Palin says Financial Crisis was caused by predatory lending?

Isn't this contrary to the official GOP Position?Palin says Financial Crisis was caused by predatory lending?
She is partially correct. The 3 groups I blame are the Government for relaxing the rules and oversight on lending, The Lenders, for pushing the paper so aggressively, knowing they were bad loans, and The Borrowers, who leveraged themselves beyond their means and took the loans that they knew they couldn't afford.
Obama as an ACORN attorney helped lobby to get minorities and other poor people the ability to buy their own home. Many of these people wound up at predatory lenders, such as Countrywide, that gave loans far above home value.Palin says Financial Crisis was caused by predatory lending?
Who cares ,, its the TRUTH



Ever deal with Bank of [gulp] America or CitiGroup or



Capital "Whats in your wallet" Ripoff
She went on to also say that people should also not have taken loans they could not afford.



Only Obama agrees with every position of his partyPalin says Financial Crisis was caused by predatory lending?
These people totally capitalized on the housing boom. They capitalized in a way unconscionable to most people. They thought the housing boom wasn't anywhere close to ending, so they rode the wave of greed and relative certainty until it hit the beach. They were willing to deal with people with risky credit because of the ultimate possession of the house. ("A house in my possession is a house not in my competitor's possession.") All leveraged with the values of all the other houses in the portfolio!



Look. Let's be honest. Does anyone on here actually think the Fed was not aware of what was happening? Or Congress? Or the CEOs of the banks? Or the mortgage officers? Or the realtors? Or the inspectors? Come on.



As consumers, we are prey to people with unethical business practices in any sector of the economy. Doctors, lawyers, plumbers all charge way too much for their services. Why? It's not because their services are all worth an 'X' amount, but that there is a 'perceived ability to pay' notion locked into the US.



Another way of looking at it is like this: why do you think automobiles aren't all just one price from dealer-to-dealer? Hmm? So they can suck dry the ones who don't kow how to get a good deal.

Why are things more expensive at 7/11 than Target than WalMart? It's not inherent value, but perceived value.



Oh, plus, Congress passed certain laws to ensure equal opportunity. ;D
Today's financial 'crisis' was caused by the administration (Notice WHICH administration is named here!):



Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.




the facts about the financial crisis:



# The Federal Reserve, which slashed interest rates after the dot-com bubble burst, making credit cheap.



# Home buyers, who took advantage of easy credit to bid up the prices of homes excessively.



# Congress, which continues to support a mortgage tax deduction that gives consumers a tax incentive to buy more expensive houses.



# Real estate agents, most of whom work for the sellers rather than the buyers and who earned higher commissions from selling more expensive homes.



# The Clinton administration, which pushed for less stringent credit and downpayment requirements for working- and middle-class families.



# Mortgage brokers, who offered less-credit-worthy home buyers subprime, adjustable rate loans with low initial payments, but exploding interest rates.



# Former Federal Reserve chairman Alan Greenspan, who in 2004, near the peak of the housing bubble, encouraged Americans to take out adjustable rate mortgages.



# Wall Street firms, who paid too little attention to the quality of the risky loans that they bundled into Mortgage Backed Securities (MBS), and issued bonds using those securities as collateral.



# The Bush administration, which failed to provide needed government oversight of the increasingly dicey mortgage-backed securities market.



# An obscure accounting rule called mark-to-market, which can have the paradoxical result of making assets be worth less on paper than they are in reality during times of panic.



# Collective delusion, or a belief on the part of all parties that home prices would keep rising forever, no matter how high or how fast they had already gone up.
YES - Predatory lending should carry MOST of the blame.



I used to work for a non-profit agency. My job was to PROTECT people from Predatory lending. Unfortunately, not everyone that was preyed upon would go through a program like ours. I worked through HUD's HOME Program that helped low income families get into RESPONSIBLE home ownership.



I STOPPED some of these loans. The PROBLEM was that we were NOT ALLOWED to call them Predatory lenders. We were not allowed by LAW to tell these people that the lender was preying on them and giving them a rotten deal. The only thing that I could do was tell them that I thought they could get a better option from a certain list of lenders that I knew were legitimate.



The victims really are not always in a position to take the blame as much as some people may want to believe. Sometimes these people did not seek out the loan in the first place. They were often under educated, lied to, elderly and immigrants that did not understand all the jargon, the lenders would SCARE them into thinking that if they were to "shop around" for a better rate, it would hurt their credit (that's a lie)



So if Palin thinks Predatory lending is a huge part of the problem, then I have to agree with her on that.



Those of us in roles working directly with the targets of these loans saw it coming long ago.



I had a family whose lender let them refinance their home once a year before we stopped it. (The lender called them up and offered it to them) They owed $85,000 on a house worth no more than $50,000. They kept refinancing to pay off the bills they couldn't afford and kept digging deeper into the hole. They were immigrants who did not undertand exactly what they were doing. When we got involved, we put a stop to it.



I can go on with stories. But I'll stop there.



The CEO's and other officials of the Predatory lenders should have to pay every cent they earned back to the people... from their own pocket... then they should be put in jail.



Even if people applied for loans that they could not afford, the BANKS should never have approved them. They had the power and responsibility to deny the loan.
If it is caused by predatory lendingg, as Gov. Palin put it, then why is our government bailing out these predators? Especially when the majority of Americans don't want that?
What she meant to say was "by the borrowers".



GOP Rule #1: It's always the low man on the totem pole's fault.
And now needs stupid lending to to those predators.
No it's right on themoney (no pun intended)...preditory lending with NINJA loans and buyer that had no business taking the loans....for you uneducated NINJA loans are No Income No Job or Assests! If you over extended yourself you deserve what you got....foreclosure!
No, the GOP position about financial matters, top to bottom is that personal accountability is the key. From the top (greedy over paid CEOs) the middle (lenders allowing loans out that people couldn't afford) to the bottom (folks taking out variable int. rate loans that they couldn't afford). All are wrong and none should be reilieved their debt.
Yes. The good ol' boys and their de-regulations.
That's part of the bigger problem.



http://www.consumersrightsleague.org/Upl…



That was voted for and supported by Obama.
I work in the mortgage industry and I would agree. That and STUPID AMERICANS who actually took out those loans.



I blame the American people 98.9% for our economic failure, 1.1% of the blame goes to the government.
It was Fannie Mae and the bribes they gave to Obama, Dodd, Frank and the rest of those thieves!
Yes the banks held carrots out to get people into these loans but I doubt very seriously that anyone who took these loans were FORCE to sign for them....Bottom Line to this story is the dotted line!!!!!
no one knows what the official GOP position is.
Yes, watch this youtube video and it will clearly explain it. This video has nothing to do with Palin.



http://www.youtube.com/watch?v=NU6fuFrdC…



When the video starts to play you have to click on the top for an updated version. It will tell you that. I don't know why it does that. But the video is very educational.
I would actually agree with that. It is weird that she took such an anti-big business/elite (i.e. Republican) stance. Perhaps she's trying to get a few democrat votes there?
Ds and Rs are both dancing around the real reasons . they will never say the truth , because they are both totally responsible for the mess . reagan started the deregulation push . a dem pres passed NAFTA and in 1999 repealed the glass-steagull act of 1933 . bush put the transfer of wealth into hyper-drive . america STILL has tremendous wealth . it has just changed hands over the last 30 years , from the working class to the top 10% richest . they now own over 80% of all wealth . this literally leaves to little for the 270,000,000 rest of us . this is the basic reason for the wall street mess . they don't want to 'share the pie' . same thing caused the panic of 1890 and the crash of 1929 . study history .to match the real inflation rate of 30% , all the corporations that are doing great now , must give the workers a 30% raise . a trickle UP plan . this will jump start consumer spending and allow us to pay our bills . im voting for Nader .
YES
Yes to the first part of your question and no

to the second part of your question.



This financial crisis was caused in large part by lending practices that can only be described as predatory.



I doubt that is contrary to the official Republican position, however since I am a member of the Democratic Party and not a member of the Republican Party I do not have the detailed list of all of the official positions of The Republican Party.
It was caused by predatory lending. End of story.



Next.
She's right. Banks and credit card companies with their ARM mortgages, 0% interest deception-based credit cards, and excessive service fees were a large part of the problem. Coupled with excessively paid CEOs that got hefty bonuses regardless of performance, and risky decision making by the greedy corporations contributed to the problem. Then you have the lobbyists paying into the election campaigns, influencing and corrupting the lawmakers including Obama, Pelosi, and McCain.



This whole "financial crisis" and "the world will end tomorrow attitude" if we don't unload the trashy loans from the banks is just a massive cover-up between the lawmakers, Freddie, Fannie, and AIG.



And we, the taxpayers, will pay dearly for this legalized theft of taxpayer money.



And then there is the $150 billion of pork thrown into this bailout.
That is part of it, but I believe that major problems started when Bush started the war on Iraq....that is when everything started going to hell....
No it isn't.



But it wasn't just caused by predatory lending, it was caused by idiots that bought houses when they had no business being in the house buying market.
Predatory lending was allowed because of deregulation.
It is amusing that the McCain voters have mostly said it is the individuals fault for taking loans too big. Not the fault of the banks.



The other big contradiction is that Palin taxed the oil companies to provide a $3,200 'rebate' to all alaskans.. I thought the GOP was against windfall taxes?



I wonder if the McCain voters will now start defending these positions??
Yes, predatory lending was used. Deregulation by BOTH parties is to blame. But you also have to hold accountable the people who willingly purchased homes (i.e took out loans) they KNEW they could not afford.



I don't buy it that many Americans were 'duped' into buying homes. Americans who live beyond their means needs to take some personal responsibility.