Economic Mess

From a sister-in-law.  Que--I have heard some or most of this from other sources. 

Election:  Nov. 4.  Are you registered?  Is it still time in your state?  McCain needs all the help at the election polls he can get.  Not fraudulently as ACORN has done in at least 11 states!
     

Dont' know who the original writer of this email is, but I received from a friend in Rockingham, NC. Food for thought....... or just facts we don't see on the mainstream media, for sure...
Nita
 

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Hey friends,
I have been a real estate broker for 20 yrs and I would like to share some of what was going on.
1995--The Clinton Adm. announced that they wanted "affordable" housing for minorities & Attorney General Janet Reno pressured banks to make these loans with threat of law suits.
1998--44% of Fannie Mae's loan purchases were to miniorities  (Fannie Mae's board was made up mostly of prominent Democrats.  Franklin Raines stepped down as the White House Budget Dir. to become the CEO of FM.  He took $91 million in bonuses using faulty accounting methods.
1999--Pres Clinton sought to ease credit requirements on loans to ethnic minorities and low-income wage earners, with 24 banks in the pilot program.
2001--Pres Bush warned that Fannie Mae & Freddie Mac were heading toward collapse.
2002--Pres Bush warned Congress once again.
2003--Errors in accounting of these institutions were found to be $4.5 Billion
2005--Pres Bush, Alan Gre enspan, & Senator McCain warned Congress once again about FM & FM.
2005--Senator Chuck Schumer--D--NY said that these institutions were solid
Head of the Banking Committee in the House of Reps--Barney Frank--D--MA has for years said that we have to have "affordable" housing.  ("no money down")
Head of the Banking Committee in the Senate--Chris Dodd--D--CT  also pushes these loans.
Sooo, buyers could get 100% mortgages.  But, worse yet, the closing costs were rolled in to these mortgages, causing the mortgage to be more than the house would sell for!  But, worse yet, buyers would often offer list price or higher for a home (which was higher than market value) then ask the seller to write a check for "decorating allowances" or any other thing that they could think of.  Now, you have a situation where the buyer's mortgage is higher than the house is worth and leaving closing with a check!!  If anything happened--poor money management, loss of job, sickness--you could not sell your house and cover the mortgage, so the owners would simply walk away from the house allowing it to foreclose.
Investors also wanted to get in on this easy money, so they began buying Florida condos over the internet before they were even constructed and by the time they were built would sell them at a profit--never investing any of their own money.  Then when things slowed down, they would just walk away because they could not cover payments of these 100%+ mortgages.
Basically, because of this push for everyone to have houses, we had many, many people who really could not afford them, so in the end they foreclosed.  Fannie Mae (gov't supported) bought these bad mortgages.  Our banking system was no longer based on sound banking principles, but on social engineering, which, of course, would fail.  We are all now reaping the benefits of that trial plan.
FOLLOW THE $$$ TRAIL---Countrywide (failure of one th e largest banks)--the top beneficiaries of donations--all Democrats;  Sweetheart mortgage deals with lower interest rates--Chris Dodd and Barak Obama.
Fannie Mae & Freddie Mac--most $$$ contributed to:  Chris Dodd, Barak Obama, & John Kerry
HERE'S THE ACID TEST:  Is any Republican being investigated or are there any hearings accusing any Republican???  This is a totally controlled Democrat Congress--there would be hearings if any were guilty.
Thank the Clinton Adm and the Democrat Congress for creating this mess for the taxpayer.
**google these topics and learn for yourself!