The Community Reinvestment Act, federal government interference in the banking industry, Government Sponsored Enterprises (GSEs) FNMA and FMAC (which remain under government oversight), Obama, ACORN, Chris Dodd, Barney Frank, and affordable mortgages (which “seemed like a good idea” according to Obama) have crushed the economy of the United States. And the hemorrhagic mortgages continue to ruin businesses and families, even today.
Government supporters (politicians and journalists) are quick to heap blame on vaguely specified “excessive risks” or “derivative speculation” of capitalists; but these practices were foisted off on them by the lies of Obama, ACORN, The GSEs, government regulators, and our wildly out of control government.
Like government cannot (is incompetent to provide) swine flu vaccine, government is also incapable of running the banking industry, particularly without benefit of US Constitutional limitations on government activities. Today, government has virtually nullified the US Constitution, through government’s own greed and insatiable lust for increased power. Industry after industry is destroyed as government control waxes far outside the constitutional limits. Far from defending it, as he swore to do, Obama leads a continued, active assault against any glimmer of life remaining in the document, and the prescription for a controlled republican form of government, which prescription once made America great.
Obama/ACORN’s affordable mortgages on inflated real estate, and the resulting economic disaster, was caused by government exclusively – a government run amok far outside its reasonable mandates.
See what affordable mortgages continue to do to our formerly strong economy (H/T Doug Ross @ Journal Mission Accomplished! Fannie Mae Loan Delinquency Rate Skyrockets 300% Over 2008)
by: Bruce Krasting
Post date: 11/01/2009 – 08:58
The deep thinkers at the Richmond Fed have come up with an analytic report on mortgages. The scary conclusion is that when the government is the provider of mortgages there is a significantly higher probability that the loan will default versus a private sector lender. In other words, Uncle Sam is a “soft touch” lender, no need to pay.That conclusion will not sit well with Congress, so it is unlikely that this report will see the light of day. I doubt that many in Congress could read it anyway. The report breaks down each individual State’s rules on defaulting on a mortgage. A must read for those thinking of going down that path.