It very clearly points a huge finger at the Bush administration for the mortgage fiasco.
If you are angry with Mr. Bush - this is not going to help.
Its a lengthy article -
NY Times: White House Philosophy Stoked Mortgage Bonfire
But his (Bush's) housing policies and hands-off approach to regulation encouraged lax lending standards.
And he pushed to allow first-time buyers to qualify for federally insured mortgages with no money down. Republican Congressional leaders and some housing advocates balked, arguing that homeowners with no stake in their investments would be more prone to walk away, as Mr. West did. Many economic experts, including some in the White House, now share that view.
2 comments:
Every repo man knew better. No down stroke man they don't give a shit, as they say. Look the BV$H WH wasn't exactly a bunch of street guys or academics were they? They were just a bunch of rich folks who had this arrogant idea that if u have $$ your smart , even if u got it all from daddy. We know better. As the other saying goes about most of the "new rich" riches to rages in two generations.
GK wrote - "They were just a bunch of rich folks who had this arrogant idea that if u have $$ your smart , even if u got it all from daddy."
You're good at summing up the obvious which is not easy to do. Its too close to see.
Bush should be utterly ashamed of his ineptitude but he is far too stuck in a delusive cloud. There is this sense though that there is a crack in his thick headed bubble.
He paid us all off when he first got into office with a $300 bonus. In a fair world he would be stripped and sued for all his worth. Throw him into Karachi as a penniless beggar.
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