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correction!A $200 million program? The next budget is $3.6 trillion. That's less than 0.01% of the yearly budget of the government. Did you post this as a joke?
this was just help in a down payment for 10's of thousands of low income families, he also had several other funded programs...one for the disabled low income to get in to homes etc...the goal was 5.5 million more low and middle income people in to homes by 2010.
i know president bush's initiatives on low income home ownership did not cause this mess, just as i know the CRA did not cause this mess....because less than 6% of the subprime loans were issued in CRA covered areas....94% of the loans were not for mortgages and homes in CRA low income, depressed communities....which are the communities where the CRA regulations come in to play.
Ed MCMann lost his house for goodness sakes....alot of this foreclosure mess is for very expensive homes, a half a million and higher in places like california....
would a bank really loan out a half a million to someone they knew made 20k a year without bells going off galore?
i also know that fannie accounted for 72% of the mortgaged back securities that were bundle back in 2002/03, and these were SAFE loans bundled together, conventional mortgages, primarily and the private sector of banks, not GSE's like fannie/freddie....accounted for only 27% of them....
but by 2006 the private banks and financial institutions were producing 56% of the MBS business and selling them off to others.....only they used alot of subprime mortgages in their mbs's making them risky/toxic, but no one knew it, that were buying them....because the ratings agencies rated them as triple AAA Securities....only later to find out, that these ratings agencies were paid by the very banks bundling the mortgages together....a real mess, because all of our 401 k's, mutual funds and retirement and pension funds invested in these MBS's because they were given these triple A ratings....
All of this X. is very critical in this mess...
plus, thes new mortgage companies were very small in the beginning, and went to these private banks for their financing and these private banks funded them, with no CRA requirements....i saw this in a documentary on this.... then these mortgage broker companies grew bigger and bigger by loosening their requirements year after year, the banks could not buy enough of these company's loans.....the banks were begging these fly by night mortgage companies to issue as many loans as they could....the banks even helped these companies to devise rotten loans to get more people in to them....
the bank execs should be flogged in public for what they did!
care
Good God man...
Good God WOMAN!
i could say welcome to the site! nice to meet you! but looks like you might be too mean for me to be my usual nice self to......soooooooo forget it, meany! j/k
care
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