Is it Bush Fault People bought homes they couldn't afford?

Well.Is it Bush Fault People bought homes they couldn't afford?
In an indirect way, yes. Consider that when I went house shopping in the late 1960s, getting a loan was like trying to convince an employer to hire you for a very desirable job. Bank officers needed a lot of very good indicators that you would actually make good on that loan, since it was their bank which would suffer the consequences of default.





Compare with my experience in 2005. The ';loan officers'; I spoke too were like used care salesmen (or saleswomen), pushing me to take loans I was reluctant to take, offering to help me ';fudge'; my numbers so as to qualify for more than I could afford, urging me to take the huge risk of undertaking big initial payments which could be lowered when (not if) the value of the house rose and I could refinance. How very different!





People were UNWISE to take such risky loans, yes, but unwisdom is not a moral failing, is not unethical. However the financial professionals and regulators who allowed these shenanigans ARE morally guilty -- these people had an ethical obligation to be advocates for consumers and instead victimized the consumers.





Think of it this way. Two guys are in a room, a bank president and a floor sweeper. The floor sweeper is saying ';Well, I don't see how I can possibly afford to pay off this loan sir, but if you say it's OK then I guess it's OK.'; Now ask yourself, who is the dumbest guy in the room?Is it Bush Fault People bought homes they couldn't afford?
Yes - everything that came out of Bush's mouth was a lie. This particular lie was in 2003 with the ';Ownership Society'; speech. This cynical republican lie purported to allow more people to own their own homes - but anybody could see Bush setting up the table for this bank collapse. He gave permission to the bankers to speed up the risky loans.





Why? Bankers make BIG money when they loan money - so they made money then. Bankers then get bailed out later when their bank collapses - and they make more BIG money. This is an old republican scam from way back.





AND - then the Super Rich come in and scoop up the cheap real estate when the prices fall apart. So shhhhhh! The Super Rich are feeding right now - and they don't want you to know about it.
It is the American Dream to own a Home . I do not believe that people Buy Homes they can not afford . I believe that situations change -Like losing a Job illness and death , natural disasters AND THE PRICE OF OIL AND ENERGY that has caused people to lose their Homes . Plus the fact that Mortgage lenders had hidden costs etc. Many people were not aware that their Mortgage payments were not at a fixed rate and would actually go up on their monthly payments . In that I blame Republican Deregulation.
You do realize that the banks were the one's approving those loans and selling those homes, don't you? Would you sell something of great value to someone on a payment scale that you knew they couldn't afford? The banks could have easily said, ';No';. just because you apply for a mortgage doesn't mean the bank has to give it to you...
More than 600,000 people lost their jobs over the course of one month. We are in a recession, with MANY losing their jobs. That isn't the fault of the homeowner or Bush. It is the fault of the recession and, specifically, the housing crisis....which is linked back to Bush, Clinton, Gramm, and many others.
First off, No I do not believe it was Bush's fault that people tried to live outside their means, however.... he was on duty when the market started to boil and really didn't do anything to help it. Even tho the banks were deregulated, what stopped him from correcting that immediately. His focus and attention was on the war. When people remember Bush it will be the war and the economy they remember first. Also, I would like to add that NOT everyone who is having trouble with their homes are deadbeats. People get sick, die, lose jobs and so on that can change a persons living situation... that is not to say there are no deadbeats out there because there are plenty, my point is its not all of them... which brings me to my secondly; Tifa ***** YOU! You are the example of hate and racisim, you are the reason why this county stays divided..... you think its all black people?! How would you know? How do you come to that conclusion..... please give examples... you cant can you... because otherwise your just another redneck, inbred asshole. I happen to know many black people that are doing much better then you will ever do in a wet dream. What are you doing here anyway, arn't you late for a meeting somewhere?!
NO - Bush was for the legislation McCain tried to put forth to control this - Congress (Dem Majority) voted it down and Barney Frank and Christ Dodd said it wasn't needed.





and how about PEOPLE taking responsibility for living out of their means? What about Clinton who started allowing it?????????
No, Bush wanted to stop it in 2004, then Democrat Barney Frank in 2006 said at a hearing the banks were fine. Pelosi and friends -D pushed the banks to give the sub-prime loans to people with no job, no credit and no life! Democrats fault mainly, but not completely
No, but it is his fault for not seeing this economic collapse coming. Also his fault for taking a $18 billion deficit from clinton, and giving a $1081 billion deficit to obama.
No.... no one forced them to lie about there yearly incomes so they could be a house bigger than they could afford... also no one forced people to ';flip'; houses... :/ And obviously no one forced them to read the fine print nor did they understand what the word VARIABLE means...
well depends who you ask.....those that take time to research Fannie Mae and the Clinton initiatives for fair housing will say no..





Those that kneel at the Moveon.org and Daily Kos sites or are swept up at the latest Obama cover at the checkout will say yes...
No it isn't, it's the democat congress that forced the bank to lend to these people, and Barney frank and Chris Dodd and Franklin Raines should be in Jail!
Of course not. But he did create hurricane Katrina with his presidential weather machine.





';Republicans allowed sub prime mortgages'; ? Thanks for the laugh!
Yes, as well as Barny Frank, Pelosi, Obama and all the other nitwits who allowed the practice to go on.
I agree with Old marin. Bush tried to stop this, but the dem. run congress kept getting in his way with filibusters, their to blame! Lets vote them all out 2010!
no,that would be bill clinton and the closing of the glass stegal act.then implementing the community reinvestment act which forced banks to loan money to poor people with bad credit!
If you bought a house you could not afford the blame is your own





I have no sympathy for people that live beyond their means
Nope. If someone KNEW that they were getting in over their head, or if the deal sounded too good to be true, then it's their own fault.
Of course. Didn't you get the letter saying that if you didn't buy a $750,000 house Bush would use his hurricane machine on you like he did to New Orleans?
No


But allowing all the deregulation in the banks was.


The Repubs dropped the ball.
Nope. It's the fault of those who bought the homes and the lenders willing to give them money.
Of course not. It is the borrower's fault but Obama can't say that. Those are his core constituents.
No it's not his fault it's the lender and the people themselves
So why did Republicans allow sub prime mortgages since they all knew this would happen?
its always bush's fault,, whats the mater with you


everyone knows that.. jeez
No, it's his fault that they couldn't afford them.
No, it's blacks who don't know how to manage their finances.
Now I have heard it all!


What a statement and what a brain which thought of this question.


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As far as I am concerned it is the individual's own responsibility not to overspend.


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If you don't have the money, you don't go shopping.


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If you don't earn much money, you don't buy yourself a mansion you cannot afford.


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...now keep the thumbs-down coming...as it shows me what kind of a character you are and how you feel about personal responsibility!
Uh, no. Clinton started this mess.
Nope





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