There are many unanswered questions that remain about the Mortgage Bailout - Why should we reward Fannie Mae and Freddie Mac with $200 billion in taxpayer dollars without first reforming these housing entities that were at the heart of the economic meltdown?
This entire crisis was brought on by the Community Reinvestment Act, where millions of people who could not qualify for a standard mortgage at market rates got a subprime one backed by the federal government through Fannie Mae and Freddie Mac.
This created an artificial demand that drove up housing prices. When the subprime mortgage rates jumped from the teaser rates to the "real" rate after a few years, it sunk the unqualified homeowner, and the wave of foreclosures began, leading us to where we are today.
A Socialist program got us into this mess and the Republicans are right to position themselves as responsible adults. Getting these questions answered and shuttering Fannie Mae and Freddie Mac would be a good start on Mortgage Bailout message.
Maybe Sherwood should take the NY Times with him to Mars. According to Bill O'Reilly, it is cheaper to buy a share of Times stock than it is to buy a copy of their Sunday paper. Nobody seems to want a liberal propaganda sheet like the Times, so they are in financial ruin, while the NY Post and the NY Daily News, 2 more conservative publications, both seem to be profitable.
Patrick Thibodeau
There are many unanswered questions that remain about the Mortgage Bailout - Why should we reward Fannie Mae and Freddie Mac with $200 billion in taxpayer dollars without first reforming these housing entities that were at the heart of the economic meltdown?
ReplyDeleteThis entire crisis was brought on by the Community Reinvestment Act, where millions of people who could not qualify for a standard mortgage at market rates got a subprime one backed by the federal government through Fannie Mae and Freddie Mac.
This created an artificial demand that drove up housing prices. When the subprime mortgage rates jumped from the teaser rates to the "real" rate after a few years, it sunk the unqualified homeowner, and the wave of foreclosures began, leading us to where we are today.
A Socialist program got us into this mess and the Republicans are right to position themselves as responsible adults. Getting these questions answered and shuttering Fannie Mae and Freddie Mac would be a good start on Mortgage Bailout message.
If we send a mission to Mars, can we send Phil Sherwood on that mission. Tell him he is needed to start the communist party on that planet.
ReplyDeleteMaybe Sherwood should take the NY Times with him to Mars. According to Bill O'Reilly, it is cheaper to buy a share of Times stock than it is to buy a copy of their Sunday paper. Nobody seems to want a liberal propaganda sheet like the Times, so they are in financial ruin, while the NY Post and the NY Daily News, 2 more conservative publications, both seem to be profitable.
ReplyDelete