Democrats in their own words covering up the Fannie Mae, Freddie Mac

This is a “must watch.”

Published in: on October 4, 2008 at 2:09 pm  Comments (1)  

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  1. Watching it makes me disgusted and angry. When Bush came out a few years ago pledging 5.5 million minority families first time home ownership and pressured Fannie and Freddie and other mortgage lenders to grant more high risk loans to folks who would never qualify normally. To promote this, the 3% downpayment rule Became ZERO down for first time home buyers and the rush was on. Bush’s Sec. of HUD Alphonso Jackson toured the country including Jackson to get out the word and apply pressure. These buyers not only had to pay ZERO down, the mortagage application process did not even require verification of employment, income, resources, etc. What insanity I thought and what a recipe for financial disaster. Now today we see millions of these ZERO down homes in default. Alphonso Jackson resigned in disgrace earlier this year and now the FBI is investigating corruption charges involving him in New Orleans, Atlanta, Dallas, etc. These worthless toxic type ZERO down payment mortgages are part of the Fannie and Freddie and economic crisis we see now. Total business insanity…what if the automakers had been pressured to sell cars to millions of folks with nothing down and no verification of employment and income, etc.? They would have gone under like Freddie and Fannie and many banks too. Where is the common business sense Wall. St. and the Govt. once had?

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