Fair Housing Act to Blame for Economic Meltdown?

[tbenerofe]

The simple fact is that if the Act was never passed the sh@# wouldn't hit the fan. The government is to big so they're going to make a lot of mistakes look at E85 it makes car less efficient, look at the war on poor, and look at the tax code. The government tries to fix one problem only to make 20 new ones. "Government is the enabler."

[MrGchiasson]

The Sub-prime loan SCAM killed us. The Gov't forced banks to loan money to people that could not repay. then banks learned," make the stupid loand..then dump it on Freddie Mac & fannie Mae. Everybody made money..at the expense of the taxpayer..who would be left with massive debt. Wall Street learned to create MBS and sell the bonds to anybody....

We have been scammed by both the Fed's oand Wall Street. The bubble finally burst...

[mredstriumph]

2nd - No bank makes $ lending to ppl who pay ZERO DOWN & DON"T MAKE THEIR PAYMENTS &..

IF a bank lends ** THEIR OWN $ ** who cares if they go broke? Does society need "regulations" to stop it? No. But banks weren't lending THEIR $ - now were they? They lent OUR $ -

& that's the problem. How'd they get it?

Fannie Mae.

Notice Fannie stock was $75 & now its 21 cents -AFTER- a TRILLION+ taxpayer bailout? It's a gov agency run by a Presidential appointee 4 crine out loud. How'd THAT hapn fent?

[mredstriumph]

That's complete BS - "wall street figure out they could bundle mortgages.. make derivatives, make securities out of them"

Know who INVENTED "Mortgage Backed Securities" and "Securitization"? The United States Department of Housing and Urban Development did - in February 1970.

Do some research if you're going to make a video and "tell the world". Don't be lazy. Don't be stupid.

[sideslide23]

people shouldn't buy any house periode, No matter how Cheap the house is, how small the house, and how old the house is, and how cheap the property is, people should have stayed at the appartment.

[distorteddogma]

When they make a TV show(s) about "flipping" houses for profit, it's time to pull in you resources and buckle down for a crash. I was lucky, got my refinance done, getting all my credit under control, and the market crashed (housing and stocks). They (Countrywide) were trying to get me to use more of our equity and take more cash out of the house. I used 50% of what was, then, the value of the home and the house is worth exactly that now. We would have lost it all.

Be Well.

[blackarrow008]

Lets see here... Congress opened pandora's box, and were what surprised wallstreet was greedy? Ummm, if its one thing we can rely on its the fact that banks are greedy. It's prety easy to figure out this is the main cause, this is what started it all. Try to misdirect it all you want, congress is ultimatly at fault. If a car runs a red light and causes a 4 car pileup, do you blame it on the 3 cars that hit the red light runner, or the one that started it... simple

[goodguy2949]

people I believe where cooking the books I dont believe that it was the loans .Much of the problems that plague Americans are there wages .Low wages create gangs,men that have to live with familes ,killers ,mental problems .I know educated people that have become suicudal and have come to a point mentally where there is not goign to be a return to a sane state.The immense division of labor and pay is destroying the lives of men and women in America.Peace

[glenndicus]

An obvious plant to deflect blame from Frank. I can smell him a mile away.

[Nomorepain12345]

The low interest loans destroyed the econmoy.Thank you!!

[Dykefalos]

wow dude your about as stale as a rice cake

[OlivierdeAthos]

??

Why are you referring to the Fair Housing Act??? Do you mean the Community Reinvestment Act? (Fair Housing Act, as in Article VIII of the Civil Rights Act of 1968 makes it illegal to deny a person fair access to housing based on their race, not income, credit rating, or neighborhood (as in redlining).

[samiosu]

I think we have only seen a pinch of what this government is going to do to us. In 100 days he has spent more then the 43 presidents before him combined. If he touches the healthcare the way I think he will we can kiss everything goodbye. I think Obama can charm but he DEFINITLEY can not run a country. He still thinks he is on the campain trail. He should be a wedding planner. HE WILL ruin this country!!!!!

[cifier]

I see what you are saying Bruce. I do agree with much of what you are saying. I believe there should be more blame on the political structure, specifically on the Clinton administration and congress that was seated during this period of time.

The Graham-Leech-Bliley act of 1999, and the Modernization Act of 2000, it has been said, were large contributing factors to our current dilemma. These acts allowed lending institutions to move money into other markets (From lending to brokerage).

[cifier]

So, YES...People brought property they could not afford. And YES, Banks lent vast sums of money to people that could not afford the loans. And YES, these two groups, in my opinion, have some responsibility. But if congress had not passed these two pieces of legislation, along with others I am sure, our situation today would not be as bad as it is. After all, there are MANY people of the populous who have been waiting for viable time to purchase a house, people that didn't buy during the BOOM.

[SicklesCell]

the truth of the matter is the elite bankers who run the world orchestrated this financial "meltdown" so that they can seize more control and form a one world government thus enslaving us more, mark my words and watch it unfold in the next five years.. in fact 5 - 10 years from now saying what I just said could probably get someone killed.

[sconchee]

congress didn't enact legislation to stop it either.

[BruceFenton]

true - but it wouldn't have been such a problem if they didn't pass the bailout

[mrgetrealpeople]

@BruceFenton

I'm glad someone gets it.

[BlueSkies360]

"You are giving me a headache". Please consult J. Rogers on this or wikipedy "Community Reinvestment Act"--that is the one. Check how it ties into FDIC, FRE, FNM (both zombies at the moment). Think about low interest rates and the speculative hazard.

[BruceFenton]

hehe

Dont get me wrong, it was a dumb law and there are plenty of other dumb things Congress did, it just isn't as much of a cause as many like to promote

[mrgetrealpeople]

@BlueSkies360 Community Reinvestment Act" was passed in 1977 get real.