Mortgage Meltdown Redux

This is beyond comprehension, but then congress is beyond comprehension these days. As if the mortgage meltdown and the subsequent collapse of the housing market didn’t even happen, the Democrats plan on bringing back the Community Redevelopment Act…on steroids.

They call this latest pipe bomb under the seats of the American people H.R. 1479, sponsored by Rep. Eddie Bernice “clueless” Johnson. Train wreck 1479 would expand the original CRA nightmare that forced banks to give home loans to people that had no way of paying a mortgage and caused the chain reaction disaster that left your home worth a lot less money. Signed into law by Jimmy Carter (that should give you pause right there), turbo-charged by ACORN, and, let’s be fair ramped up by not only the Clinton administration, but the Bush administration as well.

We all know what happened then. Fannie and Freddie bought up these shitty loans, morphed them into to shaky securities, and then the same banks that sold off the loans bought up the repackaged securities! Yes, out one door and in another. And ultimately, they were playing with your money, because these institutions that played around with what would become CDO’s, or collateralized debt options were bailed out by the American taxpayer. Now we will end up covering the losses with interest, because China doesn’t lend money for nothing.

Try and wrap you mind around this: If we go conservative and say 10 millions illegal aliens are seeking amnesty. The number is closer to 30, but let’s say just 10 for laughs. They need a place to live. Maybe…their own home. With a beefed up CRA, they’ll get those homes, and the American housing market will end up looking like Detroit. If you plan on buying a home in the near future, hold off for a few months. We have another fire to put out here.