Beck complains that "small fish" Madoff going to jail but "nobody's going to jail for Fannie and Freddie"
June 29, 2009 1:12 pm ET
From the June 29 edition of Premiere Radio Network's The Glenn Beck Program:
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Well beck, that's because they won't arrest Bush for some strange reason...
Whatever Beck steals from Fox as his salary must make him less than a guppy.
Well ETRW, you gotta remember; to wingnut repubs, everything is relative.
Didn't John McCain define the "middle class" as those who made less than $5 million year?
The banks and Freddie Mac were not doing anything illegal... there just wasn't proper oversight and regulations... which were under the Bush administration... wait, is Glenn Beck actually calling out the Bush administration... I'm waiting for his retraction.
Fannie and Freddie didn't break law. Similarly, ACORN didn't break the law. Of course, Becky, you and your GED-level of education wouldn't have any concept of facts and reality.
So Mr. Bush had to, in his words, "use the mighty muscle of the federal government" to meet his goal.
He proposed affordable housing tax incentives. He insisted that Fannie Mae and Freddie Mac meet ambitious new goals for low-income lending.
Concerned that down payments were a barrier, Mr. Bush persuaded Congress to spend up to $200 million a year to help first-time buyers with down payments and closing costs.
And he pushed to allow first-time buyers to qualify for federally insured mortgages with no money down
http://www.nytimes.com/2008/12/21/business/21admin.html?_r=1&pagewanted=all
- President George W. Bush, December 16, 2003
"The Accomplishments"
Increasing Homeownership
* The US homeownership rate reached a record 69.2 percent in the second quarter of 2004. The number of homeowners in the United States reached 73.4 million, the most ever. And for the first time, the majority of minority Americans own their own homes.
* The President set a goal to increase the number of minority homeowners by 5.5 million families by the end of the decade. Through his homeownership challenge, the President called on the private sector to help in this effort. More than two dozen companies and organizations have made commitments to increase minority homeownership - including pledges to provide more than $1.1 trillion in mortgage purchases for minority homebuyers this decade.
* President Bush signed the $200 million-per-year American Dream Downpayment Act which will help approximately 40,000 families each year with their downpayment and closing costs.
* The Administration proposed the Zero-Downpayment Initiative to allow the Federal Housing Administration to insure mortgages for first-time homebuyers without a downpayment. Projections indicate this could generate over 150,000 new homeowners in the first year alone.
* President Bush proposed a new Single Family Affordable Housing Tax Credit to increase the supply of affordable homes.
* The President has proposed to more than double funding for the Self-Help Homeownership Opportunity Program (SHOP), where government and non-profit organizations work closely together to increase homeownership opportunities.
* The President proposed $2.7 billion in USDA home loan guarantees to support rural homeownership and $1.1 billion in direct loans for low-income borrowers unable to secure a mortgage through a conventional lender. These loans are expected to provide 42,800 homeownership opportunities to rural families across America.”
Source(s):
"President George W. Bush - Record of Achievement - Chapter 7 - Expanding Home Ownership"
http://www.whitehouse.gov/ infocus/ achievement/ chap7.html
http://books.google.com/books?id=GjLxlOJuKsgC&printsec=frontcover
While the Subprime Mortgage collapse was a catalyst for the current situation, it was Wall Street's greed which turned a mortgage-default problem into a Global Economic Train Wreck.
Fannie and Freddie are just convenient whipping boys for the GOP to distract voters and blame the Democrats.
Private sector loans, not Fannie or Freddie, triggered crisis
Subprime lending offered high-cost loans to the weakest borrowers during the housing boom that lasted from 2001 to 2007.
Subprime lending was at its height from 2004 to 2006.
Federal Reserve Board data show that:
More than 84 percent of the subprime mortgages in 2006 were issued by private lending institutions.
Private firms made nearly 83 percent of the subprime loans to low- and moderate-income borrowers that year.
Only one of the top 25 subprime lenders in 2006 was directly subject to the housing law that's being lambasted by conservative critics.
Fannie, the Federal National Mortgage Association, and Freddie, the Federal Home Loan Mortgage Corp., don't lend money, to minorities or anyone else, however. They purchase loans from the private lenders who actually underwrite the loans.
It's a process called securitization, and by passing on the loans, banks have more capital on hand so they can lend even more.
http://www.mcclatchydc.com/251/story/53802.html
Bernie Maddoff could be coming into my homestate, to The Federal country club of Prison, Allenwood...
Yeah, send Bush to prison. I can live with that.