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Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: Kenneth E. Phillipps who wrote (49527)	9/30/2008 2:11:43 PM
From: Ann Corrigan	1 Recommendation Respond to of 224738

Now you acknowledge the Democrats mismanagement and corruption fouled up Fannie/Freddie. That's a start. Fannie/Fred lobbied congress to create regs promoting home ownership. On the surface, that sounds good--problem was Fannie & Freddie liberalized and compromised mortgage underwriting standards by abandoning normal debt service criteria. The financial institutions should've known better but they thought they had Fannie/Fred's guarantee behind the mortgage paper. Many other firms, such as Lehman/Bear Stearns, bought the securitized mortgages which went bad when the homeowners could no longer pay - due to the fact they were recklessly given burdensome loans. Then everything unravelled--the financial instruments collateralized by the sub-standard mortgages became virtually worthless. The downward slide gained momentum--point is the entire process began with Fred/Fannie which as you've now acknowledged was controlled by the Democrats.

To: Kenneth E. Phillipps who wrote (49527)	9/30/2008 3:52:55 PM
From: Thomas A Watson	5 Recommendations Respond to of 224738

Fannie Mae and Freddie Mac works well for how many decades kenny. Then the impeached serial sexual predator picked thieves and crooks to work in government and they then took over Fannie Mae and Freddie Mac. Meanwhile kenny's messiah worked as a lawyer to sue banks to issue more and more bad loans to people who had no ability to repay.