Government Foreclosures

Should the government be bailing out the housing industry, foreclosures, etc.?

What financial deregulation created these problems? Wasn’t it done during both the Clinton and Bush Administration? What is happening with mortgage cram-downs?

If you want a specific bill research the Gramm-Leach-Bliley Act of 1999. I wrote an intense article regarding it and explaining how it has lead to our current crisis. In short, the bill repealed the Banking Act of 1933 which separated commercial banks and investment banks. They could be one but not the other. Once this was repealed, banks were able to open up investment branches or buy investment banks and start doing the underwriting on their own securities, such as mortgage backed securities. Read my article as to why this was a bad idea. Check out the other article about Citi and Bank of America too.

NIGHTLINE: A Town Drowning in Foreclosures: 11/11/08 $14.95 In this report, we go to Mountain House, California, a town where roughly 90 percent of the residents are drowning as home prices continue to plunge.It’s a stunning statistic that gives the town the distinction of having the highest concentration of underwater mortgages in the country. Will the government come to its rescue? It’s an installment of our series ”Realty Check.”Other reports included…

The Prince: Economic Crisis Solutions for President Obama $11.99 A timely tour de force on the range of current American challenges that outlines answers for us all. In the tradition of Machiavell, the economic crisis and new government programs are explained in clear terms. For each challenge, a creative solution is explored and consequences are outlined. Topics addressed include: The Economic Crisis, Government borrowing, Delayed generation to generation doub…

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