[opendtv] Re: Mortgage stuff
- From: "Bob Miller" <robmxa@xxxxxxxxx>
- To: opendtv@xxxxxxxxxxxxx
- Date: Wed, 12 Mar 2008 13:04:07 -0400
Agreed but the fact remains that Spitzer is one sheriff I would like to stay
on the job. He and other did see this coming and did their best to do
something about it.
Similar Fed conduct is the reason we have a lousy modulation in the US, the
worst in the world.
Bob Miller
On Wed, Mar 12, 2008 at 12:50 PM, Craig Birkmaier <craig@xxxxxxxxx> wrote:
> At 12:22 PM -0400 3/12/08, Bob Miller wrote:
> >God I hope he doesn't resign. Maybe we could all, US citizens, chip
> >in and buy him a call girl a day to keep him happy.
> >
> ><http://www.truthout.org/docs_2006/031208J.shtml#>
> http://www.truthout.org/docs_2006/031208J.shtml#
> >
> >Bob Miller
>
> I know that we are not supposed to talk politics on the list, but I
> think it is important to have a small reality check here.
>
> The link Bob provided suggests that the Bush administration is
> largely to blame for the sub-prime mortgage mess; that they looked
> the other way while the banking industry was screwing consumers. The
> article states;
>
> >When history tells the story of the subprime lending crisis and
> >recounts its devastating effects on the lives of so many innocent
> >homeowners, the Bush administration will not be judged favorably.
> >The tale is still unfolding, but when the dust settles, it will be
> >judged as a willing accomplice to the lenders who went to any
> >lengths in their quest for profits. So willing, in fact, that it
> >used the power of the federal government in an unprecedented assault
> >on state legislatures, as well as on state attorneys general and
> >anyone else on the side of consumers.
>
>
> I'm sorry folks, but there were no innocent homeowners in this mess.
> There were many homeowners who knowingly went in way over their heads
> for one reason or another. Many were betting that they could
> re-finance or sell the property for a profit before the "onerous"
> terms started taking their toll.
>
> I'm not defending the administration or the banking industry. I'm
> simply saying that it is nearly impossible to buy a home without
> complete disclosure. It takes a long time to go through all of the
> papers at closing, not to mention all of the papers in a loan
> application.
>
> As for administrations looking the other way...
>
> This has become an art form in Washington, and Congress is equally
> culpable. The problems usually start with some changes in the law
> that make it possible for the next big "robbery" to take place.
>
> In the '80s it was changes to the rules that savings and loans
> operated under that led to the $153 billion bailout of the S&Ls.
>
> In the '90s it was changes in SEC regulations and reporting practices
> that led to the looting of the stock market.
>
> Now were back to the banking industry again.
>
> Who knows where the politicians will turn next to find a big pot of
> gold to plunder.
>
> Regards
> Craig
>
>
>
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