Chieftain1776
12-12-2009, 08:08 PM
Came across this (http://www.house.gov/paul/tst/tst2004/tst062104.htm) amazing statement on the "Zero Downpayment Act" from 2004 (h/t LRC (http://www.lewrockwell.com/englund/englund13.html)). It didn't make it out of committee but had a ridiculous amount of cosponsors even those who typically are "conservative" Republicans (http://www.govtrack.us/congress/bill.xpd?bill=h108-3755). Just sad:
But as with all federal intervention in the economy, housing welfare distorts the mortgage industry and makes ordinary Americans poorer. Banks, of course, love federal mortgage programs- after all, the risk of default is transferred to American taxpayers. The lending mortgage banks get paid whether homebuyers default or not, and what business wouldn't love having the federal government guarantee the profitability of its ventures? Between the Federal Housing Administration, which is the largest insurer of mortgages in the world, and the government-created Fannie Mae and Freddie Mac corporations, the mortgage market is hopelessly distorted. Millions of mortgages in this country are federally insured, and the tax bill for defaults could be astronomical if the housing bubble bursts.
Compare that to Bush's actions, just disgusting... Rand Paul 2010 (http://www.randsteaparty.com/) b/c his bank owned opponent not only won't stop this stuff but will encourage it:
YouTube - Home Ownership and President Bush (http://www.youtube.com/watch?v=kNqQx7sjoS8)
YouTube - George Bush: we want everybody in America to own their own home. That's what we want. (http://www.youtube.com/watch?v=GkAtUq0OJ68)
But as with all federal intervention in the economy, housing welfare distorts the mortgage industry and makes ordinary Americans poorer. Banks, of course, love federal mortgage programs- after all, the risk of default is transferred to American taxpayers. The lending mortgage banks get paid whether homebuyers default or not, and what business wouldn't love having the federal government guarantee the profitability of its ventures? Between the Federal Housing Administration, which is the largest insurer of mortgages in the world, and the government-created Fannie Mae and Freddie Mac corporations, the mortgage market is hopelessly distorted. Millions of mortgages in this country are federally insured, and the tax bill for defaults could be astronomical if the housing bubble bursts.
Compare that to Bush's actions, just disgusting... Rand Paul 2010 (http://www.randsteaparty.com/) b/c his bank owned opponent not only won't stop this stuff but will encourage it:
YouTube - Home Ownership and President Bush (http://www.youtube.com/watch?v=kNqQx7sjoS8)
YouTube - George Bush: we want everybody in America to own their own home. That's what we want. (http://www.youtube.com/watch?v=GkAtUq0OJ68)