question about government involvements in our lives

[sirs]

It wouldn't have possible to cheat this way without the government involvement & push to approve loans to folks who would have otherwise been denied.  That comes DIRECTLY from the Government

[Xavier_Onassis]

No, it did not. You are full of crap.

[sirs]

Sure wouldn't be the 1st time you were so wrong.   

[Xavier_Onassis]

I am not wrong have read books on this. You are wrong.

Dead, rotten stinking wrong.

[Plane]

   Now we are examining something different.

    The differing attitudes twards Government help/intrusion.

[sirs]

Exactly

[Xavier_Onassis]

The reason so many bad mortgages were sold was that regulations permitting bundles of mortgages to be sold immediately by the issuing banks to whomever were lifted. This was the work of Sen. Phil Gramm, of Texas, one of the ugliest SOB's ever to serve in the Senate.

Juniorbush crowed about how he wanted to create an "Ownership society". The results were the crash of 2007.

Even if he had been handsome, this was a terrible idea. Huge commissions were paid to those issuing these mortgages, and the money was paid by the banks, not the government.

[kimba1]

ok
lets try this  another way. if the government did nothing to encourage this and the banks want give those loans anyway . what exactly stops the banks?  I don`t recall banks having many restriction who they lend money too.

[sirs]

That the loans won't be bought, because they're deemed too high a risk. 

[kimba1]

bought? don`t you mean loaned

it`s already established the lenders target risky clients for the goal of getting property since at that time values are consistently going up and showing no sign of stopping.

[sirs]

Both.  Banks would refrain from making such loans, if they also know that those institutions buying from them are declining doing so, knowing the inheirent risk of them not getting paid, at the end of the length of the mortgage

In steps the Fed saying...."we've got your back...go for it".  And if you don't.....well, we have the power to re-review & scrutinize your licensing and loan practices

[Xavier_Onassis]

The Fed did nothing of the sort.
Keep in mind that all this happened during the Juniorbush administration.

Long before Obama was elected.

[sirs]

The Fed did everything of the sort.  Started under Clinton, then pushed by Bush.  By the time Obama took office, the fuse had already been lit

[Xavier_Onassis]

Read a book, you drooling moron. You know nothing.

Gramm had the regulations removed during Clinton's administration.  This was when Congress was controlled by the GOP.

[sirs]

Can't keep track of how many books, and more so current reports that have been done, and I've read, on the subject.  I suggest you drop the hyperpartisan blinders, get a grasp of current reality, along with who authorized what, and signed by who