The nail has just been hit on the head. This past week, while Obama has been spouting off about private banks getting back into "the mortgage business", HUD has announced new goals - with penalties for failing to make goal - for mortgage lending in low-income, high-crime, dilapidated inner-city and sub-urban neighbourhoods. Exactly what created and popped the last housing bubble, crashed the economy, and wasted the post-9/11 recovery effort. Who was it that said, "Insanity is doing the same thing over and over again, and expecting different results"? Oh yeah. That was the LAST POTUS to push high-risk, low-yield, mandatory mortgage lending under the threat of prison for "The Big Banks." At a certain point, one begins to suspect the people behind this are neither stupid nor ignorant, but are acting the fools quite deliberately as a means to some nefarious end...
Posted on: Sat, 10 Aug 2013 21:23:50 +0000
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