Shady Posted January 9, 2009 Report Posted January 9, 2009 Which oversight? When was it removed? I'm still waiting. Quote
Vancouver King Posted January 9, 2009 Report Posted January 9, 2009 Home ownership for all is an impossibility for starters. Consdier it apple pie, stump speech rhetoric rather than any administration's stated program. Free market icons like Reagan contrubuted heavily to today's meltdown by opening the market to 'exotic' products. Again, from How It All Started: "In 1982, shortly after Ronald Reagan came to power with his laissez-faire convictions, the U.S. government moved again, passing the Mortgage Alternative Transaction Parity Act. "...it further loosened the rules, allowing lenders to promote a hodge-podge of "alternative" mortgage features. These included adjustable-rate mortgages, "negative amortization loans" (whereby borrowers don't pay off the principal), and "balloon" mortgages (which oblige borrowers to make a large payment at the end of the loan's maturity in exchange for lower monthly charges). "These "alternative" mortgages figure prominently in the current crisis, either through predatory lending, or poor risk controls, or hidden punitive charges that tipped people into foreclosure." None of this, of course, excuses Bush adminstration negligence in failing to regulate against Wall Street packaging these risky retail mortgages into "investment grade securities". Quote When the people have no tyrant, their public opinion becomes one. ...... Lord Lytton
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