Posted by jdemaris on September 24, 2008 at 09:37:39 from (67.142.130.22):
In Reply to: Re: OT posted by CaseChev on September 24, 2008 at 08:30:37:
In regard to your mention:
"The idea of everyone DESERVING a home began with the creation of Fannie and Freddie in the 1930's. This idea was embraced by both parties."
Fannie Mae was part of FDR's "New Deal" circa 1938 and later got sort-of privatized by LBJ during the Viet Nam war.
Freddie Mac was not created until 1970 by the Congress and LBJ.
Both these quasi-government entities got heavy into subprime lending with help from people like Andrew Cuomo.
As far as all parties supporting these entities? I suppose they all support something if it gets them votes. It's a "chicken in every pot" sort of thing. But, it puts the screws to hard working people who live more frugally - via taxes and inflation.
I'll make a comment about lending in general. At least in the rural areas I've lived - mortgage money has never been easy to get without very good credit, long term work history, and a substantial down payment - until the recent 10 years. That is, unless it's a HUD house. Now - just who or whom is to blame for these bad lending practices - I don't have enough information to be able to blame any one party or any one group of people.
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