Hillary on subprime ‘crisis’: “everybody bears some responsibility”

on Meet the Press:

MR. RUSSERT: But, Senator, many people opted for those cheaper mortgages. They could’ve had a fixed mortgage at a higher rate, but they opted for a cheaper one. Should they not bear some responsibility?

SEN. CLINTON: Well, Tim, I think all of us should[1]. But I’d say three things about that. The bankers, the mortgage lenders, the brokers, all bear a lot of the responsibility, because many of the practices that were followed were just downright predatory and fraudulent. There is no doubt about that[2]. I started talking about this last March. A lot of people got into subprime loans who frankly could’ve been in a conventional fixed-rate loan. They were basically told that this was a better opportunity for them. Should they take responsibility? Yes, but [3] look at what will happen if we continue this cascade of foreclosures. Housing values are down. They’re down 6 percent[4]. That’s over $1.3 trillion in housing values in the last year. So everybody bears some responsibility[5].

[1] I, for one, bear no responsibility for any part of the subprime mortgage crisis, and I call shenanigans on Hillary Clinton for implying that I do.  If anyone can prove otherwise, have at it.

[2] I think there is plenty of doubt in her claim that practices were predatory and fraudulent; sure, some may have been predatory, and some fraudulent, but I doubt that many were both.  If they were fraudulent, borrowers should have no problem demonstrating as much and get back their losses plus damages.

[3] this “yes, but” clause is mixing issues; the state of nationwide housing values has no bearing on personal responsibility.  Should I stop paying my car loan because the price of gas is over $3?  Right.

[4] housing was a bubble anyhow, and the dramatic drops are more a function of that bubble than of 0.3% of houses being foreclosed (not that the foreclosures help the situation).

[5] Again, I refute this claim on it’s face, and object to any responsibility that Hillary is trying to project on me or my family.  It doesn’t take a village to screw up a home loan.

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3 Comments

Filed under angry, cuz I'm on a roll, damn lies, dumbfounded, finance, lies, politics, rant, shenanigans

3 responses to “Hillary on subprime ‘crisis’: “everybody bears some responsibility”

  1. i hate car loans because sometimes that interest rate is not very fair*~”

  2. i had my car loan last year when i bought a Nissan Murano because i really like to have my first car ~.~

  3. you can avail of home loans from several companies that offer low interest rates “;

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