Let's "WE THE PEOPLE" DEMAND AN OUTSIDE INVESTIGATION OF OUR GOVERNMENT!

Discussion in 'Congress' started by oreo, Oct 2, 2008.

  1. oreo
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    oreo Gold Member Supporting Member

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    Has anyone noticed that there is no one investigating the failures of our government in this financial crisis! "Their inept--& I believe at times corrupt management of Fannie Mae & Freddie Mac"-- is the root cause of this crisis. Now it's costing us 700 billion dollars. And we still have no guarantees that this will bail out will work!

    Now think about it: Remember Enron--remember Worldcom & other wall street corporations that ripped off employees & investors for just a "smidgin" of the amount as compared to 700 billion dollars. Victims of these corporations were not bailed out for their losses. Our congress brought out the handcuff's put them on several chief executive officers--seized all assets & had congressional hearings 24/7 over their corruption. Many of these people are in prison now.

    What is our congress doing now? NOTHING--Of course with the exception of getting 700 billion dollars from us,-which cost we will pass onto our grandchildren.

    No investigations have been called by congress.-Why? Because they know an investigation would expose them.

    We should demand accountability for this.
     
  2. Skull Pilot
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    Skull Pilot Platinum Member

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    Your vote is the only way to enforce accountability that you as a citizen possess.
     
  3. xsited1
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    xsited1 Agent P

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    Politicians from both major parties are guilty, so good luck with that.
     
  4. user_name_guest
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    user_name_guest Member

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    Chicken in every plate, "Bah-Whack Bah-Whack Bah-Whack". Too bad change comes empty. McCuddle and Bah-Whack are representing the same ole government polartics.
     
    Last edited: Oct 2, 2008
  5. eots
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    eots no fly list

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    like 911 or wmds...no investigation ...promotions given to people that apparently just let it happen. or failed miserably in there roles...trust us or the sky will fall,,,..it worked so good the first time....problem ..reaction... solution
     
  6. oreo
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    oreo Gold Member Supporting Member

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    DUH--did you ever hear of the 9/11 commission?

    New York Times article
    Fannie Mae Eases Credit To Aid Mortgage Lending
    By STEVEN A. HOLMES
    Published: September 30, 1999

    In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

    The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

    Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

    In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans.

    In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's.

    The change in policy also comes at the same time that HUD is investigating allegations of racial discrimination in the automated underwriting systems used by Fannie Mae and Freddie Mac to determine the credit-worthiness of credit applicants


    Yeah--our government is not guilty! LOL
     
    Last edited: Oct 2, 2008
  7. WillowTree
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    WillowTree Diamond Member

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    Ad long as the Democrats are in charge of both the houses there will not be an investigation. Baseball yes.
     

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