Should Republicans Be Kicked Out of Washington for the Sub-Prime Mortgage Mess Taking Advantage of People?

Question

When we bought our house years ago, our impression was that our loan would be limited to no more than 28% of our gross income each month. I thought it was the law or an industry standard.

Under Bush and over the past handful of years, sub-prime loans were made to people when lenders probably felt certain that the borrower could NOT repay the loan.

Did Republicans ruin their image for failing to protect consumers?

The Democrat-led House just passed a bill designed to protect consumers. The lenders will have to access whether or not the family will be able to repay the loan. Didn't Bush and the Republicans believe it was good to protect consumers?

•" ...require creditors to assess at the time of origination that the borrower can repay the loan, or if it is in their economic interest to refinance. "

http://www.consumeraffairs.com/news04/2007/11/congress_mortgages.html

Answer 1

I'm pretty sure that when you closed on your loan you were made aware of all of the stipulations. If YOU knew you were unable to repay the loan, one could stipulate that you were a predetory borrower.

Answer 2

Oh my goodness. The 28% mark is what the mortgage company uses to see if you can afford the loan at it's current level. It's to protect them, not you. They can't foresee where interest rates, or your salary, are going - they can only look at a moment in time.

So, did you not read your documents? Remember, as with any contract, only the part that's in writing counts.

Here's the funny part - in some areas they're considering a requirement that mortgagees (that's you) take a class on how to manage money - but the democrats are screaming that it's red-lining and discriminatory to require only people in areas that have a higher-than-normal foreclosure rates, or those w/ subprime loans, to take the classes.

Answer 3

What a joke. Next you will blame Bush for every bank robbery and say that he didn't personally protect the bank . Get real and grow up, or would you rather have a baby sitter make sure your milk isn't too hot before you drink it. After all, if you aren't protected you might get burned. Are any adults in your world?

Answer 4

I remember the "possession Society" (2003) speech given by ability of our little criminal moron in the White domicile. That replaced into the kickoff for this sub-top financial business enterprise fall down. It replaced into especially ordinary to video reveal Bush set up the table for his wealthy acquaintances to make some $$$money$$$. that's previous republican rip-off - like the S&L Scandal of the early 1980's that Reagan set up an analogous way. Permission is given to the banks to lend money to fairly anybody - loans come due - banks fall down - sleazoid republicans (Reagan/Bush) head off to beg the taxpayer to bail out the bankers. repeatedly and repeatedly. in case you questioned what the Keating 5 replaced into - that replaced into John McCain scooping up the money in the S&L Scandal. Blaming it on the democrats is in simple terms the latest republican lie - in spite of the shown fact that it in simple terms isn't their final lie, i'm confident. Republicans have no longer something yet lies left to them - fairly ALL their honor is long gone.

Answer 5

This is a matter of finding a scapegoat, there is no logic to it.
You lefties keep saying that President Bush is not a King but then turn around and criticize him for not exercising royal authority. President Bush didn't approve those bad loans.
You people blame President Bush for hurricane Katrina, are you saying that he can control hurricanes? The price of oil goes up and you blame President Bush, the market decides the prices, not the president. This is typical behavior of some hunter gatherer in an African rain forest but not modern
civilized people. You lefties and your hypocrisy is so pathetic.

Answer 6

lmfao....and if you knew this was at the top of your range you had NO responsiblity to be consumer wise??? lmfao.. cmon the governent is supposed to protect you from yourself??? i dont think so. its called dont live beyond your means ok. the answer is a NO. this question goes under the heading of typical liberal pap. do your homework and read the fine print. the goverment had no responsibilty to protect you from what you thought or what you assumed. i believe the phrase ignorance of the law is no excuse.

Answer 7

So it's the republicans fault that people are dumb?

Ya can't fix stupid.

Answer 8

I think so - I think you've answered your own question! :-)