Here we go again… once again this administration is returning to failed liberal policies repackaged as golden solutions in order to save you from a catastrophic Armageddon.

President Obama and Congressional Democrats have turned to using FEAR to scare the public into bad legislation, something this administration accuses the previous of doing and said it wouldn’t do, and has relegated itself to lying about the causes of both the housing crisis and subsequent credit and economic crisis. Blaming Bush is soooo 2007

Now we learn that Fannie Mae will loosen credit requirements for home mortgages. For What It’s Worth says “Stop me if you’ve heard this one before.”

I emphasized a part of the article I think is critical, having worked the better part of the last decade in the mortgage industry, I’m completely floored reading this, as income-documentation standards or what we call “stated income” is the leading cause of foreclosures. Lenders took undocumented income or “stated income” high risk loans because GSE’s (Freddy and Fannie) 1. told them to and said the government would guarantee them and 2. bought most of them. I’m sorry but a pool man and grocery clerk don’t make $15,000.00 a month!!!

Although the charge of racism was behind the last loosening of credit requirements and this time it seems to be to help us out of a jam the end results will be the same. All the GSE’s like Freddy and Fannie should have been scraped years ago. Allowing a private-government-hybrid company that guarantee’s loans is the reason we’re in the mess to start with and until we recognize and correct that we’re doomed to repeat this crisis over and over.

This video should be watched every time this issue comes up!