economy, Home Prices, Mortgage Crisis, Jobs, Jared Bernstein, Foreclosure, Obama, Democrats, Mike Lux, Goolsbee, Housing Crisis, Politics News
This comment was in reply to a comment by:catcancookExpand full thread
catcancook
293 Fans
06:13 PM on 6/03/2011
What happened with these foreclosures is unprecedented. With all the big brains in our country, along with the Big Financial people, Banks,etc. has anyone come up with a solution? No.
What did the Republicans do first when they won majority of the House? They put thru Tax Cuts for the wealthy.
People lost their houses because they lost their jobs. The Republicans ran on a platform that they would be creating jobs if elected. They were elected and they elected to push for tax cuts for the wealthy by lying that it would create jobs. Sure.
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likes2kayak
74 Fans
06:33 PM on 6/03/2011
The housing market was caused in part because of the rules put into effect by the Clinton Adm. the libs complained that banks were being biased and not lending to those who couldn't afford it.... So they passed laws telling the banks that they had to make loans to all those who didn't work and didn't have good credit... They created Fannie Mae and Freddie Mac... A Gov. owned banking that put us at risk because the loans were all funded through these two entities and guaranteed by us tax payers.! When the people couldn't pay we the tax payers had to absorb all those loans! Right now 98% of home loans in this Country are still owned by Fannie and Freddie... I'm one of the 2% group that isn't TG!
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catcancook
Commented 6 days ago in Politics
“The bubble grew also because of predatory lending which was not just FanM/Fed. Country Wide sold millions in loans that were bad loans because they were subprime mortg. Many investment co bought these loans because I have investments with a company who bought them and it wasn't from F/F.
http://www.irvinehousingblog.com/blog/comments/preventing-the-next-housing-bubble-part-1/
The problem is here but there has bee no solutions. Obama can't fix this alone and anyone who expects him to is not being reasonable.”
Friday, June 10, 2011
Obama can't fix this alone and anyone who expects him to is not being reasonable.”
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ROFIAIFA
at
4:34 AM
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