Video by: truthforamerica
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ABC Extreme Home Makeover Story:
http://www.youtube.com/watch?v=Iy-VmKf6Fbo
The media is screaming about the subprime home mortgage crisis and people demanded action. Instead of allowing our free market to make adjustments, it is the wish of many that government should solve all problems. The government actually caused this problem and now they are going to "solve" it? This issue goes all the way back to the Community Reinvestment Act of 1977 which Jimmy Carter was responsible for. This Act was supposed to change the whole lending process and make it more diverse. Lenders were obviously not making loans to people based on their race, not because of their ability to pay. So the government forced them to make loans which should have never been made or face stiff penalties. Now you have this subprime problem with foreclosures everywhere of people who were irresponsible in the first place. Sum it up=if you did things the right way and saved for a home, financed it responsibly, and paid your taxes already, you get to bail out the stupidity of others. If they got a bad loan, it is your job to bail them out. Another failed policy that the government caused and it will once again be on the backs of taxpayers. Chris Dodd, the imcompetent senator that came up with this bill, is such a hypocrite because he received favorable treatment from Countrywide, the lending institution that Barack Obama would blast on an almost daily basis. That is, until some of his friends were found to be involved with them and now keeps his mouth shut about it.
http://newsbusters.org/people/chris-dodd
http://tsfiles.wordpress.com/2008/03/17/the-cause-of-the-subprime-mortgage-collapse/

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Tags: 1977 act bailout banks big carter chris community congress dodd foreclosure government home jimmy loans minority mortgage of reinvestment subprime  home foreclosure bailoutgovernment rewarding irresponsibility See more videos uploaded by truthforamerica

Comments for this video on YouTube

think again ... ( 2 months ago by ispeakgibberish)

think again fucktard, it's the republicans who want you to think they solve all the problems, liberal literally means less governance, giving people the ability to choose their path, something you have lacked in the united states for a very long time

Our country is all ... ( 2 months ago by He101A)

Our country is all screwed up. The U.S. is a fascist or socialist country now. The government bails out failing businesses and failing people. No wonder all the businesses are moving overseas.

The War in Iraq is ... ( 2 months ago by TheRalez)

The War in Iraq is just a billion dollars a day down Gorge Bushes ass... The olny reason where in Iraq is because George Bush is so fucking arogant and childish, that he REFUSES to talk to any other country which hates us... so instead, he wastes billions of dollars a day up his ass...

You are a moron. ... ( 2 months ago by truthforamerica)

You are a moron. According to your chosen one Obama, it is 10 billion a month. Get your numbers more factually accurate. How much of that is military budget that would be spent anyway? You wouldn't have any idea. You are spewing the same old lefists socialist slogans. There has not been another terrorist attack since 9-11 because he had the guts to take the war to the terrorists. Someone like you would rather play patticake with them until they come into your back yard.

GOP are generally ... ( 2 months ago by InklineEntertainment)

GOP are generally in favor of deregulating everything in business so the market works it out. Deregulation in the energy sector helped fuel the greed and fall of Enron costing millions in pension losses for employees. Lack of regulation of the lending GSE's with oversight by a republican controlled congress let us see the fall of Fannie and Freddie. There were key Democrats that played a part in that oversight as well. Bureaucrats in control or profit driven enterprise. Who screws you less?

That is where you ... ( 2 months ago by truthforamerica)

That is where you are wrong. The top four recipients of donations from Freddie/Fannie are Chris Dodd, John Kerry, Barack Obama, and Hillary Clinton. Don't give me that nonsense that Democrats are trying to do the right thing. Dodd especially is the biggest crony of them all.

Is there a ... ( 2 months ago by bigjayboogie)

Is there a difference between bailing out the consumer and bailing out irresponsible big banks?

You are comparing ... ( 2 months ago by vidmakr)

You are comparing apples to oranges. The people you refer to have NOTHING to do with government bailouts. It is disingenuous for you to use that example to make your argument against big government. Further, the bailouts you refer to have NOTHING to do with those who were irresponsible in handling their debt. The bailouts are to protect the investment capital, and to provide liquidity to the market because of those failing businesses. You can't blame the homebuyer for this. WHO LENT THE MONEY?

YOU are wrong. Top ... ( 2 months ago by vidmakr)

YOU are wrong. Top recipient of the Freddie Mac, Fannie Mae bailout is the CHINESE who lent us the billions we're pumping into those funds as well as AIG. (money which we do not have) Our debt to the Chinese will hamper our ability to honor our commitment to the safety of Taiwan should China decide to attack. Dude this is bigger, way bigger than the culturally divisive analogy you make.

Exactly. How does ... ( 1 month ago by ajaco3025)

Exactly. How does the bailout help the economy? It's just covering up Greenspan's f-k up. Oh not to mention how NAFTA helped spur the foreclosures. If our government didn't have their head so far up their ass, they would have seen how many people would lose their homes when they allowed buiness/industry to leave our country. Why should our families be held responsible to pay off a $700 billion screw up for years to come? Let the rich skim off a few million. They can afford it.

Array ( 1 month ago by ohmannhey)

Go to globaleconomicanalysis . blogspot . com Resistance is being organized! It´s working! Their spooked like hell at Congress. They have no vote. Get on the phone, fax and email ... and phone you representatives and tell them you will not vote for them if they pass this bill. For further support like for numbers go on the page above. YOU CAN MAKE A DIFFERENCE!

Irresponsibility is ... ( 1 month ago by Psychogenius018)

Irresponsibility is not definitive concerning this crises. This is simply a conspiracy and an outright theft by the banksters of the private FED. They are the ones that introduced and pushed for laws requiring loans to risky borrowers so they could lower interest rates, print and loan money, get rival financial institutions in trouble so they could come in and take them over with our money and increase their world power.

hey guy this was ... ( 1 month ago by doclsdc)

hey guy this was bush/paulson's plan. in fact their plan was a 1000x times worse. they wanted no oversight and no review. you don't complain about that so it very evident you are a complete idiot who should work pravda or fox news.

Also why don't you ... ( 1 month ago by doclsdc)

Also why don't you put up videos of bush/mccain saying very recently that the economy is fundamentally strong? Compare those lies/garbage with sensible businessmen like Jim Rogers who know that it is not. I agree the bailout is bad but you are a liar pinning this on others when bush / paulson are the architects of this socialism for the rich.

You Get it, You ... ( 1 month ago by derrell445)

You Get it, You Understand it.... many people who post messages here do not.

if the problem was ... ( 1 month ago by doclsdc)

if the problem was just about people defaulting on mortgages on subprimes we wouldn't be in this mess. the problem was that mortgage backed securities that sold off those subprime loans to greedy wall street investors. so the CRA took 31 years to fail? that makes a lot of sense. The CRA Forced lenders to give mortgages with NO money down, NO check on monthly income? you are full of it.

The facts are right ... ( 1 month ago by Gergis421)

The facts are right but the story is wrong. The repayment rate of the original CRA loans had a repayment rate of over 90%. Thats why they kept loosening the regulations on just how risky the could be. That happened with the Bush Admin. especially after 9-11 to counter the effect of the attacks on the market. The CRA actually helped alot at first. Think about it. It took from 1977 until now to fall apart or did it fall apart in the last 8 years?

Minorities are ... ( 1 month ago by Gyro911)

Minorities are mainly the ones who defaulted on their mortgages and the mainstream media networks will not tell you that. Their scared of being called racists but the truth is that minorities caused this housing crisis and the collapse of our banking institutions. Bush is at fault to for encouraging banks to give the loans to minorities. Fanni may and freddie mac were the ones that bought up the loans and gave them to minorities. This country is going to shit because minorities are taking over

You are missing the ... ( 1 month ago by skylofts)

You are missing the point it was NOT the FDIC insured institutions bound by the CRA that caused the crisis; it WAS the Private Sector Lending Businesses-such as finance companies like Countrywide and Lending Tree-that weren't banks, NOT FDIC insured and NOT bound by the CRA that CREATED this mess through PREDATORY LENDING! The non-FDIC institutions are NOT bound by CRA!

The Federal Reserve ... ( 1 month ago by skylofts)

The Federal Reserve notes that, across the country, non-CRA lenders were twice as likely as CRA lenders to issue subprime loans to vulnerable borrowers. Furthermore, the Fed also reports that responsible mortgages made by CRA lenders have about the same low rate of foreclosure as other traditional mortgages.

An analysis of Home ... ( 1 month ago by skylofts)

An analysis of Home Mortgage Disclosure Act (HMDA) data in the country's 15 biggest metropolitan areas found that 84.3 percent of the high-cost loans made in 2006 were originated by non-CRA lenders-including 83 percent of high-cost loans to low- and moderate-income individuals.

These myths are ... ( 1 month ago by skylofts)

These myths are floating around everywhere this week-a Big Lie that's being repeated so often that Americans may well start to believe it. The real objective of the "blame the CRA" campaign is to pre-emptively discredit any future progressive proposals that involve using government regulation to make the capital markets behave-and to get the free-market fundamentalist faithful back in the fold.

In March 2007, ... ( 1 month ago by skylofts)

In March 2007, Federal Board Chairman Bernanke-no liberal he-noted that CRA has helped institutions discover and enter new markets that may have been previously underserved and ignored by insured depositories.

THE BANKS MADE ... ( 4 weeks ago by RantVideos)

THE BANKS MADE STUPID DECISIONS YOU IDIOT. YOU ARE STUPID. IT IS NOT THE HOMWBUYERS FAULT. THE BANKS AND GREEDY INVESTERS INVESTED MONEY ON INFLATED HOME PRICES AND LOST. AND YOU WANT UNCLE SAM TO BAIL THE BANKS AND GREEDY INVESTERS OUT? lET THE BANKS KEEP THIER INVESTMENT AND LET HOME OWNERS LOSE THIER INVESTMENT? IDIOT DOES THAT SOUND FAIR? YOU MUST OF INVESTED IN A SUBPRIME LOAN AND YOU LOST YOUR MONEY SUCK IT UP IDIOT YOU LOST. WE SHOULD NOT ALLOW YOU TO KEEP YOUR INVESTMENT.