This is what you get when you pass legislation that pushes for policies that promotes home ownership as a “right.” The fact of the matter is that these government sponsored enterprises paved the way for lenders to set people up with loans who had no means to pay these loans. The fanatic and greed-driven push to promote home ownership created an inflationary effect on the housing market that was bound to collapse at some point in time. Here are two YouTube videos that help to describe this crisis. The first one was put out by the National Republican Congressional Committee. The second was produced by an independent group called The Mouth Piece.
Expect this crisis to now widen to include student loans (Sallie Mae) and consumer credit (credit cards). It’s time to pay the price for living beyond our means.
I found your blog on google and read a few of your other posts. I just added you to my Google News Reader. Keep up the good work. Look forward to reading more from you in the future.
I am going to have to sign up to receive your feed. This is good stuff