Where was government oversight when they were selling these BAD mortgages??

[spanone]

can you say financial Katrina?

bu$h* cabal has stripped our nation of ANY oversight

[ProfessorGAC]

1. That's Funny!

Oversight? What's that?
The Professor

[WCGreen]

2. There are no more usury laws on the books....

Haven't been for a long time...

It really isn't Bush's fault...

Well except for promoting a wild west brand of Capitalism...

I think the Bankruptcy laws have added greatly to the problem...

[leftyladyfrommo]

7. It was just greed run rampant.

I was working in the mortgage industry then.

People were making huge profits by scamming people who couldn't aford to get scammed. High interest rates, high fees. They just ripped the hell out of those buyers.

And now the piper has come to call.

You would think the banks would learn but they never do.

[no_hypocrisy]

3. Basically this administration's love for the "free market" won the day.

The dearth of regulation also led to abysmal credit extension in the twenties when Wall Street allowed shares of stock to be purchased at 10 percent down. And we all know how well that turned out.

[ellenfl]

4. gummint oversight? by the bush cabal?

you're not serious . . . the whole point of the bush admin is to relieve business of ANY oversight. companies have been set free to police themselves. :eyes: they're doin' a great job, aren't they?

ellen fl

[Jim__]

5. We don't need no steenking oversight.

The market determines everything. And, the market is never wrong.

And, just in case ...:sarcasm:

[Warpy]

6. This is just a culmination of the goofy capitalist conservatism

promoted by Goldwater, then instituted by Reagan, continued by Clinton, and carried to its logical end by Stupid & Co.

[Virginia Dare]

8. Busy covering the credit industry's asses..

see new bankruptcy laws..

[sinkingfeeling]

9. The government ceased 'regulating' business and commerce under St. Ronnie.

[Strawman]

10. Now I see ads offering to "help" people about to lose their homes

I was off yesterday and these were running during the day. I'm sure those are ripoffs too. The same people get fucked at every step on the way down into penury. These vultures will find a way to get blood from a stone.

Someone needs to figure out a way to put a moratorium on these foreclosures without completely destroying the real estate market in the process. Some way to help those in need without creating a situation where people will just stop paying their mortagages if it is at all possible for them to do so. Soemone needs to do what FDR did and save this "market" from itself.

[myrna minx]

11. Well the S&L crisis proved to them that they can just use the US Treasury

to bail themselves out while keeping a generous profit. It's win/win for the greedy bastards.