Congress 2007: Make It Easier to Buy a Home

It would be very interesting if you published proposed/adopted legislation and quotes from all of our political pundits regarding relaxation of credit requirements for home purchases. I have a feeling that Wall Street was operating as directed and the real blame for the current financial crisis is on Capital Hill.

Give congress money and they will spend all of it. Don't give them money and they still find a way to spend it. Now they intend to spend our grandchildren's money to clean up THIER mess. This do nothing Congress needs to be controlled and I wish I had an answer. Congress has just severed our jugular and America is bleeding profusely all over the globe.

The bailout circus is the same old grandstanding and covering of rear by congress as they point their finger at others.

Bailout who main street, wall street, or pennslyvania avenue from the middle class of america. America voted for this DO NOTHING CONGRESS and now we all see what DEMS in POWER do NOTHING but whine, blame, and take MONEY..... We are in a mess and as always MIDDLE CLASS must fix these wrongs we should be the WEALTHY.....

Hit he nail on the head, just didn't quite get it driven in completely Brian. Why would they change so many of the loan requirements to begin with? I am a firm believer that they had every intention to keep home prices over inflated and actually prevent the "average" home-buyer from negotiating an actual LOWER purchase price for the home! They prevented this buy insisting the buyer sign some crazy loan that would "help" them get moved into the home sooner and in a more affordable manner at that higher price. And, yes, a lot of buyers fell into this trap. My God! Can you imagine if the ramifications if the home actually sold for less? God forbid that the previous homeowners don't make that 250% return on their original purchase! Our government was counting on the banking system to provide an artificial basis on which to fund wars, feed the world for free, and ship jobs overseas using the over-inflated loan principles. While the bored, out of work Americans had to settle on joining our new "entertainment economy". All this "Feel Good" stuff that they are trying to "help" us attain by injecting us with some new concoction is quite frankly making me feel suddenly sick. I think I better go and and propose a bailout for myself so I'll be all better in the morning. Who knows? Maybe I'll even pay them back! NOT! Tim

If the proposed bailout is really aimed at introducing liquidity into the mortgage and lending markets, congress should give the $700 Billion to proven responsible lenders who will lend it to qualified borrowers and let the chips fall where they may for those who lent irresponsibly.

Check this one out if you want to understand the "Blame Game".

Have we also forgotten that lenders were REQUIRED by law to lend to those who would otherwise NOT have qualified for a mortgage????

What have we learned here? 20+% increases in property value year after year in a time of stangnent wages and 1-3% inflation should have beeen a big red light to everyone. Those of us in "fly-over coutry" who saw modest 3-5% annual increses in our home's values could see the crash coming for places like California, Florida, and Vegas long ago. What we failed to realize is how it would affect us too.

Go figure..If we keep bailingout all these failing companies and companies keep moving over seas to cut cost, then how is the average tax payer going to earn an income to pay for these bail outs that are going to be passed down. Do something to keep companies in America!

Throw the bums out or put them in jail...referring to the governmental body and individuals responsible for this mess.Our representatives in Washington don't care how they spend our money , they're government employees and get their paycheck regardless.Remember the female government employee in Colorado who started the Hayman fire and burned down 130+ houses and was convicted or arson , sent to jail and has to pay restitution for the rest of her life ? Let's do it to these irrisponsible bums we call congressmen(or women) make them pay for their crime against the citizens of the U.S....and it is a crime.

Hey Ann...if lenders are required by law to loan money to subprime borrowers then you should have no problem forking up the $700B to bail them out or we can just stand by and go into a democratic depression.

This was a combination of politiciains trolling for votes and money to buy those votes and banks looking for favorable legislation. Not all banks were in this wilingly but were coerced under threat of being branded racist. Fannie and Freddie, at the request of certain members of congress, let very questionalbe loans then sold these in packages to banks. Many of these loans were to individuals who were not identified and whose employment was not verified. I really think the American citizens need to know why these things were done. It does sound like a means to buy votes and to place possibly unqualified voters into haouses to help them be able to vote. If this were a fish market all the fish would be rotten and we would throw them out.

The leaders of the country said their is no God, and the people said okay, guess they know best.The leaders said we all evolved from monkeys, and the people said okay, guess they know best.The leaders said their are no absolutes, everything is relative,and the people said okay,they must know best.The leaders said we have to lend money to everyone, regardless of their income or job status,and the people said okay they must know best.My question is...when will the people wake up.

It just goes on and on doesn't it Brian....so many at fault, so much for ethics on either side of the isle, you and liz, dagen, a few others are brave to tell the truth about things considering where you are, well done guys! I say raccoon city here we come.

WOW! The Democrats and Republicans agreed on a bailout plan in record time. You better read the fine print,there is a Congressional pay raise in there somewhere.Now they can take a vacation after so much "HARD WORK" determining how to waste more of the Taxpayer's money.