thku4grace

The Housing Bill: One Step Closer to the United States of Zimbabwe?

"However, as Ron Paul points out, mortgage employees did not cause the housing crisis so it is an irrelevant provision that does nothing to address the root source of the housing crisis and is just an attempt to scape goat them"
To be sure, the blame doesn't rest on any one business or sector, but to even imply that mortgage employees didn't have anything to do with this crisis is not only laughable, but a downright lie. I would be surprised to find no evidence of mortgage companies padding Sen Paul's campaign warchest, but that's the skeptic in me. However, the alternative is that he is incredibly stupid and ill-informed. The fact of the matter is that mortgage companies like Countrywide served by their employees who sought commissions on as many new mortgages as they could throw together had aggressively pursued sub-prime and alt-a mortgages when it became apparent that both investment banks, Fannie Mae, Freddie Mac and credit rating agencies weren't minding the store. There is blame to go around but it was the mortgage company greed that initiated this crisis in the first place.