Jan
18
Why aren’t most Americans upset with Congress for pressuring banks to give home loans to unqualified buyers?
By
Democrats in Congress claimed to be ensuring “affordable housing” by pressuring banks to give loans to people that could not repay the loans.
Then the defaults and foreclosures mounted, and then the financial collapse of those banks, then the collapse of the U.S. economy, then the collapse of the world economy.
Why aren’t we more upset with the congressmen and women, like Barney Frank, who began this financial tumble with their “affordable housing”?
Why aren’t we refusing to elect these congress people?
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20 Comments
January 20th, 2010 at 8:44 pm
because no one hears about it, cuz the liberal news media refuses to report anything bad that the democrats do
January 22nd, 2010 at 8:39 pm
Well since the republicans were in control back when this happened and a republican was in the White House why did they allow this?
January 24th, 2010 at 6:30 am
Most Amreicans were told by liberal media that Bush & Paulson were the ones to blame. Lack of education of 66,800,000 Americans helped to seal the deal.
January 25th, 2010 at 10:11 am
That’s not the way the agenda works. No..No.. it’s blame Bush and Cheney, they are the ones responsible. It’s easier to be ignorant and pathetically stupid.
January 26th, 2010 at 2:05 am
Because a lot of people seem to be ignorant – intentionally or not – of the role of Congress.
January 27th, 2010 at 6:46 pm
count me as NOT most Americans, dodd and barney fwank should
face a short drop, and a quick stop!
January 30th, 2010 at 1:29 am
I did my part at the polling booth. I voted against ALL incumbents. In some cases it worked but in others it did not. You’re right though, we haven’t heard the whole truth yet. The problem is, I would rather our government be working toward solving it right now than pointing fingers at each other.
Edit: Look at the answers of “K Bott” and “Stew” that tells you why nothing has been done, no one knows the truth. The Republicans are blaming the Democracts…the Democrats are blaming the Republicans and NOTHING is being done. So which news media outlet is to blame? Fox or MSNBC?
Double Edit: On top of all the finger pointing in the government we have the finger pointing everywhere else. The banks are saying the “Government made them do it” the Government is saying “the Civil Rights people made them do it” the people who couldn’t afford to pay the mortgages said “the mortgage companies tricked them”. Where does it stop? With the entire country going into a depression, that’s where.
February 2nd, 2010 at 7:39 am
You should read up on this it was the C.D.O.s that is at the root.
February 4th, 2010 at 9:55 am
Because it is a bunch of BS.
The investment banks and mortgage brokers and investors in mortgage backed securities and swaps did this all on their own because they were making crap loads of money doing it.
February 6th, 2010 at 11:09 am
because people were brainwash that Bush did it ! like what we said here over and over again, most of the people that vote doesn’t have the slightness idea and just jump to conclusion .
February 7th, 2010 at 4:10 am
Why do you insist on repeating a lie?
Can you show me ANY proof that members of Congress put a gun to the head of mortgage brokers and forced them to loan money to someone who couldn’t afford it?
Didn’t think so.
February 9th, 2010 at 8:12 am
As someone else put it, because they are democratic. The liberal media never sheds any light on the terrible jobs democrats do. You hear about George Bush’s low approval rating all the time (32%), but never hear about Congress (18%).
February 9th, 2010 at 6:56 pm
Even if you do replace them, you’re just going to make things worse. Chances are, the guys who’ll be replacing them would have done the same thing, but only this time there’s probably be more Republicans, so Obama can’t really do much, outside of his first 2 years.
No matter what politicians say, almost all of the time they go against the other party.
Track: Are you seriously saying that the people in a state like California are more gullible then a state like Tennessee, who still have schools which teach creationism?
February 12th, 2010 at 2:58 pm
Wrong Stew S. This started during Clinton’s administration, not Bush’s. Check your facts.
I think the reason that people fail to be upset about it is that they refuse to see who caused the problem. Yes, it took a decade for it to come to a head, and it didn’t happen until Bush was in office, so the libs have to blame the person in office at the time, rather than the actual culprit.
February 14th, 2010 at 9:52 pm
Oh I think most are ticked off and tired of it, hopefully when Nancy Pelsoi goes up for the election CA thinks twice and doesn’t vote her back in..although not sure that is going to happen, look at Barney Frank he made it in again..I can’t figure people out. I’m thinking that some vote the party and that’s it.
February 15th, 2010 at 12:41 am
Because congress did not pressure banks to give home loans to unqualified buyers. They pressured the banks to give home loans to minorities who were qualified. The banks took it upon them selves to make loans to unqualified buyers. They took it on themselves to mislead borrowers as to the risks in order to make a profit. The banks themselves took it upon themselves to repackage their bad loans into securities and then to trade these worthless securities as if they were gold. Affordable housing is not the culprit here, greed, lack of regulation and lack of oversight are.Even free-marketer Alan Greenspan has admitted that it was the lack of regulation and greed that caused this problem. He was genuinely surprised, as I am sure you are, that when left unregulated, banks would destroy themselves for a profit..
February 15th, 2010 at 6:57 pm
Sorry, but this is revisionist garbage. Repeating it a lot does not make it true.
The “Acorn” lawsuit was about blacks being refused loans with the SAME qualifications as whites. It was in ‘94 when the market was dead and almost nobody was buying houses anyway.
Then the market got hot, and banks were loaning money to everybody with a pulse – no questions asked. They were forced to make loans to exactly NOBODY since about 2002.
The hearings in 2004 were about stopping predatory lending – that’s banks purposefully making loans to people they KNEW weren’t qualified and would default, then the bank could seize the home and sell it for a profit.
Congress begged the banks to stop – THEY REFUSED!!!
February 19th, 2010 at 1:01 am
With media malpractice rampant, most people aren’t aware of the situation. The media are more concerned with creating sensationalism around Sarah Palin.
February 21st, 2010 at 1:09 pm
The Democrats are mentally unable to form causal relationships. The liberal arts education has produced at least one entire generation of useful idiots. That’s why they can’t produce a legitimate source for anything. They can only argue with emotions.
February 24th, 2010 at 6:02 pm
typical conservative propaganda..
Congress did not pressure banks to give loans to people who couldn’t pay them they simply bought the debt much like a debt collection agency does!
President Bush has been president for 8 years and 6 of those years he presided of a republican senate ! So quit your crying and let the democrats clean the “republican” mess. It wasn’t congress that created the housing market problem it was the lack of regulation that neither the Bush or Clinton administration chose to fix!