Fair Housing Act to Blame for Economic Meltdown?

Fair Housing Act to Blame for Economic Meltdown?

Congressman Barney Frank - bailout, sub prime loans blamed for crash by Bill O'Reilly and others.



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http://www.atlanticfinancial.com http://www.fentonreport.com/2004/11/08/health-living/traditional-thanksgiving/82
http://www.fentonreport.com/2004/11/15/wealth-management/charitable-giving/sp...
http://www.fentonreport.com/2004/11/22/health-living/retirement-as-it-should-...

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[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

[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

[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.

[mrgetrealpeople]

@BruceFenton

I'm glad someone gets it.

[mrgetrealpeople]

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

[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.