“Fanny and Freddie in particular accelerated their imprudent behavior after they, we attempted to regulate them.” That comment by Karl Rove is the key to the crisis that caused all of our economic troubles that we face today. Without Fanny Mae and Freddie Mac buying up all of those risky mortgages, they would never have been made. The Banks would not have risked their own financial futures covering risky loans like the ones they were enticed to make.

The question is why did Fanny and Freddie accelerate their loan buying? Could it be that they wanted to line their pockets with money at the risk of the tax payer? Fanny and Freddie were, are, government backed entities that did not, do not, take on any risk. Therefore there is no real accountability; they do as they please at the taxpayers expense.

So you see this entire mess was caused by the government, not our capitalist economy. And now the government is back at it with this so called stimulus package. Have they not done enough harm to our Economy? Do they want to destroy our economy to the extent that every man, woman, and child has to come begging to our government for a handout; is that their goal?
jbranstetter04

Guess again who’s to blame for U.S. mortgage meltdown
Analysts point not to greed, but to social activist politics

While many pundits are pointing to corporate greed and a lack of government regulation as the cause for the American mortgage
and financial crisis, some analysts are saying it wasn’t too little government intervention that cased the mortgage meltdown, but too much, in the form of activists compelling the government to pressure Freddie Mac and Fannie Mae into unsound though politically correct lending practices.
“Home mortgages
have been a political piñata for many decades,” writes Stan J. Liebowitz, economics professor at the University of Texas at Dallas, in a chapter of his forthcoming book, Housing America: Building out of a Crisis.
Liebowitz puts forward an explanation that he admits is “not consistent with the nasty-subprime-lender hypothesis currently considered to be the cause of the mortgage meltdown.”
In a nutshell, Liebowitz contends that the federal government over the last 20 years pushed the mortgage industry so hard to get minority homeownership up, that it undermined the country’s financial foundation to achieve its goal.
“In an attempt to increase homeownership, particularly by minorities and the less affluent, an attack on underwriting standards was undertaken by virtually every branch of the government since the early 1990s,” Liebowitz writes. “The decline in mortgage underwriting standards was universally praised as ‘innovation’ in mortgage lending by regulators, academic specialists, (government-sponsored enterprises) and housing activists.”
He continues, “Although a seemingly noble goal, the tool chosen to achieve this goal was one that endangered the entire mortgage enterprise.”
“As homeownership rates increased there was self-congratulation all around,” Liebowitz writes. “The community of regulators, academic specialists, and housing activists all reveled in the increase in homeownership.”
An article in the Los Angeles Times from the late ’90s praised the sudden surge in homeownership among minorities, calling it “one of the hidden success stories of the Clinton era.”
John Lott, a senior research scientist at the University of Maryland, however, claimed in a Fox News article yesterday that the success came at a great price.
According to Lott, the Federal Reserve Bank of Boston produced a manual in the early ’90s that warned mortgage lenders to no longer deny urban and lower-income minority applicants on such “outdated” criteria as credit history, down payment or employment income.
Furthermore, claims Lott, Fannie Mae and Freddie Mac encouraged and praised lenders like Countrywide and Bear Stearns for adopting the slackened policies toward minority applicants.
“Given these lending practices mandated by the Fed and encouraged by Fannie Mae and Freddie Mac,” writes Lott, “the resulting financial problems for financial institutions such as Countrywide and Bear Stearns are not too surprising.”

http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=75717

Duration : 0:2:36

Technorati Tags: and, barney, blame, Blocked, Brain, Bush, Bushs, cause, Chris, crisis, depression, Dodd, economic, Facts, frank, meltdown, mortgage, recession, responsibility, Speaks, Tried

http://www.investigativeguy.com/

Duration : 0:10:48

Technorati Tags: Adviser, African, Americans, ARM, bailouts, banking, Black, bonuses, Bush, Cenk, citigroup, CLINTON, congress, crisis, Democrats, depression, Deregulation, economy, Fed, Federal, financial, foreclosure, Free, glass-steagall, Goldman, Greenspan, Housing, income, interest, interview, John, Lainto, Liar, loans, market, Mattes, Minorities, Obama, People, Poor, rates, Reform, Regulations, Repeal, Republicans, Reserve, Risk, robert, Rubin, Sachs, Secretary, Stock, TARP, Taxpayers, Treasury, Turks, TYT, Uygur, WaMu, Young

After watching the creditcard revolt vid -

I felt compelled to check on my own cards and see what was up – I was very unpleasantly surprised. This is what I learned. Call your credit card companies!

Duration : 0:2:33

Technorati Tags: America, bank, banks, cards, con, congress, credit, depression, discover, loan, of, poverty, revolt, shark, trick

also check me out on http://www.facebook.com/PeterSchiff and http://twitter.com/schiffforsenate

Duration : 0:9:27

Technorati Tags: bear, Ben, Bernanke, bubble, bull, collapse, commodities, crash, crisis, currency, depression, dollar, doom, economic, economy, euro, faber, gold, Hang, inflation, krugman, market, nasdaq, NYSE, oil, paul, Peter, recession, rogers, ron, Roubini, Sang, Schiff, silver, stagflation

also check me out on http://www.facebook.com/PeterSchiff and http://twitter.com/PeterSchiff

Duration : 0:8:32

Technorati Tags: bear, Ben, Bernanke, bubble, bull, collapse, commodities, crash, crisis, currency, depression, dollar, doom, economic, economy, euro, faber, gold, Hang, inflation, market, nasdaq, NYSE, oil, paul, Peter, recession, rogers, ron, Roubini, Sang, Schiff, silver, stagflation

also check me out on http://www.facebook.com/PeterSchiff and http://twitter.com/PeterSchiff

Duration : 0:9:52

Technorati Tags: bear, Ben, Bernanke, bubble, bull, collapse, commodities, crash, crisis, currency, depression, dollar, doom, economic, economy, euro, faber, gold, Hang, inflation, market, nasdaq, NYSE, oil, paul, Peter, recession, rogers, ron, Roubini, Sang, Schiff, silver, stagflation

As things are still barley chugging along what can we expect in the months to come?

Duration : 0:11:29

Technorati Tags: bankrupt, card, collapse, crash, credit, crisis, debt, depression, dollar, economic, layoff, recession, Recovery

Michigan’s welfare system is gorged with new clients who often wait hours in crowded state offices to get food stamps and medical care.

http://www.freep.com/article/20091122/NEWS06/911220433/1322/Michigan-jobless-crowd-state-aid-offices

Oct. foreclosures in Mass. jump from Sept.

http://www.boston.com/business/ticker/2009/11/oct_foreclosure.html

Colorado foreclosures hit record in Q3

http://www.google.com/hostednews/ap/article/ALeqM5hZvP8ixN-HdP6D4BwRTqryTvrj3QD9C2PLUG0

Foreclosures: Even Those with Good Credit, Jobs are Walking Away

http://ecreditdaily.com/2009/11/foreclosures-even-those-with-good-credit-jobs-are-walking-away-article331/

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Duration : 0:6:11

Technorati Tags: Audited, being, bubba008009, Celente, collapse, crabbydogtrix, davincij15, debt, depression, down, economic, economy, FeverIAm, Flint, FLOODED, foreclosure, Gerald, hyperinflation, inflation, manoftruth, Michigan, mortgages, Peter, Recovery, Reginald, SACRAMANIACSmc, SafeArmsReview, Schiff, shortage, survive, System, Treasuries, Upside, vention4wh, visionvictory, Welfare

My Mortgage Bankers Speech from Nov 13th 2006 is now in one video clip. I gave this presentation at the the Western Regional Mortgage Bankers Conference in Las Vegas. There were over 2,000 mortgage bankers in attendance. I also made similar comments when I addressed this conference a year earlier in 2005 at the height of the real estate bubble. For those people who said no one saw it coming, this presentation is a real eye opener. Let’s see if we can get this clip to go viral.

Thanks to a YouTuber called “csabasand” here is a full transcript: http://www.csaba.se/2009/09/26/peter-schiff-mortgage-bankers-speech-2006-complete-transcript/

also check me out on http://www.facebook.com/PeterSchiff and http://twitter.com/PeterSchiff

Duration : 1:12:41

Technorati Tags: banker, bear, Ben, Bernanke, bubble, bull, collapse, commodities, conomic, crash, crisis, currency, depression, dollar, doom, economy, euro, faber, gold, Hang, inflation, market, mortgage, nasdaq, NYSE, oil, paul, Peter, recession, rogers, ron, Sang, Schiff, silver, speech, stagflation

Schiff Report Video Blog Oct 28th, 2009 Also check me out on
http://www.facebook.com/PeterSchiff and http://twitter.com/PeterSchiff

Duration : 0:9:57

Technorati Tags: bear, Ben, Bernanke, bubble, bull, collapse, commodities, crash, crisis, currency, depression, dollar, doom, economic, economy, euro, faber, gold, Hang, inflation, market, nasdaq, NYSE, oil, paul, Peter, recession, rogers, ron, Sang, Schiff, silver, stagflation