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Remarkably Consistent
Rising Hegemon — Oh, the Bush Administration, is there nothing they didn't completely fuck up? No. The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown, according to an Associated Press review of regulatory documents. "Expect fallout, expect foreclosures, expect horror stories," California mortgage lender Paris Welch wrote to ...

Who’d A Thunk It
Suburban Guerrilla — Somehow, this will still turn out to be the fault of the Democrats: WASHINGTON – The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown, according to an Associated Press review of regulatory documents. “Expect fallout, expect foreclosures, expect horror stories,” California mortgage lender Paris Welch wrote to U.S. ...

Nobody could have predicted....
Corrente — AP on the Monster Crash: In 2005, faced with ominous signs the housing market was in jeopardy, bank regulators proposed new guidelines for banks writing risky loans. Today, in the midst of the worst housing recession in a generation, the proposal reads like a list of what-ifs: _Regulators told bankers exotic mortgages were often inappropriate for buyers with bad credit. _Banks would have been required to increase efforts to verify that buyers actually had jobs and could afford houses. _Regulators proposed a cap on risky mortgages so a string of ...

AP IMPACT: US diluted loan rules before crash
Democratic Underground Latest Breaking News — ... were OK - regulators delayed action for nearly one year. By the time new rules were released late in 2006, the toughest of the proposed provisions were gone and the meltdown was under way. "These mortgages have been considered more safe and sound for portfolio lenders than any fixed rate mortgages," David Schneider, home loan president of Washington Mutual, told federal regulators in early 2006. Two years later, WaMu became the largest bank failure in U.S. history. Read more: http://news.yahoo.com/s/ap/20081201/ap_on_bi_ge/meltdow... And another chapter in the "George W. ...

Nobody Could Have Predicted
Eschaton — Except that they, you know, did. WASHINGTON – The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown, according to an Associated Press review of regulatory documents. "Expect fallout, expect foreclosures, expect horror stories," California mortgage lender Paris Welch wrote to U.S. regulators in January 2006, about one year before the ...

AP Blames Mortgage Crisis On Bush
Say Anything — ... In an analysis of the mortgage crisis, the Associated Press blames the collapse on a lack of regulatory crackdown from the Bush administration which was pressured away from regulation by mortgage industry lobbyists in 2005.  Because the Bush administration is obviously the only political entity with regulatory authority in this matter.  It’s not like Congress has banking committees or anything. ...

Damned News of the Day
N/A — Greetings from the Eighth Circle of Hell. The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown . . . That will be all. Until there is more.  And none of it will be good.  The only warnings the Bush admin ...

Did Condi get her hands on this too?
Crooks and Liars — ... expect horror stories," California mortgage lender Paris Welch wrote to U.S. regulators in January 2006, about one year before the housing implosion cost her a job. Bowing to aggressive lobbying — along with assurances from banks that the troubled mortgages were OK — regulators delayed action for nearly one year. By the time new rules were released late in 2006, the toughest of the proposed provisions were gone and the meltdown was under way. The Bush administration actually got a warning about the impending economic doom. ...