indianacoreinc 03:27:53 AM Jul 09 2008

Quit blaming Democrats for the disaster of Bush. Does anyone remember Enron?

abutterbutt 01:42:05 AM Jul 09 2008

WE KNOW THERE ARE OLD LAWS AND NEW LAWS THAT COVER LENDERS, BUT WHO PAYS ATTENTION TO LAWS AND RULES ANY MORE??? FOR INSTANCE, WHY DOESN'T OBAMA HAVE TO PROVIDE A LEGAL BIRTH CERTIFICATE LIKE MCCAIN DID?? RULES AND LAWS DO NOT APPLY TO EVERYONE.

lmort 01:35:37 AM Jul 09 2008

In 2000 the 200 page Gramm bill (Rep. Senator Phil Gramm) was slipped into an 11,000 page appropriation bill with no hearings. Pres. Clinton signed the bill. The Gramm blll effectively de-regulated the banking industry--repealed the Glass Steagall Act which had been in place for many (50 years). No longer did banks hold the risk for loans they made. Now they were able to pass/sell the risk to others. Therefore, loose and risky loans were made and sold to investors. You know the rest of the story.................

exine 01:09:52 AM Jul 09 2008

While the Center for Responsible Lending is complaining that this is the worst credit crunch in history, they are trying to force lenders to limit the credit options they'll provide to consumers. What happened to the free market, where credit providers give options and consumers choose the option that is right for them? Since when do we need government oversite or consumer activist oversite to tell us how to use our money? Let the market correction work.

mezaca4 11:38:15 PM Jul 08 2008

Too little to late, should have done it when it happend. Go back on your vacation Democratic Senate, Congress where you can forget about doing your job.

dlremodeling 11:37:35 PM Jul 08 2008

Here we go again, the government being reactive instead of proactive.These are the people who are supposed to run the country.Why is it the only thing they can for see is a pay raise.It is not rocket science to know that arm and no money down mortgagesare for the people who normally cannot make the going rates.I know it is not true for everyone, but we are seeing just how many could not afford the payments.It is not like this is the first time this has happened. When we had the savings and loan meltdown many people were caught in the same kind of vice.It is time to start educating people on their finances, this should start in High school.It seems to me people are just so greedy that they let anyone talk them into anything.

theshado44 11:33:28 PM Jul 08 2008

These are NOT NEW RULES. Ronald Regan, in all his infinite wisdom, deregulated the lending industry back during the 80's and things went down hill from there. Lenders are in business to make money just like everyone else. They will do what they can to generate a profit. The Government is supposed to protect people who are too stupid to protect themselves. Owning a home is a privilage, not a right. Save your money for a significant downpayment, keep your credit score high by paying your bills, don't drive a car that costs more than your house and don't buy a house that costs more than twice your annual salary. Good common sense could have prevented the whole "housing crisis".

ericgg222 09:38:36 PM Jul 08 2008

paying only 1% on a pick a payment with no income varification was obviously crazy. But with other mortgages, sometimes business owners cant prove incomes due to new businesses, or extensions in their taxes. The deserve to own homes.

pacorona 09:22:53 PM Jul 08 2008

About ten years ago, the Federal Government claimed that loans weren't made to minorities and that was discrimination. The Gov't was responsible for forcing the mortgage lenders to "loosen" the criteria, believing that "The American Dream" should be available to EVERYONE!! No matter that bankruptcy, bad credit or no credit at all was part of the buyers' application - lenders were encouraged to give loans with little or nothing down to applicants who were stretching to even make the payments. If a minority was turned down and complained, most of the time the loan was made.Being in real estate with family in mortgage lending, I knew this was a big mistake - with no money invested, invariably the loans would fail if there was any problem at all with making the payments. It took 3 - 6 months for forclosure and another 2 -3 months to get the occupants out of the house, enabling them to live for nothing all of that time.NOW the Government wants to blame the mortgage lenders who would ha

ccgifts3 08:53:33 PM Jul 08 2008

Yeah right , just like they curb fuel price fixing,