Tag Archives: market collapse

FHA Must Charge Higher Fees To Stay Afloat

The average American is on the hook for $1300 for the Fannie Mae and the Freddie Mac bailouts. Keeping the FHA afloat has only required three billion. FHA mortgages requires smaller downpayments and lower credit scores than regular mortgages. You’d … Continue reading

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Should Banks Be Sued For Mortgage-Backed Securities Turned To Junk?

What was Wall Street’s role in the great economic crash of 2008? They principally played the role of suckers buying trillions of dollars of mortgage-based securities. They had no idea what they were buying. Nobody did. Because there were no … Continue reading

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Subprime Lenders Become Loan Crisis Heroes

Subprime lenders got a lot more blame for the housing market crash than did government policies. Subprime lenders were the bad guys! They lent to people who were bad credit risks. What is subprime lending? It is lending to people … Continue reading

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HUD Secretary Alphonso Jackson Asleep At The Wheel

From the Washington Post, a report on incompetence and cronyism at the government agency: HUD Secretary Alphonso Jackson, left, with President Bush and Treasury Secretary Henry M. Paulson. Zealous about Bush’s goal of increasing homeownership, Jackson encouraged policies that threatened … Continue reading

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How HUD Missed The Housing Crisis

The Department of Housing and Urban Development ignored the signs of a looming mess. Bush’s department loosened regulations allowing for this kind of meltdown. Steve Benen writes: I’ve marveled for years at the apparent corruption and incompetence in Bush’s Department … Continue reading

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Subprime Crisis Hits CA

Guess who wants to borrow money? Not just home owners, but also governments like CA. The Contra Costa Times reports: THE SUBPRIME mortgage crisis that pushed homeowners into foreclosure and forced the Federal Reserve to bail out investment banker Bear … Continue reading

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Attempts To Prevent Another Mortgage Meltdown

The Age in Melbourne says the Bush administration has more ideas for preventing a future credit crisis than for solving the current one. The administration wants state regulators and private industry to tighten their oversight of financial markets. In effect, … Continue reading

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