As we watch the Fannie Mae and Freddie Mac melt down and taxpayers having to bail them out, do you wonder why? We will now pay for the Democrats and the Congressional Black Caucus that has destroyed our banks, and our economy and we get to pay for this. Thats right the leaders of these companies bent over and kissed the asses of the Congressional Black Caucus to make sure that "people of color" got home loans, with no money down, and no credit report required.
Google who made millions from Fannie Mae and Freddie Mac, and they are Clinton people. When you think of poor people that have a right to a low income loan, and all of a sudden poor people have a right to home ownership, enjoy paying the bill for them. Its the American way! Paying for your own bills is just not good enough! When you have nothing at risk, you have nothing to lose. Not even a credit rating to lose, because it wasn't good in the first place.
Just like all the other "Bills of Made Up Rights" that Democrats believe in, we now are watching how far Socialism will go to destroy what we have built for centuries. All for a new right of home ownership. Its now a right to own a home, got that? It doesn't matter if you earned it, it doesn't matter if you paid your bills. It doesn't matter if you can pay your own bills. Socialists will make others pay for it. The rules and regulations protect the minority, and they make the majority pay for it. You are paying for it now and you will for decades to come.
President Clinton had his people appointed to run Fannie Mae and Freddie Mac and they have destroyed it. I am a retired Realtor. I never understood the mountains of rules and regulations that restricted Realtors, Lenders and Banks. I never understood why we needed these programs, when banks and mortgage companies should be able to decide who they lend to. A nice down payment and a credit report worthy of a loan should be all that counts. Not anymore.
The Government forced lenders to loan money to people that were risky at best to pay it back. The Government forced laws against redlining in neighborhoods that are risky at best. Jimmy Carter started it, and Bill Clinton put the final screws in the programs to make home ownership a right for all. Democrats want everyone to have it all, and for the rest of us to pay for it. And now we will.
As much as they would like to, they cant blame this on Republicans. In the last decade Republicans have called on more disclosure and opening the books, and they were met with cries of racism. We could not have mortgages that were credit worthy, and we could not have banks saying no to giving loans to slums that were value-less.
Is that racial? Is that discrimination? Its our money that is now going to bail these banks out that were ordered to take on these loans. Is that fair? Some would say that it is. You get to pay your own mortgage, and now you get to pay for these mortgages that the bankers didn't even want. They sold the paper to Fannie Mae and Freddie Mac, because the banks didn't want the risk. The government promised to back up these loans, while they forced bankers to take them. Now the bill has come due.
Then the government made it hard for foreclosure. It takes the banks so long to even get to foreclosure and then the buyer has six months to redeem it. I have heard advertisements on WJR-760 with companies that advise people on how to stay in their homes for 18 months, payment free, with one call. WHO is the bad guy here? The bankers? 18 MONTHS of payment free living? WHO do you think is paying for this? These borrowers deserve to be renters for the rest of their lives! Don't pay the rent? You are gone, and that's the fair way to do it. Life is not a free ride for some, and very costly to others.
You, the American Taxpayers, are footing the bill for irresponsible borrowers, and that bill is huge!
While your grocery money dwindles, I fear that you will vote for the party responsible for this mess. You will vote for the party that caused this. Lets play name the Republican involved! Google that!
Lastly, let me inform you that there is no right to home ownership. Home ownership is earned, by hard work and the yearning to have a backyard for your children. Look it up in the Constitution and the Bill of Rights to see if its in either of these documents. People have NO obligation to subsidize or fund any American in home ownership.
The government forced us to do many things that I always thought were unacceptable, but I had to follow these rules. Redlining and discrimination were unacceptable, and Fannie Mae and Freddie Mac made sure that the banks obeyed them. Get that? They had to obey government. Our banks and lending institutions had to OBEY. Scary isn't it?
If you bought a home in a very bad neighborhood at an inflated value, the banks had to loan it. If a person of color was noncredit-worthy but a minority, the banks were informed to loan them a mortgage or else their standing was at risk by the government to shut them down. Imagine anyone telling lenders what to do with their money, and then we wonder why these banks are failing.
These sub-prime mortgages were made legal in the 1990's. Check with Google again and see who was President then. It took just over a decade to collapse the banking business, good job Democrats! Good job of completely raping Fannie Mae and Freddie Mac as your personal piggy bank. Before you go and vote for Obama, google how much money he got from these institutions. And then watch as he raises your taxes to pay for it, while he gives away billions more to the United Nations. (He has only been in the senate for 143 days, yet he's number 2 in "gifts" from Fannie Mae and Freddie Mac.) The rest of the time he has been in the Senate he has been campaigning for President.
Americans now get to pay for housing they don't live in, buses they don't ride, libraries they don't use, a Zoo that we don't visit, public TV we don't watch, Colleges and Universities that our kids don't go to, museums, art galleries and symphonies that no one goes to..and the list now goes on and on..
Oh and just for Michigan residents! Did you know that the Detroit Zoo pays its man at the top more than the Governor makes? He makes more than the Detroit Mayor..with a false resume to top it off with.. And now we get to pay for that too! Watch how soon he gets a raise. He deserves a raise, folks, for the successful campaign of Screw your Neighbors to get the masses to pay for others to get cheap tickets to get in the Zoo. Thats the American/Socialist way.
Edited to add this, courtesy of Gateway Pundit...
Bush Called For Reform of Fannie Mae & Freddie Mac 17 Times in 2008 Alone... Dems Ignored Warnings