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Politics : MITT ROMNEY -- Ignore unavailable to you. Want to Upgrade?

To: Augustus Gloop who wrote (1765)	2/14/2008 12:28:24 PM
From: Oral Roberts	Read Replies (3) \| Respond to of 5586

This is the 3rd banking crisis in my adult life. Ag lending crisis of the 70's, the S&L crisis and now this. All 3 came about the same way, bad lending practices and speculation. Most banks in our area are having no problem because they never lowered their standards. But the big lenders at the national level did and now they will pay. Well we will pay for bailing them out from their greed. The house I bought this spring is a prime example. There were 4 1/2 years back taxes owed. There was 11 judgements against the house and I paid them 25K less then they paid for the house 5 years ago. They had to borrow almost 30K to sell me the house. Where did they go you ask? Well they built a brand new house and took out a first and second on that. As far as I'm concerned whoever approved their loan should be fired and the bank should be closed because they obviously don't have any standards at all.

To: Augustus Gloop who wrote (1765)	2/14/2008 1:39:01 PM
From: jlallen	Read Replies (1) \| Respond to of 5586

I happen to think you are both right in a way....there is plenty of blame on both ends...

To: Augustus Gloop who wrote (1765)	2/14/2008 2:06:21 PM
From: TimF	Read Replies (1) \| Respond to of 5586

The banks abandoned lending criteria that had worked since the great depression. The government used both carrot and stick to get them to do so. Carrot - Easy money. Stick - Pressure to lend to people who where borderline house buyers (or even those that fall short of being borderline). This pressure happened across the board in subtle ways, but was less subtler when dealing with minority lenders (with investigations, lawsuits and such if the lending policies resulted in an insufficient percentage of minority borrowers/homeowners.