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Is the700 billion dollar bailout really needed?
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[QUOTE]Originally posted by glassman: [QB] [b] They virtually required Freddie and Fannie to loan money to people who clearly should NEVER have been homeowners and were NEVER qualified.[/b] comeon PM... they didn't require anything, Bush told 'em to do it in '02 to stimulate the economy so they could collect more taxes so that could help pay for the war... [b]Fact Sheet: America's Ownership Society: Expanding Opportunities "...if you own something, you have a vital stake in the future of our country. The more ownership there is in America, the more vitality there is in America, and the more people have a vital stake in the future of this country." -President George W. Bush, June 17, 2004 Expanding Homeownership. The President believes that homeownership is the cornerstone of America's vibrant communities and benefits individual families by building stability and long-term financial security. In June 2002, President Bush issued America's Homeownership Challenge to the real estate and mortgage finance industries to encourage them to join the effort to close the gap that exists between the homeownership rates of minorities and non-minorities. [/b] http://www.whitehouse.gov/news/releases/2004/08/20040809-9.html the [b]mortgage brokers [/b]that did it were paid commissions just like realtors are... they just wanted a deal, any deal, and they didn't care how they got it.. fannie and freddie ( secondary mortgage market participants) buy the notes from the mortgage originators (brokers)... you should know this from your real estate license class... it's the second week.. [/QB][/QUOTE]
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