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Posted by: Candida 1 year, 3 months ago
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Candida1 year, 3 months ago
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quackpot: "Yes, it will be necessary for EACH ONE OF US to pony up an average of $3,000 to bail out the crooks that created this mess."
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Yes, it will be necessary now, but all of this could have been avoided. All 50 states tried to take action years ago, and the federal government prevented them.
Predatory Lenders' Partner in Crime
How the Bush Administration Stopped the States From Stepping In to Help Consumers
By Eliot Spitzer
Thursday, February 14, 2008
"Predatory lending was widely understood to present a looming national crisis. This threat was so clear that as New York attorney general, I joined with colleagues in the other 49 states in attempting to fill the void left by the federal government. Individually, and together, state attorneys general of both parties brought litigation or entered into settlements with many subprime lenders that were engaged in predatory lending practices. Several state legislatures, including New York's, enacted laws aimed at curbing such practices.
What did the Bush administration do in response? Did it reverse course and decide to take action to halt this burgeoning scourge? As Americans are now painfully aware, with hundreds of thousands of homeowners facing foreclosure and our markets reeling, the answer is a resounding no.
Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye... "
http://www.washingtonpost.com/wp-dyn/content/artic...
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