Tune in to AC360 to find out who's who of the CNN TOP 10 Culprits of the Collapse. The culprits, who are CEOs, made millions last year while homeowners and taxpayers are suffering...
By Ambrose Aban
Chief Blogger, QueerGam
If you'd asked me, it is the U.S. Congress that has let Americans down. I am just an observer and should not point my fingers to people or fix blame, but I believe it started with the Clinton Administration pressuring Freddie Mac and Fannie Mae to make loans to people who could not qualify otherwise. No?
You make a mortgage loan to people without a down payment they can too easily walk away from the loan for they have little if any money invested in the property. Americans need to get back to income verification, credit checks, and a minimum of 10% down. We also need to hold the top 4 members of Congress who have received money from Fred and Fannie Mac in the past, Chris Dodd, Barrack Obama, Charles Schumer, and Barney Frank who received money in that order. No?
Franklin Raines, who earned 100 million in bonuses when working for Fannie Mae, is now an advisor to the Obama campaign. He was appointed to run Fannie Mae by Bill Clinton. I also learned that the Democratic Congress blocked The Federal Housing Enterprise Regulatory Reform Act in 2005 which would have reformed Freddie Mac and Fannie Mae avoiding this crisis. Taxpayers were victims of greedy and corrupt CEO’s and politicians. The top 4 above should be voted OUT of office.
Many of my dearest American friends were going to vote for Barrack Obama until they read about his involvement in Freddie and Fannie. Obama was a bigger part of the problem in obstructing reform and avoiding this disaster than President Bush who many of you never voted for.
By Ambrose Aban
Chief Blogger, QueerGam
If you'd asked me, it is the U.S. Congress that has let Americans down. I am just an observer and should not point my fingers to people or fix blame, but I believe it started with the Clinton Administration pressuring Freddie Mac and Fannie Mae to make loans to people who could not qualify otherwise. No?
You make a mortgage loan to people without a down payment they can too easily walk away from the loan for they have little if any money invested in the property. Americans need to get back to income verification, credit checks, and a minimum of 10% down. We also need to hold the top 4 members of Congress who have received money from Fred and Fannie Mac in the past, Chris Dodd, Barrack Obama, Charles Schumer, and Barney Frank who received money in that order. No?
Franklin Raines, who earned 100 million in bonuses when working for Fannie Mae, is now an advisor to the Obama campaign. He was appointed to run Fannie Mae by Bill Clinton. I also learned that the Democratic Congress blocked The Federal Housing Enterprise Regulatory Reform Act in 2005 which would have reformed Freddie Mac and Fannie Mae avoiding this crisis. Taxpayers were victims of greedy and corrupt CEO’s and politicians. The top 4 above should be voted OUT of office.
Many of my dearest American friends were going to vote for Barrack Obama until they read about his involvement in Freddie and Fannie. Obama was a bigger part of the problem in obstructing reform and avoiding this disaster than President Bush who many of you never voted for.
Comments
Post a Comment
What do you think?