Proof Bush policy caused foreclosure crisis in America /<quoted text>
Glad you didn't include oblamers 6 trillion in 18 months. That would have been just too much to deal with. baaaaaaaaaaaaa
A Home of Your Own
EXPANDING OPPORTUNITIES FOR ALL AMERICANS
White House Philosophy Stoked Mortgage Bonfire
We can put light where theres darkness, and hope where theres despondency in this country. And part of it is working together as a nation to encourage folks to own their own home. President Bush, Oct. 15, 2002
December 20, 2008 / http://tinyurl.com/83qjpf
WASHINGTON The global financial system was teetering on the edge of collapse when President Bush and his economics team huddled in the Roosevelt Room of the White House for a briefing that, in the words of one participant,scared the hell out of everybody.
It was Sept. 18. Lehman Brothers had just gone belly-up, overwhelmed by toxic mortgages. Bank of America had swallowed Merrill Lynch in a hastily arranged sale. Two days earlier, Mr. Bush had agreed to pump $85 billion into the failing insurance giant American International Group.
The president listened as Ben S. Bernanke, chairman of the Federal Reserve, laid out the latest terrifying news: The credit markets, gripped by panic, had frozen overnight, and banks were refusing to lend money.
FBI: 80% of Fraud Attributed To Insiders Not Homeowners
The increased reliance by both financial institutions and non-financial institution lenders on third party brokers has created opportunities for organized fraud groups, particularly where mortgage industry professionals are involved. Combating significant fraud in this area is a priority, because mortgage lending and the housing market have a significant overall effect on the nation's economy. All mortgage fraud programs were recently consolidated within the Financial Institution Fraud Unit, even where the targeted
lender is not a financial institution. This consolidation provides a more effective and efficient management over mortgage fraud investigations, the ability to identify and respond more rapidly to emerging mortgage fraud problems, and a better picture of the overall mortgage fraud problem./ http://www.lvamerica.com/USApdfs/FBI.pdf