Governement Promotes Subprime Loans - Gets Caught
April 3, 2008
There is quite a bit of blame going on concerning the so-called subprime loan crisis. Depending on who you speak with, it’s either the predatory lenders that took advantage of people, or it was the people who signed the contract that clearly stated they were buying into an adjustable rate mortgage, but just didn’t care.
The homeowners in “crisis” were gambling. Since their home value went from $100k to $150k, they spent the extra $50k in equity towards boats, motorcycles and a truck to tow everything around. Since home value are no longer increasing - and in some cases decreasing - everyone seems suprised and shocked that their adjustable rate mortgage rates adjusted; higher.
You can’t legislate stupidity out of people, but we must look at how the federal government and a new generation of activists planted the seed for the problems in 1977, through efforts to force lending institutions into providing high-risk loans. Read more
Democrats Blame Bush for Everything - PROVE IT
March 7, 2008
I’m calling out all Democrats and liberals. Prove it. Prove that President Bush did this, and it resulted in that. I’m talking a clear case of cause and effect. Jobs, housing, oil prices, gas prices, global warming… Pick your poison and give it a shot.
Reuters just posted a story, Democrats Slam Bush on Gloomy Jobs Report. Read more
Bernake Calls for Reductions in Mortgage Principal
March 4, 2008
Outrage of the day. The fed chairman is suggesting that lenders actually lower the principal of mortgages for those having difficulty covering the rising costs of their subprime loans. Read more
