Where Credit Is Due: A Timeline of the Mortgage Crisis

[JohnWxy]

A field guide to the loan sharks and politicos who got us into the predatory lending mess -from Mother Jones

http://www.motherjones.com/news/feature/2008/07/where-credit-is-due-timeline.html

Dec 14: As Congress heads for Christmas recess, Sen. Gramm attaches 262-page amendment to an omnibus appropriations bill. Commodity Futures Modernization Act will deregulate derivatives trading, give rise to Enron debacle, and open door to an explosion in new, unregulated securities.

Dec 27: American Homeownership and Economic Opportunity Act makes it harder for consumers to get out of lender-required insurance. National Association of Realtors lobbies hard for it, spending $9 million, plus $4 million in contributions.

[pam4water]

1. Nice time line.

This part made me sick:

"May 6: Bush announces he will veto legislation directing $15 billion to neighborhoods ransacked by foreclosures. Also threatens to veto legislation to provide $300 billion for struggling homeowners (and force lenders to renegotiate some mortgages) because it would be a "burdensome bailout" that "opens taxpayers to too much risk."

$300 Billion is not much bur a few trillion is just right.

[JohnWxy]

2. Bush - the compassionate conservative.

:puke: