You need to read the above headline and then consider whether the anti-American, despicable Associated Press has any idea what a FACT is. I have seen no evidence of it.
It should not surprise you that there is no FACTUAL support in the actual AP/AOL story, headlined as quoted above, for the word "shady". Rather, the Fed simply tightned lending requirements to reduce risky loans. For example, the Fed is notw going to require that lenders obtain DOCUMENTATION of income, instead of lenders taking the word of people (ususally people with a good credit score). This will, of course, increase the paperwork and hassle of getting a loan. The closest the Fed came to restricting "shady" practices was to restrict prepayment penalties--not necessarily "shady", but something that may well have been abused. Otherwise, the Fed's new requirements had everything to do with loan QUALITY and CREDITWORTHINESS, and absolutely NOTHING to do with "shady". You see a headline like this and realize that today's "news" outlets have no clue as to what is going on, but see everything through their own agenda.
I had not intended to mention Tony Snow--a media person formerly associated with Fox News as an anchor, before becoming White House Press Secretary. He had resigned that job after being diagnossed with cancer, which just killed him. By all accounts he was a good guy--conservative, but hardly like Rush or me. He was a better "journatlist" than anybody at the hopeless AP, although his stint as Press Secretary (not to mention with Fox News and conservative talk radio--insured that the mainstream media would not give him the "star" treatment given to Tim Russert--except on Fox News. Yet, he probably had more overall impact than Russert.
As I said, I was going to let it go, because I don't want to get in the habit of doing obituaries. However, I saw the above headline, and wrote the Flying, Fickle Finger of Fate entry on Saturday, while seeing what the AP wrote about Tony Snow. Specifically, the AP story said that he was pretty good (maybe referring mainly to the Press Secretary job which damned Snow among the mainstream media), but did not always have "good command" of the facts. For anyone at the AP, of all organizations, to jab a dead man that way simpley confirms my total CONTEMPT for the AP. I could not let it go after that. It may lnot be much comfort to you, Tony Snow (from all accounts he had much better and higher means of comfort), but I assure you that NO ONE at the AP is fit to lick your shoes on your dead body. I digress (sort of). Back to parsing this latest outrage from the AP and AOL:
Is it a "shady" mortagage practice to give mortgages to people who do not have good enough credit? Only in the mainstream media universe, and the leftist universe (the insane universe where sometimes it is "shady" to REFUSE poor people crdit, except when you are trying to demonize lenders).
Now is it SUPID to give credit to people who should not get a loan? Sure, and mortgage companies are paying the price. But "shday"? Give me a break.
WHY did lenders give STUPID (not "shady", for the most part) loans? Was it because they WANTED to go broke, and be saddled with all of these foreclosures that won't cover the loans? Don't be a silly leftist.
They did it for the SAME reason so many people bought houses (or got equity loans) they could not afford. Lenders AND buyers counted on real estate to keep going up (it did, after all, in a "bubble" that lasted virtually the entire first 6 years of the Bush Presidency). If real estate prices keep going up, you don't have foreclosures (especially if credit keeps getting easier). There is ALWAYS a butyer willing to buy at a HIGHER price.
It is the bursting of the "bubble" that created the problem--an INEVITABLE bursting. So long as EVERYONE (Congress and leftists included) thouight houses were a "no lose" thing that everyone (poor included) should be able to take advantage of, the present situation was bound to occur.
Although some "shady" things always come to light when "bubbles" burst, "shady" had nothing fundamental to do with it.
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