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Government warned of mortgage meltdown - Dec. 1, 2008
money.cnn.com - 12/1/2008
Government warned of mortgage meltdown - Dec. 1, 2008
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WASHINGTON (AP) -- 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 ...
seattlepi.nwsource.com - 12/2/2008
Administration was warned of economy's collapse
— seattlepi.nwsource.com — 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 ... (more) Administration was warned of economy's collapse
Comments vote down skippy the bush kangaroo found this 12/2/2008found this

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Democratic Underground Latest Breaking News:  Government warned of mortgage meltdown(Bush WH Ignored Mortgage Meltdown Warnings)

Blah3 Feed:  Telling Us What We Already Knew (But Glad It's Finally Out in the Open)

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Blog Reactions

Government warned of mortgage meltdown(Bush WH Ignored Mortgage Meltdown Warnings)
Democratic Underground Latest Breaking News — ... 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. ,,,,,,more Read more: http://money.cnn.com/2008/12/01/news/ignored_warnings.a...

Telling Us What We Already Knew (But Glad It's Finally Out in the Open)
Blah3 Feed — ... those two are any guide (and I have serious doubts that they are), we may be done with this one by spring. But my spidey senses tell me this is going to be, regrettably, deeper and more prolonged than even '81 and '73. Jobs number on Friday. Consensus is for -300k. I think worse. ADDING: Not only was nothing done proactively to prevent the current crisis, Barry Ritholtz points out that the Bushies actually did what they could to exacerbate it. See here and here.

Related: bush warned on economy
who could have predicted? — skippy the bush kangaroo
especially when they were warned? 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 ...
For the Record — Matthew Yglesias
Bush was specifically and repeatedly warned about the need to take regulatory action to avoid a financial system meltdown, and chose to ignore those warnings because he’s a really bad president. Thanks to his indifference, incompetence, or perhaps malice, millions of people will wind up ...