Quote:
Originally Posted by secondcurve
Get used to tight lending requirements as they are here to stay. While the Banks were partially to blame for the real estate mess we are in (politicians and homeowners are the other two major contributors) they have taken about 95% of the blame for the problem since the American public and arrogant politicians refuse to admit their culpability. Plus, faceless institutions like banks make easy targets. Thus, when Banks make new loans they must be 110% certain that they comply with government underwriting standards or hypocrites like Chris Dodd and Barney Frank (two of the biggest proponents of the GSEs and also the authors of flawed over the top banking regulations. How they were able to be on both ends of this mess still amazes me) are all over them with more rules and fines.
In any event, I wish you luck with your transaction.
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Read about Bush's first two Treasury Secretaries, Paul O'Neill and John Snow.
It might help you understand better where the Bush administration went wrong in the beginning.
Especially John Snow who in May 2004, it was revealed that Snow's brokers had bought $10 million of debt issued by Fannie Mae and Freddie Mac on the day and day after Snow was sworn into office as Treasury Secretary.
Snow was forced to resign when it was uncovered that Snow failed to pay income taxes on the $24 million of loan forgiveness he received while CEO of CSX Corporation.