That process will start in 2010....mid-terms here we come....Originally Posted by Bob Gutermuth
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That process will start in 2010....mid-terms here we come....
kg
I keep my PM box full. Use email to contact me: rockytopkg@aol.com.
The policy of lending mortgage money to anyone began under Clinton. The party that continued to over-inflate the housing market by creating an artificial demand are the Democrats. The party that was asleep at the wheel were the Republicans.
Where do we go without great leaders for the defense of our liberties? Who will defend our right to live our lives _as we chose_ without others taking that from us? The answer is, as it should be, no one. We are the defense of our rights and should always remember that. Libertarian blogger
In February 2000 the mortgage rates dropped to around 5%. Most everyone was either trying to refinance or purchase a house. The unnamed one was president at the time. in about 2005 the value of housing started to sky rocket and more people started to refinance, taking money out to pay bills. There were also a lot of C and D credit people buying houses before the price went up more. Most buyers and refinancers got into an adjustable rate mortgage which remained constant for 3 years and began to adjust. in 2008 when their rates increased $200 - $500 per month and the price of gas rose to $3.00-$4.00 per gallon people could no longer afford their mortgages.
Roger, with Google at the ready, there's simply no excuse for not knowing who was President and when. Clinton was President in Feb. 2000; Bush 43 was inaugurated on January 20, 2001.
Clinton deregulated Fannie Mae and Freddie Mac in 1999 which opened the floodgates of money...unscrupulous lending practices followed...as Franco said, Bush will take the blame for being asleep at the wheel, but neither he nor his administration "set the table" for the disaster that we are now experiencing.
kg
I keep my PM box full. Use email to contact me: rockytopkg@aol.com.
Keith, In 2000 when people were refinancing they were refinancing for a lower rate not just to take cash out because the value of their houses did not inflate to outragous values.
I was talking about the adjustable rate mortgages adjusting in 3 to 5 years.
(Most buyers and refinancers got into an adjustable rate mortgage which remained constant for 3 years and began to adjust. in 2008 when their rates increased $200 - $500 per month and the price of gas rose to $3.00-$4.00 per gallon people could no longer afford their mortgages."
If you do the math when all the defaults on mortgages took place - 2007, & 2008. If you subtract 3 to 5 years from 2007 or 2008, you will come up with a time period where the price of housing rose to an incredible level. That is when most people that either bought or refinanced and took cash out to pay bills got into trouble.
The price of gas in 2000 was about $1.10 a gallon. Gas prices in 2007 & 2008 were well over $3.00 per gallon.
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And you want to blame Bush 43 for ALL of this....right?
kg
I keep my PM box full. Use email to contact me: rockytopkg@aol.com.
Right, blame George W Bush for a failed mortgage market that started under Slick Willy and continued under the 'leadership' of Chris Dodd and Barney Frank.
Bob Gutermuth
Canvasback Chesapeakes
ROLL TIDE!
All I know is the company I worked for went out of business in 2007. A lot more company's also went out of business along with hundreds of banks. Even with the lower prices in housing try to find a B or C lender, you can't, they are all out of business.
No Bob, It's Obama's fault.
My question still stands....
kg
I keep my PM box full. Use email to contact me: rockytopkg@aol.com.
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