oreo
Gold Member
Any conservatives think this is wise after the worst recession in this great nation's history?
GOP uses budget, other tools to sap financial law - politics - Capitol Hill - msnbc.com
Well, at least we know who they work forWASHINGTON — Congressional Republicans are greeting the one-year anniversary of President Barack Obama's financial overhaul law by trying to weaken it, nibble by nibble.
In was DEMOCRATS that deregulated banking and Wall Street Bankers in the 1990's and this root cause of this current economic collapse. Democrats also eliminated the Glass/Stegal act of the 1930's.
Basically co-signing our names to 50% of the mortgages in this country--while pressuring banks (fannie/freddie) to lower their lending standards. No down payment--no collateral--less than a desirable credit rating--along with sub-prime lending could by you a 400K custom home. Why? Because they had 310 million American co-signers.
Robert Rubin--Clinton's treasury secretary along with Allan Greenspan fully supported and defended the derivitives markets--where Wall Street Bankers could buy up these mortgage backed securities and trade them in the black hole--aka the mother of all casinos. All warnings of an eminent collapse were ignored by both congressional and senate banking members. Basically the Federal Government built a house of cards that collapsed leaving the American taxpayer holding the bag.
Now--they've probably overdone it on banking regulations--and that is why banks are NOT lending to qualified buyers right now.
Fannie Mae Eases Credit To Aid Mortgage Lending - NYTimes.com