Pelosi gives it to the Republicans, they then vote Nay

CNN 9-29-2008

Category:

News & Politics

Tags:

• pelosi
• credit
• crisis
• 724
• House

[ironworker20008]

Nancy and the rest of the dems are complete idiots. She read her victory speech before she got the votes she needed to win.

Three words:

Community Reinvestment Act

Wiki this immediately. The dems got us into this mess by forcing the mortgage industry to give loans to the poor. Put these socialists in jail!

[tightlaces]

It's not that the law exists that has caused the crisis, it's the subprime and adjustable rate mortgages, the greed and lack of regulation in the market place and the specified lending banks that are not diversified in the market place. The 'free market" has become its own worst enemy.

[ironworker20008]

You are right it is the subprime mortgages!

This act has greatly encouraged the mortgage industry to give mortgages to those that would otherwise not qualify. These applicants would normally not qualify because they have a history of inadequate credit, or insufficient income, or not enough money for a realistic deposit. These are very common prerequisites when being approved for a mtg.

This is the very definition of subprime.

I don't understand your comment about the 'free market.'

[tightlaces]

When you look at Mortgage lenders abroad, let's take Canada for instance as the USA and Canada are very similar, you'll find that this would never happen due to regulation. The deregulation in the USA leads to a free market whereas without specific guidelines and rules the market and lenders do what they please, hence the subprime and ARMs.

Continued...

[tightlaces]

Your suggestion to wiki Community Reinvestment Act also states the following that holds water...

Some economists and financial experts have wondered if the Community Reinvestment Act was - or at least had become - essentially irrelevant, because it was not needed to force banks to make profitable loans to a variety of lenders.

By all means, many people were sold a house too big for their income, yet this issue transcends all income gaps, low, middle and high.

[guitarchamps1]

The Community Reinvestment Act of 1977.

This was the beginning of the great whoredom

of the Democrat party to buy the votes of the

people who should not qualify to buy homes.

The Democrats are to blame for all of this.

Barney Fwank and Chris Dodd are traitors

[AvinashTyagi]

So the GOP has become the party of crybabies, a party that would screw over the country because they go their feelings hurt, Paging Newt Gingrich

[Josho4096]

Nancy is my hero! Called it like it is. Gave it to Bush and his irresponsible administration. We have to ride this out and not give the execs and financial markets a "bail out" which is like a 'get out of jail' card. This bail out would have only enslaved the American people even more. Because it is us who take on the burden of those 700 billion.

Way to go Nancy!