It was one of Former President Clinton's goals to make home ownership a lot more open and available to everyone. It was him and his administration that got the ball rolling, that pushed for the loosening of credit requirements, lower downpayments, etc. Little if any safeguards were put into his program(s).

It was the greed of many though that actually caused the banking crisis. In the end it was them that decided who to loan money to for houses and who failed to ensure those they loaned the money to were fully understanding of what would, could and will happen when rates changed. Then there was the greed of the home buyers themselves who failed to ask questions and to understand exactly what they were getting into.

No, it was not President Bush who was responsible though to many he will get the blame for years, and maybe decades if not forever.

Too many Americans do not comprehend exactly what our government is, what each branch can and can not do.

 

Yes....President Clinton advocated to make it easier for Americans to purchase homes. He did not however, advocate for Americans to over spend, to fail to pay their bills, to destroy what they have. "We" managed to do that all by ourselves. Greed and Glutony are alive and well in America. Have been for years.

 

I think maybe you guys better check this out....no matter WHERE you stand on the political side....THIS is scary... I REALLY feel for you guys

http://change.gov/

Especially the America Serves tab

 

What exactly is "scary" about it? We've had things like the Peace Corps in this country for decades....

 

That's right non common sense spending of trying to buy every penny of house the one could get approved for is what got Americans in financial trouble with home loans ...It's usually the same people buying the most expensive car they can get financed for ...even if it takes a 7-10 year loan on an item that will be worth nothing in7-10yrs ...and those that spend this way seem to aquire everything else in life with some PLASTIC ...First off it's the individuals fault for not living within their true financial means...and then the lending/credit institutions for lending to those who realistically were default risks ...I remember working at COORS brewery making 50k and more with O/T and driving a 7yr old paid for jeep while I had friends making $10 hr driving new silverados,jeeps,suvs...costing 30-40k ...well I still got good credit ...wink

 

Yet Bush is blamed for people living beyond their means, even though he had little or nothing to do with it. It is simply easier for people to blame the person they see on the news, rather than doing the research to find out where the fault lies.

Or better yet, rather than pointing fingers, let's figure out how to actually solve the problem. There's a novel idea....

 

well solving the problem means living like you make 50k not 80 or 100k ...good luck 2 many folks want everything overnight .

 

And therein lies the problem. Too many people want it all, and they want it now. And if they don't get it now, they blame whoever they can for it.

It is sad, really. The personal ethics of the country have gone in the tank.

 

i already said that.

 

Well no one takes accountability for their actions...for example a person who knowingly over spends gets into debt ,and then files bankruptcy...Whatever happened to paying ones debts ?...