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Bush lifts housing veto threat

President George W. Bush dropped a threat to veto a housing rescue bill under debate by Congress on Wednesday, clearing the way for measures meant to shore up the worst U.S. home slump since the Great Depression.

In effect, Bush is doing for the mortgage industry what had to be done for the Savings and Loan industry not too many years ago. The thing that amazes me was the fact that the S&L crisis was partly caused by the S&L industry using questionable lending practices without securing any real tangible collateral. Homes were largely over priced... and the loans made were even more unrealistic both in the interest rates expected, and the credit worthiness of the people who were given these financial albatrosses to wear.

The S&L's spent too much money with no way to get it back... the banks have spent too much money with no way to get it back... is there any other major institution in this country which has spent or loaned out insane amounts of money with no real way of getting it back ?

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So should...

In reply to: Bush lifts housing veto threat

So should the Federal Government have some sort of price controls on housing prices and/or have requirements (salary,down payment, etc.) on taking out a mortgage loan?

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If it is the Fed's responsibility to save the industry ?

In reply to: So should...

Then yes. If the industry wants to set it's own criteria for making the loans, then it should not be looking to the fed for relief when it's bad investments come home to roost.

A few years ago, I raised my concern about the possibility of millions of people losing their homes because they could not meet the terms of these loans. Evie's opinion was that anyone knowingly signing a loan and then defaulting on it because they could not make payments would be getting what they deserved. Given that the mortgage banks took that same position when people started to default... then why should their lobbyists have any success in looking to the Fed to save their butts?

A few years ago, the credit card industry and the banking industry joined together to lobby for federal action revamping the bankruptcy laws so that these companies interests would be looked after before anyone else's. Now they want the Fed to bend over backwards to prevent their own bankruptcy?

Talk about having your cake and eating it too.

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Does that go for....

In reply to: If it is the Fed's responsibility to save the industry ?

Does that go for cars, too? Millions of people buy cars on credit, find they can't make the payments, and have them taken by the repro man.

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(NT) Does what go for cars ?

In reply to: Does that go for....

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A bailout...

In reply to: Does what go for cars ?

A bailout or something like a Federal Government refinance plan. Mortgages and cars are the big bills for many people, if you assist one when they get beyond their means, why not the other?

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I thought we were talking about the bank bail out ?

In reply to: A bailout...

Are you asking if a fellow defaulting on a car loan deserves a bail out ?

Did I say anywhere here that anyone deserves a bail out ?

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