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Listen to Bush's words, transcript provided.  America is a Crime Scene.  Here's the spokesman launching the Housing Fraud unleashed by Wall Street, The Mortgage Brokers Association, Goldman Sachs, and the New York Fed, all helped by the Rubber Stamp Congress under George Bush.  And all still getting protections by Congress today.  Congress is on of the three legged stool.


This statement is not an exageration.

Listen to the words (transcript below)

Here's how the GOP Rubber Stamp Criminal Congress and Wall Street launched and waged Economic War on the Citizens of the United States.  THROW THIS INTO THE FACE OF THOSE WHO THINK ITS THE PEOPLES FAULT.  BUSH AND CONGRESS PUSHED HOMES, like a drug dealer pushes drugs.

The 10 Step: Choreography of the Housing Crisis, Collusion by All


Listen to Bush's words, here is a transcript:

Our taxes were given to developers as down payments for homes?
$440 Billion set aside by Fannie/Freddie to buy mortgages from brokers?
Decreased payments, over time, promised to low income families?

Really?  How did that work out in the end?  Fraudulently inflated home values while payments doubled over time.

Bush's words, key points transcribed:

His words:

Now that we are this end of the American Nightmare, you really HAVE to listen to what he says:

We must Increase home ownership

He addresses lower income families, minorities

We will Create American Dream Down Payment Fund using taxpayer money

Lack affordable housing units (where did that plan go?)

A tax credit to developers to build low income housing (did that happen?)

Simplify paperwork

Mel and Alfonso Jackson, will make closing easier

Federal government has to play an important role.

Need others.  The real estate industry.  The REI benefits.

Create a sustained commitment by the private sector.  (Well he did that)

Expand capital to buyers, provide education.  Not just a federal responsibility.

Challenged industry leaders to get after it, stay focused, to achieve the goal.

Achieve the goal of a more secure America.

Create 5.5 million new minority home owners.

America's home ownership challenge.

Fannie, Freddie

Increase their commitment to minority minorities $440,000,000,000 ($400 billion).

Thanks Leland and Franklin, conforms to their charters.

Freddie Mac Will purchase more loans made to minorities to

Freddie Mac will initiate 25 initiatives to eliminate home ownership barriers.

I understand that in this country there are too many people who say

"American dream?"  What American dream?"

We need to make sure, for the security of this country, that the dream is alive.

Those with poor credit will get a mortgage with an interest rate that automatically goes down after a period of consistent payments.

One more time, Bush declares that

Those with poor credit will get a mortgage with an interest that auto goes down after a period of consistent payments.

Bush had the bully pulpit,  and set the stage of desire for a home throughout the nation.

He certainly laid the foundation of hope for.....well, 5.5 million low income, minority families, as he stated above.

So, when you hear that the buyers were "Stupid" and should have known better, it's really important to review the history of what REALLY happened.

Setting aside the speculators and house flippers, you average Jon and Jane home buyers were hoodwinked, translated:  Defrauded

And, worse, they were hoodwinked into signing mortgages for homes worth 15%-30% less than true valuation because the brokers/lenders only worked with appraisers who would play along with their inflated valuations.

When property values increase dramaticaly in a short period it is always due to one thing:  Appraisal Fraud

2008:  Freddie Mac Releases the Home Valuation Code of Conduct

And how did those new rules work out?  Not so well:  Appraisal Fraud continued to spiral upward.

Here's some of their victims:


John F Kennedy TOLD US THE TRUTH - Read the speech

Now, get out there and fight

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Comment Preferences

  •  Tip Jar (3+ / 0-)
    Recommended by:
    beltane, wilderness voice, emal

    It's difficult to be happy knowing so many suffer. We must unite.

    by War on Error on Sun Oct 02, 2011 at 07:46:25 AM PDT

  •  good on you for this reminder (1+ / 0-)
    Recommended by:
    War on Error

    this disaster would never have happened without these urgings from the Bush administration.  With the connivance of Greenspan at the Fed they made money cheap and plentiful for this purpose.

    Scientific Materialism debunked here

    by wilderness voice on Sun Oct 02, 2011 at 08:16:11 AM PDT

  •  When Bush talked about home ownership (2+ / 0-)
    Recommended by:
    War on Error, wilderness voice

    esp. about African-Americans getting to own homes.....I thought I saw a slight smirk on his face, as if he was thinking/knowing: " Ownership...but not for long, suckers!" and I sensed there was something tricky going on with this deal.

    •  Oh there was (1+ / 0-)
      Recommended by:
      wilderness voice

      MERS was put in place, a superhiway of fraudulent transactions.

      Foreclosure Fraud Smoking Gun? MERS Foreclosure Rules Published in 1999

      It's difficult to be happy knowing so many suffer. We must unite.

      by War on Error on Sun Oct 02, 2011 at 08:35:29 AM PDT

      [ Parent ]

      •  MERS. Any K.I.S.S. version? (1+ / 0-)
        Recommended by:
        War on Error

        My eyes glaze over rapidly.............Any help would be appreciated.

        •  Cribb (0+ / 0-)

          While choreographing The Greatest Heist in History, the plan needed an electronic highway (for speed) and for obfuscation.

          MERS is that electronic highway.  BUT, not good enough.

          MERS was deemed the Holder of Title on all the electronically signed and transfered (sometimes to several different so-called Mortgagors in one day).

          I discovered MERS (Mortgage Electronic Registration Systems) inadvertently.  I was curious about rumors of lots of forclosures so I bought a news paper and checked out the classified ads.

          I was shocked to find hundreds of foreclosure listings.  This was in August, 2008.

          I then noticed that the Lien Holder was MERS, so I researched it.

          Well, in a former life I have worked for two law firms and a Title company doing real estate work.

          I scratched my head and asked

          "How can an electronic highway foreclose on someone's house?"

          BTW, MERS was formed by the Mortgage Bankers Association, all the big banks, Tony Mozilla Countrywide, Fannie, Freddie, in short all the gangtas and bankstas that destroyed the world economy in 8 short years.

          Who would ever think to elect GOP again?  And Dems played along.  So now what?  Who can we elect?

          It's difficult to be happy knowing so many suffer. We must unite.

          by War on Error on Mon Oct 03, 2011 at 04:35:55 PM PDT

          [ Parent ]

    •  was there any Bush deal that wasn't designed (0+ / 0-)

      to be a ripoff?

      Scientific Materialism debunked here

      by wilderness voice on Sun Oct 02, 2011 at 12:20:13 PM PDT

      [ Parent ]

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