Umm...I've been telling you peeps this. This bunch and a hoard of others were pushing for home ownership claiming that denying lower income people and people with poor credit mortgages was racist. The lemmings and feel good bunch supported this in an act of compassion and equality. I don't know how we've gotten away from the idea that parity comes with people's own hard work bringing themselves in line with others. Parity is not something given, it is earned if one is not born into it and we are in a country were poverty is not a life sentence unlike other third world shitholes. What always amazed me is that many of these individuals own family probably wouldn't loan them money or use their name to cosign knowing their history, yet banks squandered money away under pressure from people like the Congressional Black Caucus who incidentally were probably abusing their power by offering or guaranteeing bailouts if shit went awry(I'd bet money on that). BTW, many of the people involved with Fannie Mae and Freddie Mac are economic policy advisors on Obama's campaign crew. This should be shouted from the rooftops seeing as how people are ticked about this whole thing.
Also, this is what I meant about not only blaming the homeowner. A LOT of pressures were going on to make this thing a reality. Deadbeats are always going to put their hand out for 'free' money--always! I can't fault deadbeats for continuing to do what they've always done. Banks and policymakes on the other hand should be ashamed of themselves and brokerage firms like Lehmans and ML should have been far more prudent with what they were packaging as investments. Deadbeats can't get money if there isn't someone who should know better putting it out there.
