I’ve got to say that Bush and the Democratic Presidential candidates are pulling the wool over our eyes on the housing crises.
On freezing interest rates for subprime loans, Bush’s plan today is a total crock. The NY Times reports his plan would “exclude many — if not most — subprime borrowers” including those who are delinquent on their payments. In a nutshell it’s a sham.
But what’s worse: a President no one trusts making promises no one believes or the Democratic candidates presumably trying to replace him covertly aiding and abetting his policies?
Jesse Jackson spelled out the problem recently, noting nearly every single Democratic candidate lacks an agenda to promote African American issues while condescendingly expecting votes from that community. Presidential candidate Senator Chris Dodd is a key example. While loudly denouncing Bush for allowing the housing crises to precipitate, as Chairman of the Senate Banking Committee, he has been helping Bush’s HUD Secretary Alphonso Jackson to close the last remaining resource for helping homebuyers avoid predatory loans. Senator Dodd is siding with Republicans in the Senate to oppose Maxine Water’s and Barney Frank’s bill in the House to save downpayment assistance programs, which allow nonprofits to help working families with the 3% downpayment necessary for Federally insured home loans.
The posturing on this is reaching new heights….but where is the press in uncovering the double talk? Absent as usual.Continue Reading...