30 Dec 2021 12:34 pm
In exchange the Democrats assured the banks everything would be fine, they had their backs because Fanny Mae and Freddie Mac were insuring the loans. The Republicans began sounding alarm bells. Countless debate in committee hearings show the RNC warning them that if a nationwide downturn in real estate occurred then Fannie Mae and Freddie Mac would have no hope of covering the policies. The DNC said no need to worry. That hasn't happened in 50 years and in the unlikely event it does the Federal Government will step in and back the policies.
Later after it unfolded it was discovered these same Congressmen were receiving all kinds of preferential treatment and payoffs from the Banking industry. The banks loved it and had record profits while it lasted. For example it was discovered Chris Dodd had received an $11M loan to purchase a gorgeous mansion. The terms of the loan were ZERO percent interest, No money down, and No Payment schedule, just an $11M debt on their books. He failed to disclose the loan on various other loan applications and didn't disclose the property on his Congressional Financial Statement. When the crisis broke and he came under Ethics committee investigation he claimed, "I had no idea I had received preferential treatment." Give me a freaking break!!! Yeah like everyone goes to the bank and gets a loan to buy an $11M mansion with No down payment, at No interest, without even a payment schedule? He had to think something was up after living their for 8 years without ever making a payment? In a vain attempt to feign contrition he sold the house for 18M, paid off the 11M loan and kept seven saying he had "satisfied the terms". He eventually announced he would not seek another term in the Senate (when it was obvious he wouldn't win).
So no, it doesn't fly. Dems did this and no amount of irrelevant regurgitation of LW Propaganda will change the reality we all witnessed unfold.
Later after it unfolded it was discovered these same Congressmen were receiving all kinds of preferential treatment and payoffs from the Banking industry. The banks loved it and had record profits while it lasted. For example it was discovered Chris Dodd had received an $11M loan to purchase a gorgeous mansion. The terms of the loan were ZERO percent interest, No money down, and No Payment schedule, just an $11M debt on their books. He failed to disclose the loan on various other loan applications and didn't disclose the property on his Congressional Financial Statement. When the crisis broke and he came under Ethics committee investigation he claimed, "I had no idea I had received preferential treatment." Give me a freaking break!!! Yeah like everyone goes to the bank and gets a loan to buy an $11M mansion with No down payment, at No interest, without even a payment schedule? He had to think something was up after living their for 8 years without ever making a payment? In a vain attempt to feign contrition he sold the house for 18M, paid off the 11M loan and kept seven saying he had "satisfied the terms". He eventually announced he would not seek another term in the Senate (when it was obvious he wouldn't win).
So no, it doesn't fly. Dems did this and no amount of irrelevant regurgitation of LW Propaganda will change the reality we all witnessed unfold.