Quote of the day
posted at 10:45 pm on October 10, 2008 by Allahpundit
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“This is a period like none of us has ever seen before.”
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I find your comments amazing. Even with the bald-assed facts in front of you, you are in denial and repeating and perpetuating the big lie of our generation. That lie is bringing a fascist/Marxist to power.
JonRoss on October 11, 2008 at 9:03 AM
Unaffordable McMansions are a problem, but so are “starter homes”. The bottom line is that if you can’t pay the rent to the bank, and you can’t pay your utilities, HOA dues, and all the other costs associated with home ownership, you will eventually end up in default. There are tons of “starter homes” and McMansions in default in Georgia, and they all contribute to this disastrous situation.
In addition to all the factors which have been discussed ad nauseum as to how we got in this mess, add the fact that local governments force developers to include “low and moderate” income housing in their plans, social engineering it so everyone can have access to amenities like swimming pools and tennis courts, because that’s only “fair” dontcha know.
Leveling the playing field to a socialist like you means equal outcomes, not equal opportunity. These lawsuits were based on an idiotic premise, that banks don’t want to lend money to “minorities” because they are racists; that there is a racial element to credit.
This is absurd. Banks are in the business of making money, and it is in their interest to loan as much money to as many credit-worthy people as they can. They don’t give a flip what their skin color is, and for you to deny that banks lowered their lending standards in order to comply with the CRA flies in the face of reality.
The bottom line? If you want blacks and hispanics to own more homes, then I suggest you not vote for Obama since his record on education is abysmal. The money he doled out in the CAC went to groups who do not educate, they indoctrinate. Good luck getting a job anywhere in the business world if you’ve spent your entire life in Marxist schools who actually believe that writing and producing journals is a substitute for teaching math and science.
Get over it.
Buy Danish on October 11, 2008 at 9:29 AM
Oh we will have equal opportunity in credit now. Nobody will get any credit for anything. Great job, liberals!
rockmom on October 11, 2008 at 9:36 AM
Well you’re right. In the end, it is only the working taxpayer who is available to bail out the weak and greedy. My fear is the price that the taxpayer will pay will be a much reduced standard of living going into the future. And I don’t mean in silly ways like no more BMW’s or granite countertops, I mean less of the basic necessities of life.
JiangxiDad on October 11, 2008 at 9:43 AM
Well according to the ancient Maya calandar the date is 2012. They were pretty exact on the Spanish invasion date. But hey who’s counting?
petunia on October 11, 2008 at 10:56 AM
Can I be the first one to say–Heck of a Job, Paulie?
james23 on October 11, 2008 at 11:32 AM
The five million figure is how many homes have been sold to illegal immigrants via illegal mortgages.
That any bank would consider lending to an illegal alien as a safe risk is beyond understanding. First, the loans are illegal themselves. They do not meet the required standards for documentation of a mortgage because they are not purchased with valid social security numbers and identification.
The very fact that these people come here illegally shows a distinct lack of respect for our law. Then they apply for a fraudulent mortgage on top of that. This is a clear demonstration that they will do what is in their own best interests regardless of law or even social ethics. Why would a person that fits this personality profile be considered a good credit risk?
This once again points us to the purchase of this bad paper by Fannie and Freddie. The mortgage lenders did not worry about the risk because they sold it off to the FMs. Once again, unless you force the lenders to stand behind their own loans they will just grab for the bucks. Reselling of loan liability should be illegal. They might find a sucker, but as we have seen, the sucker ends up being the taxpayer.
This is just one more example of how our banks played a very dishonest game and left us all holding the bag.
Hawthorne on October 11, 2008 at 11:43 AM
Just one more point, if five million mortgages do get foreclosed from illegal immigrants, then what is the cost of that?
Well, 5 million at $150K per home is 750 billion. Gee how much of our bailout is going into this?
Hawthorne on October 11, 2008 at 11:49 AM
Paulson = KGB plant.
::Putin dancing like Snoopy in the background::
Mr_Magoo on October 11, 2008 at 12:09 PM
Nice conspiracy theory… has legs since he is “very close” with Chinese elites.
CC
CapedConservative on October 11, 2008 at 12:41 PM
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