Mortgage Lenders and Politicians, Not Consumers, Are to Blame for Current Crisis
by As a real estate agent in Houston, Texas, I directly observed the results of the subprime lending crash. In order to understand the anger on the part of the victims, the shocking destruction of foreclosed upon property, and why the majority of foreclosures appeared in certain demographic areas, I began researching the causes of the crash. What I found was surprising. It is important for all consumers to understand what has happened so that they can better understand what the future might hold.
A similar scam is being perpetrated by credit card lenders who have jacked up their interest rates and refusing to process payments on time so that they can exact stiff penalties on card holders. Of course, this is sanctioned criminal activity. As reported in this Fox Business article, lawmakers have promised the public that they will rein in these practices and have passed laws that may eventually help credit card holders, but not until a much later date.
This was all done with the aide of politicians who allowed or turned a blind eye to these activites. Obama, Frank, and Dodd are all politicians alleged in this article at MSNBC to have taken money from Fannie Mae and Freddie Mac, while they allowed the unethical activity of their executives to continue unchecked.
Meanwhile, these criminals have attempted to guilt the public, claiming that Americans were living beyond their incomes Most Americans would be glad to live within their means and could do so were it not for excessive taxation – money that went directly into the pockets of the bankers as the result of bailouts.
Instead of being punished for their criminal activities, they were rewarded. Executives of these banking industries received money that went into their own personal accounts. They were given this money on the pretext that they would begin lending it. But, in spite of publicity to the contrary, they are not lending it. The money these bankers received – money that belongs to hard working Americans – would have been enough to pay off every mortgage and every credit card debt of every citizen in the U.S.
Essentially, we have all been robbed. These bankers should be prosecuted! They have committed robbery on an unprecedented scale and tried to place the blame on their victims.
Works Cited
“The Evolution of the Subprime Mortgage Market,” Federal Reserve Bank of St. Louis Review, January/February 2006, 88(1), pp. 31-56. Souphala Chomsisengphet and Anthony Pennington-Cross. http://research.stlouisfed.org/publications/review/06/01/ChomPennCross.pdf
“House Approves Credit Card Reforms,” Fox Business News. Ruth Mantell. May, 29, 2009.
http://www.foxbusiness.com/story/markets/industries/finance/house-approves-credit-card-reforms/
“Banking Crisis Bother You? Obama Tops the List of Politicians BOUGHT by Fannie Mae and Freddie Mac,” MSNBC. http://boards.msn.com/MSNBCboards/thread.aspx?threadid=782816&boardsparam=Page%3d1
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