Friday, October 3, 2008

Having Worked at a Bank During the Clinton Admin. I HATE the CRA and the problems it has caused

From about 6:50 minutes it gets really interesting.

Obama's is way too connected to this whole mess. The CRA changes in 1995, forcing us to lend to unqualified buyers under the liberal bleeding hearts usual "everyone deserves to own a home" rhetoric, started this whole downward spiral. I hated dealing with it when I was pushing Home Equity Loans at the bank and I really hate it now that Clinton and Carter's Socialist ideas are ruining our economy during Bush's presidency. Just as our country's security was ruined by Clinton, forcing Bush to clean up after him. Of course, the liberals will blame the "current administration" at every turn and not take responsibility for their part in it. Not even when Fannie and Freddie were big money makers for many members of the Democratic party.

I don't believe that everyone deserves to own a home. I believe that those who have proven that they will make their payments, through their credit history, and those that make a verifiable income in an amount that would enable them to make their payments, DESERVE to own a home. And guess what...I'm one of those people who were only able to buy because of Fannie Mae. Guess what else, we COULDN'T AFFORD OUR HOME. We were blessed to increase our income greatly before we lost it, but if we hadn't, we would have lost everything. All because the credit and income restrictions were so ridiculously low. I hope that someway someone can clean up this mess. That we can offer affordable housing options with realistic lending guidelines. That we aren't going backward with the passing of this bail out. I'm sure I'm not the only one who is praying several times a day for a change that will get us where we need to be.


Sam said...

Your assessment of the situation, as well as the level of discourse you display here is quite astute. I am not being a smart arse. I am totally serious. I always appreciate your position. Common sense paired with intellect is so very rare, that it is a breath of fresh air when the two intermingle.