Don't Believe GOP Lies About Mortgage Crisis

from the website for responsible lending — between 1998 and 2006 15 million sub prime loans made — 9 % to first time home owners — 52 % were refinancings — 39 % were for second and investment homes and in fact in the conclusions of the report they state that sub prime loans resulted in a reduction in first time home ownership.

An unrelated comment — to me the GOP is no longer the Grand Old Party. It has been hijacked by various groups– religious and otherwise. The GOP is no longer fiscally conservative — they spend even more that the Democrats and I could go on and on and on on how they no longer stand for the principals they expound. Perhaps we will ultimately find that the Democratic party is in the same shape but we do not at this time know that. I feel the Republican Party must evenually lose and break down so it can attempt to rebuild itself into the party that all of its members remember from the past. I do not understand how any Republican can be proud of what the party has become.

Yes bad loans were made to speculators. The question is why those bad loans were possible. The answer is bad loans were encouraged by the frauds on capitol hill.

larry asserts that "bad loans were encouraged by the frauds on capitol hill".

The only way I can understand an assertion like that is to equate "frauds on capital hill" to mean Congressional Republicans. From 1994 to 2006 Tom DeLay, Numbskull Newtie, Dennis Hastert, Dr. Frist, Phil Gramm and Wife, and a host of others from the extreme right ran roughshod over our economy with a no-holds-barred approach to any infringement on business or capital. Deregulation is a foundational doctrine of the Republican Party. Privatizing anything that moves. Ushering in voluntary, fingers crossed self-oversight. Just trust us and the divinities inherent in the freer than free market will lead all of us into some f*cking Wal-Mart Utopia.

That Utopia currently looks like a huge sh*tpile.

I don't know, Rev. I seem to remember Maxine Waters lauding the 'creative' loan ideas good old Franklin was coming up with earlier this decade.

That was during the hearing where Barney and the rest were accusing the regulator of being a racist. I'm sure you've seen the youtube video.

No Democrats encouraged banks to cheat. No Republicans encouraged banks to cheat.

Republicans saw their deregulation program through to completion…which created a situation where banks could cheat.

I have worked for four different banks. All four were pressured by community organizer groups to reduce loan standards and make loans to unqualified persons. All four were vilified in the newspapers, since these community groups get lots of press. All four banks were called racist, and all four ultimately gave in to the pressure and started granting these "creative" loans. Banks are deathly afraid of bad press, because they are deathly afraid of runs on their bank. This shell game actually worked for a long time, because Fannie and Freddie were bundling and securitizing the loans (half of all the loans in the country), and investment banks were happy to buy up the loans, since the housing market was going up, up, up, for 30 years. But eventually, supply and demand caught up and the entire house of cards started collapsing. At the first warning signs, several Republicans took steps to regulate and reign in Fannie and Freddie, and the Democrats united to stop it, falsely calling the Republicans and even the Fannie-Freddie regulators racist. These are all factual statements that cannot be controverted.

If the Reverend sees NO culpability of Democrats in the above scenario, well, that's what makes you the Reverend, and that's why you cannot be believed for one second.

And Barney Frank should be expelled from Congress, at minimum. He is lying his butt off. He is the perfect example of what is wrong with our government. No accountability, always partisan, always deflecting blame away from himself by any means necessary.

The Rev's statement that there is no regulation of banks could not be more wrong. There is tons of regulation, but the government took an active role in setting up the exact environment which led to the subprime crisis, on purpose.

Has anyone noticed that Congress has not yet proposed even one NEW regulation ? In fact, Congress is doing precisely the opposite. They are attempting to reinflate the housing bubble again. They are readvocating the same policies that got us here in the first place.

You're in a state of denial.

I know that you must remain in a state of denial….or you must jettison your belief in a deregulated and unfettered market place as being sacrosanct.

And once again King….to continue the false messaging that Democrats forced banks to give out loans without income verification and appraisals…..to continue to point to F&F as the problem….is not only factually dishonest…but also….sorry…morally dishonest.

Greedy, deregulated money shuffling schemers created the mess we're in.

Whats with posting the link about Frank saying the attacks were racially motivated? It is his own words?

Frank said this…

"They get to take things out on poor people," Frank said at a mortgage foreclosure symposium in Boston. "Let's be honest: The fact that some of the poor people are black doesn't hurt them either, from their standpoint. This is an effort, I believe, to appeal to a kind of anger in people."

So you disagree with Frank when he says the kind of talk GOP'ers have been doing doesn't "appeal to a kind of anger in people"?

Republicans are trying to place the blame on Democrats and poor minorities. The problem originated from deregulation.

I used Frank's own words because they're true.

Frank's statement is a deflection. GOPers don't blame poor people–they blame him.

GOP'ers would blame their mothers if it made them look better.

And yes, GOP'ers do blame poor people….especially if they have darker hued skin.

Yeah Rev, what would I know about why the banks did what they did in dropping loan standards ? I only witnessed it firsthand over a period of two-plus decades. I'm sure the political spin you have cribbed from the Dems is much more accurate, lol.

Barney Frank is a liar and a hypocrite of the first order. Frank was resisting regulation of the mortgage industry until the house of cards he helped erect fell down, and now he's calling others racist because Frank KNOWS he is culpable. A truly despicable human being.

And that's not partisan, it's just the truth.