OBAMA’S SIGNATURE MOVE: UNSEALING PRIVATE RECORDS

Romney dosent have to release all his personal stuff because he is a conservative. Wouldent want the surfs to get above themselves by finding out he is a tax cheat. In the moral sense, not the legal sense that people like him have gamed the system to benefit....

Wouldent want the surfs to get above themselves ...

Quote:

Wouldent want the surfs to get above themselves ...

I don't view English spelling as rational in the first place, but don't be handling out straight lines like that to mean-spirited people....

Minus Bork Obunga waltzing in and spending four or five trillion dollars in 3.5 years

Oh, you mean after George W. Bush waltzed in and increased the national debt by 4.9 trillion dollars in unfunded wars and unfunded government spending, and then left Obama the Great Depression II, which Obama managed to narrowly avert by, amongst other things, stimulus programs and measures to prop up the capitalist system, in effective Keynesian style. That couple trillion which saved the country from Republican economic meltdown? Good on Obama.

with that run on sentence.

....Those who do not study history are doomed to repeat its mistakes. The current mortgage failures and the associated collapse of America’s major financial institutions have brought this country to the brink of bankruptcy. Two major Congressional Chairmen could have prevented this collapse; Representative Barney Frank (D), chairman of the House Financial Services Committee and Senator Christopher Dodd (D) Chairman of the Senate Banking Committee. Between these two committees, these men have absolute regulatory control over America’s financial systems.

These men with purpose eviscerated well established banking regulations for the short term partisan purpose of power and appeasement for a vocal segment of their constituency. In doing so, Messrs Frank and Dodd ruined the dreams and aspirations of millions of people they were to help. They did so in a reckless manner with complete disregard of America’s best interest. Messrs Frank and Dodd, in collaboration with Acorn forced lending institutions to accept alternative methods for evaluating high risk home buyers, and permitted Fannie and Freddie to accept high risk mortgages, and then fraudulently rate those mortgages as investment grade securities.

Freddie Mac and Fannie Mae are GSE’s, government sponsored enterprises, and were originally developed to act as a secondary market to buy mortgage loans from local banks, which in turn would give banks more capital to invest in additional mortgages. This program gave responsible low income Americans with solid jobs and good credit, a hand up. Because of 1995 Clinton era legislative changes to the original Community Reinvestment Act (CRA), the definition of a subprime borrower was re-classified.

In very simple terms, Messrs Frank and Dodd made an abomination of the noble goal of increasing home ownership and embraced the “socialist concept of entitlement,” and embarked upon a program to give mortgages to low income high risk borrowers who have an almost certain probability of default. Under accepted Banking principles; should an individual with a poor credit history, a "sub-prime" borrower, want to obtain a mortgage, that individual would be required to have a 20-30% down payment and pay a much higher rate than a "prime" borrower. With the full approval and encouragement of Messrs. Frank and Dodd, Fannie Mae and Freddie Mac developed products that allowed the same "sub-prime" borrower to qualify for a mortgage with a much lower down payment and interest rate. Lenders felt comfortable giving mortgage loans to these borrowers with poor credit history because the ratings agencies, Standard & Poor's, Moody's and Fitch's gave these mortgages the same ratings as U.S. Treasury notes, backed by the full faith and credit of the US government. .........

Because of 1995 Clinton era legislative changes to the original Community Reinvestment Act (CRA), the definition of a subprime borrower was re-classified.