He says that Bush and McCain are to blame for the mortgage "crisis"
Here are the results from Jimmy Carter's Community Reinvestment Act
I credit Yahoo News with this excerpt;
As IBD has already shown, the CRA forced banks and savings institutions -- then, far more heavily regulated than today -- to make loans to poor, often uncreditworthy minority borrowers.
Banks were required to keep extensive records of their minority lending practices. Those that didn't pass muster could be denied the right to expand their branches, merge with other banks, or boost lending in new markets.
Regulators didn't need to do much policing; they let that job fall to radical community groups, such as ACORN and NACA, which siphoned literally billions of dollars from banks and lent the money in poor communities.
It wasn't entirely altruistic.
The community groups booked thousands of dollars in fees for every loan. And loans often required recipients to become active in radical causes -- what's today called "community organizing."
If a community group decided a bank was operating in bad faith, it could affect the bank's "CRA rating" -- the scorecard for how well it was doing as a minority lender.
Banks became pliable, easy targets. No bank CEO wanted to be mau-maued as an enemy of the poor. They became shakedown targets, channeling billions of dollars to groups that had, at best, meager results to show for it.
That's how it began. Later, in the Clinton era, Fannie Mae (NYSE:FNM - News) and Freddie Mac (NYSE:FRE - News) got involved -- buying up bad loans from banks, and securitizing them for sale on world markets. The seeds of the subprime meltdown were planted.Carter's role is clear;
Now, on to Clinton;
During his administration he allowed Jamie Gorelic, of 911 commission fame, to put in place requirements to the mortgage industry to extend loans to people or institutions that could not provide proof of ability to repay, and then trumpeted this as an Affirmative Action breakthrough.
Apparently loaning money to people, some of whom may not, as I did not in the early years of borrowing money, have understood properly how loans, interest, and credit work, and causing them to lose their house or business is racially sensitive.
For one thing, these liberals in their attempts to shore up the black vote, insulted the blacks by assuming that all occupants of low-income housing are black or otherwise minority.
That just is not true, from my own experience here in the south even, and minorities of all backgrounds should be angry with the Democrats for the way they have been misrepresented, and demagogued, and basically called too stupid to vote or make their own way in life apart from the benevolent hand of government.
But I digress;
This new way of extending loans without the security of proof of ability to repay, began to balloon out of control as home prices went up with a growing economy, and soon those with adjustable rates were unable to make their payments.
Banks began to foreclose, and the issue was seized upon by politicians looking to pad their re-election portfolios with a new political ad here and there.
Having been forced by the Feds to buy many of these now worthless loans from the banks who lent them, May and Mac are now in the hole for so much money having been lent and now with inability to pay back they can no longer function as a business.
Being GSE's, or government sponsored enterprises, they have not been subject to the same accounting regulations a private corporation would be.
Donations under the table to certain politicians, most of them democrats, Barney Frank, Chris Dodd, and Barak Obama, to name a few, purchased the silence of oversight and regulation committees in congress charged with the oversight of the banking industry.
Since May and Mac control trillions of dollars in financial assets, and are the genesis of astronomical amounts of now worthless loan dollars, as they cooked their books and fraudulently inflated their stock values, when they could no longer afford to hide their sins, it had a trickle down effect to many others in the backing industry.
As banks began to feel the pinch from unpaid loans, and there was no longer May and Mac money to borrow, the stock market began to feel the pressure of the declining growth, and hence the downturn.
Barak Obama is the second leading beneficiary of the hush-hush money from May and Mac exec's, two of whom are now his top economic advisors, namely Jim Johnson and Franklin Raines.
Both men got immensely wealthy, to the tune nearly one hundred million dollars running these institutions into the ground
Yet he had the audacity, and dishonesty to accuse McCain of being responsible for the mortgage crisis when in fact he and his criminal advisors bear the blame whether they admit it or not.
Chris Dodd and Barney Frank;
Senate and House chairmen of the committees charged with banking oversight in their respective Houses of Congress.
In 2005 McCain sponsored a bill, with the dire warning of the consequences of it's potential failure all coming true before our very eyes, that would have reformed the GSE's and averted this crisis today.
Dumb and Dumber, then the ranking members of their committees, howled that there was no problem with the GSE's, and that we should do nothing, and accused McCain of fearmongering.
You can see it on You Tube.
Dodd and Frank, with the help of other rogue Democrats blocked the legislation, and here we are today, with economic pain, and a vast, insidious takeover of the mortgage industry by the very fools who knowingly stole our money in the first place.
It is an inescapable fact that Carter, Clinton, Dodd, Frank, and Obama bear much of the blame for the crisis, and for foisting upon us a new socialist bill, under the guise of "economic relief".
The federal government, responsible for this crisis, now owns a very large portion
of America's economy.
The same bunch that screwed it up are now in charge of far more of it than before.
It is called Socialism, and don't you ever forget this time in our history
when we became Europe II.
History will vindicate those of us who fought this tooth and nail.