Greenspan Concedes Mortgage Dilemma

Greenspan Concedes Mortgage Dilemma

Thursday September 13, 1:26 PM EDT

WASHINGTON (AP) — Former Federal Reserve Chairman Alan Greenspan acknowledges he failed to see early on that an explosion of mortgages to people with questionable credit histories could pose a danger to the economy.


Now I'm not an economist, let alone the highest ranking economist for many years, but I can still detect the smell of dogshit. Nope, I'm an architect. Here would be a similar situation in my perfession.

Client: My house was built over the height limit and the county demands it be lowered.

Me: I had no idea there was a height limit in the county.

Greenspan is a whorecrapdipwadmotorscooter.

his job was to fool the sheeple... and that's exactly what he did.

Sadly some seem to think if he's just incompetent. And think the same of Rummy & Feith & the gang... but no... they are not incompetent. Everything is going exactly as they expected it to.

http://www.oceansatlas.com/servlet/CDSServlet?status=ND0zNTE4LjQ5Njc3JjY9ZW4mMzM9ZG9jdW1lbnRzJjM3PWluZm8~

and scroll down to the population density map of the US, 2000, right side around an eighth of the way down

http://en.wikipedia.org/wiki/Demographics_of_the_United_States

http://www.usatoday.com/news/politicselections/vote2004/countymap.htm

it corresponds nicely to the blue states, meaning the higher the population density, the more Democratic it votes.

However, the higher the home sale price and also real estate tax. We need to realign the allocation of federal 'revenue sharing' to higher density states, in other words. We must find a way to lower costs for homes in coastal areas of the US.

Dems can and must do it. Otherwise ALL home sales will be exorbitant 'Jumbo' loans !

Maybe if we can find a number of pioneer liberal leaders each of whom can convince 1000 families to move to Kansas or the Dakotas, we can reward them with purchase of their green manufactured goods or just build community centers for them.

Is the pioneer spirit dead in America ? There are several states in serious need of settling.

Greenspan's Fraud
http://www.buzzflash.com/hartmann/05/07/har05007.html

As Fed Reserve chairman, he could have required the banks to keep their lending standards high--ie, buyer has to put down a down payment, make enough money to pass front-end and back-end ratios, and the bank needs to verify the borrowers income. Instead, the banks started handing out jumbo loans like they were jelly beans. No down payment, no income verification, no way to repay the loan. Greenspan and the rest of the mortgage industry have been criminally negligent.

drunken sailors on shore leave...

It was the mortgage companies, such as CountryWide and DiTech that were formed just so they could put together less restrictive loan parameters...

Then they, the companies, would bundle a mess of loans together and then sell them on the open market...

It really is a state by state issue and is really not under the regulatory arm of the Fed...

They tried to stop predatory lending here in Ohio but the republicans controlled everything for years and so no one gave the problem serious consideration...

My neighbors are completely oblivious to what is happening and trying to sell off their home--without a realtor.

What happens when all these "creative" mortgages fail and homes are a glut on the market?

These are dark days indeed.