vehemently incorrect. this has been one of the most liberal Republican administrations in years and years.
and a huge part of the mortgage crisis was allowing, no REQUIRING, for more minorities and low-income ppl to get loans, reagardless of qualification. a common liberal agenda.
bald faced falsehood.
Bush admin PUSHED the housing bubble to artificially shore up the GNP. ( because, in this NEW. neocon Economy, DEBT incurred is counted as "product"!)
Just like he encouraged Americans to fight terrorism after 9/11 by going shopping. on credit.
There was no democratic push to fund housing to lower income people....
Housing PRICES were in the stratosphere. The ONLY way MOST people could even hope to qualify for a loan was to seriously reduce the normal qualifications for loans.
And Bush and the republican congress de-regulated the mortgage industry for one reason only--- to CREATE the inflated housing prices that would LOOK like a recovering economy on paper.
This debacle was not built on poor inner city ethnic folks buying a low income starter home...
It was founded on young and not so young couples trying to buy a 4,000 sqft Mini-Mansion on a 4004 sqft property that was inexplicably and insupportably priced at a million dollars....
Like ALL republican pyramid schemes... the folk in on the ground floor made out well... at the cost of everyone who came to the party later.
The REMOVAL of regulations on lending enabled banks to lend money to people who were brainwashed by media to believe that "property" was a can't lose lock on profit.
And for a while it worked.
The frenzy of folks who could, for the first time, get a home loan... and the folks who could, suddenly, trade up to a much grander house... making money by turning over those homes to the next person in line, perfectly willing to pay 30% more because they were sure they could pull the same stunt on the NEXT guy in line.
Its AMWAY economics.
But dontl even start with the idea that it was a democratic move to get poorer people into houses..
Democrats support low income housing initiatives... but that is strictly aimed at building houses that are within the means of the poor...
Stripping government oversight of lending to enable middle class folks to get into upside down million dollar loans to support wild speculation in real estate prices...
That's purely a republican move...
You can always tell....
just follow the Greed until you come to the folks screaming about the ultimate wisdom of the private sector when the government isn't in their way.....
Right there on the corner of Graft and Deregulation.... you will find a bar called the Republican Plutocrat...