Obama The Hypocrite: Lashes Out At Banks Giving Loans To People Who Couldn’t Afford Them

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Hypocrisy….thy name is Obama: (h/t Gateway Pundit)

Over the last couple of weeks, I’ve been traveling around the country and talking with folks about my blueprint for an economy built to last. It’s a blueprint that focuses on restoring the things we’ve always done best. Our strengths. American manufacturing. American energy. The skills and education of American workers.

And most importantly, American values like fairness and responsibility.

We know what happened when we strayed from those values over the past decade – especially when it comes to our housing market.

Lenders sold loans to families who couldn’t afford them. Banks packaged those mortgages up and traded them for phony profits. It drove up prices and created an unsustainable bubble that burst – and left millions of families who did everything right in a world of hurt.

It was wrong. The housing crisis has been the single biggest drag on our recovery from the recession. It has kept millions of families in debt and unable to spend, and it has left hundreds of thousands of construction workers out of a job.

Who created the policies that forced these banks to make loans to people who had no business getting those loans?

And who helped push those policies?

Why Mr. Obama did.

And now he wants to whine that the banks shouldn’t of given those high-risk loans out when they were REQUIRED to?

Now, we know what happens, because we’ve just seen it — what happened when we stray from those values. We saw what happened over the past decade when we strayed from those values — especially when it comes to the massive housing bubble that burst and hurt so many people. Millions of families who did the right and the responsible thing, folks who shopped for a home that they could afford, secured a mortgage, made their payments each month — they were hurt badly by the irresponsible actions of other people who weren’t playing by the same rules, weren’t taking the same care, weren’t acting as responsibly. By lenders who sold loans to people who they knew couldn’t afford the mortgages; and buyers who bought homes they knew they couldn’t afford; and banks that packaged those mortgages up and traded them to reap phantom profits, knowing that they were building a house of cards.

So which is it? Could those people afford that house or not?

Either way, these banks were FORCED to give these loans by the social do-gooders and this was one of the major reasons for the collapse in our economy, as Mata pointed out in her “US Economy – A “perfect storm” of housing and lending events” post.

But now we see the line of attack Obama will be using this election season. And what better foil does he have to use it against than a Mitt Romney?

It appears we need to focus on keeping the House and taking the Senate this election season, because we are going to get another four years of Obama.

Curt served in the Marine Corps for four years and has been a law enforcement officer in Los Angeles for the last 24 years.

114 Responses to “Obama The Hypocrite: Lashes Out At Banks Giving Loans To People Who Couldn’t Afford Them”

  1. 102


    Curious Richard, why would ANYONE, willingly issue a Crap loan??? Seriously… if a person doesn’t meet the “safe” criteria.. they don’t qualify. Period. so why did you institution make them?

  2. 103

    Richard Wheeler

    Hankster A fair question. We were caught in the hype that the market was going up,rising values would protect the lenders position and we would refi the borrowers into more conventional loans down the road. Also if we didn’t make the loans someone else would.
    Honestly I resisted the hype as much as I could and made primarily A paper loans( substantially lower renumeration).
    As a stockbroker I ‘d seen similar frenzy before but this was the ultimate..
    I’m out of the business and have no desire to re-engage.

  3. 104


    Richard Wheeler
    I knew you did not say that because you where missing me, when I read it,
    congratulation, Hankster58 was kind enough to give it to you,
    he know how immature you are,
    or did you take it from him?

  4. 106


    @Richard Wheeler: It wasn’t intended as an insult, but a sarcastic observation that while you were calling the Conservative regulars here at FA, how did you put it? – oh yeah, “…a cocksure, unyielding.uncompromising,infallible—should I go on—group…,” you haven’t been the most flexible when it comes to adapting to ideas foreign to your ideology.

    It just seemed, dare I say? – a tad bit hypocritical for you to be throwing stones like that.

  5. 108


    Yeah Rich, i can see some of that. My In Laws got caught up in the same “fever”…the same deal.. refi’d because value kept climbing.. except when it DROPPED… they ended up 75GRAND upside down value wise….. to add insult to injury… the County RAISED taxes on them! What a “F”D up world…..

  6. 109


    @ bees… when it comes to MUSIC, and Musicians… I put Politics aside……. that’s why I sent Rich that DVD set… Stevie Ray Vaughan “transcends” political lines…… LOL!!!

  7. 112


    I just ran in to a nice song I really like, I must have heard it quite a while ago,
    maybe you will like it too, here it is; JUST A CLOSER WALK WITH YOU,
    I was at you tube, and there was a few which sang it, ELVIS and also PATSY CLINE AND OTHER,
    THE MUSIC IS NICE TOO, check it,
    one more different; CONQUEST OF PARADISE
    I bet the guitar would like it

  8. 114


    The following people: Mata, Nan, Keyser Söze – you have the BEST research and the BEST FACT BASED commentary!! EVER!!

    Based on reading and absorbing your FACTual accounts, I cannot help but wonder how DEEP the DENIAL ACTUALLY IS for Liberals/Progs/Democrats… who would actually DENY these facts and accounts… many of them [quotes] spoken by the very [Liberals/Democrats] who actually said them ?? Seriously – you cannot pass that off as heresay…

    Hankster, JG, sets the record straight too!

    The Liberal/Democrat bull shit agenda(s), policies, ideology set in law(s)… down the road HURTS EVERYONE – E V E R Y O N E!!

    More importantly, it winds up hurting those who by the Liberal definition, are “disadvantaged” TWICE as much !!

    Are these same people who have had their homes foreclosed because they “couldn’t afford them in the first place” any better off today??? I seriously do not think so… you “cannot be a victim” unless you ‘allow’ yourself to be a victim….much wisdom in this… much.

    Liberalism = FAIL

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