Fnma Foreclosure
Freddie Mac’s secret lobbying to get vote’s against the 2005 regulation bill McCain cosponsored…?
Read this article first:
http://ap.google.com/article/ALeqM5j-G-fDVnv0WN1pXdMWjXX43CjyeAD93TN70O0
My question is: do you think things would have turned out differently, if this bill was passed, requiring tighter regulation on FNMA and FHLMC? Less risky loans would have been written, i.e. less foreclosures would be happening right now. God forbid the housing boom might have been “hurt”- but guess what, the bubble burst wouldn’t have been so harsh- and maybe your house would be worth more today? Maybe the 5 foreclosures on your street wouldn’t be there driving down your home’s value?
Lon Dong: Your response has no substance… Please read the article, and think about how things might have been if so many unqualified, low income people were NOT able to have taken out loans they could not afford. What would the state of the economy be right now? Maybe not great, but certainly it would be better- maybe even less a $700 billion bailout…
yes.
Regulation imposing more oversight had actually been submitted by the republicans earlier than that, but had successfully been blocked by the democrats.
Here is a NY Times story from 2003, where Pres. Bush requested it:
http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63&scp=2&sq=freddie+mac&st=nyt
Here is some MUST WATCH cspan footage from 2004 showing the democrats fighting ovesight:
http://www.youtube.com/watch?v=_MGT_cSi7Rs
Chase/BofA/FNMA Wrongful foreclosure/eviction/ stealing personal property
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