Bush-O-Nomics Busted
Our nations lending system is broken and it is their own damn fault. Now it is all of our problem as the foreclosure rates go super nova. Welcome back to the Savings and Loan problems of the Reagan era.
I’m not surprised that this dilemma is happening now and neither should the Bush administration. While he has focused most of his limited attention capabilities on the wars in Iraq and Afghanistan the kids are playing at home and ruining the company store. While the lending industry is loaning out the money as fast as the closing points will rack up the President and his hands off policy has played out. Does it make sense to anyone that you can pay an interest only loan for the first five or ten years and then it jumps up to out of your budget world? Busted!
Over at the LA Times they have this incredible story on homeowners in California being foreclosed in triple digit percentages…
Home foreclosures hit record in California
Riverside County at a new high. In addition, there's a year's supply of houses on the market in Riverside and San Bernardino counties, up from a three-week supply at the height of the boom.
By David Streitfeld, Times Staff Writer11:23 AM PDT, July 24, 2007
A sagging real estate market and tighter lending standards are exacting a rapidly growing toll on Californians, forcing them from their homes in record numbers, figures released today show.
Now will come the wave of former homeowners that realistically never qualified for home loans and yet one lending institution after another collected the profits from writing the loans. Those poorly written loans were sold to the highest bidder and guess who is the highest bidder? Yup, our good government providing the cash for all these corrupt lenders. Soon the government will have to bail out the lending industry for stealing from the people and the Bush circle of home finance is complete. More of your money will go into the Bush funnel of friends to pay the people that actually created the American foreclosure scandal.
Papamoka
Labels: Bush, California, Fannie Mae, Foreclosure, Home Loans, Homeless, Mortgage, Predator Lending, Record Foreclosures, Renter
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