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Bush Administration Weakened Lending Rules Before Crash

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posted on Dec, 1 2008 @ 09:47 AM
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Bush Administration Weakened Lending Rules Before Crash


www.huffingtonpost.com

WASHINGTON — The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown, according to an Associated Press review of regulatory documents.

"Expect fallout, expect foreclosures, expect horror stories," California mortgage lender Paris Welch wrote to U.S. regulators in January 2006, about one year before the housing implosion cost her a job.

Bowing to aggressive lobbying _ along with assurances from banks that the troubled mortgages were OK _ regulators delayed action for nearly one year. By the time new rules were released late in 2006, the toughest of the proposed provisions were gone and the meltdown was under way.
(visit the link for the full news article)




posted on Dec, 1 2008 @ 09:47 AM
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Shades of Hurricane Katrina where have we heard of the bush minor administration ignoring warnings before?

This doesn't surprise me one iota. More proof as if we needed anymore as to whose pocket this administration is in.

Can't we just serve the bugger (and that is not to say anything bad about buggers
) an eviction notice at the White House and turn the page already before he does anymore damage in his remaining weeks?

www.huffingtonpost.com
(visit the link for the full news article)



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