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LETTER TO THE EDITOR: Democrats’ role in housing, financial bust
Until there is full disclosure of the government’s role in causing and contributing to the financial crisis, the current financial regulatory bill before Congress will not go far in helping matters (“House, Senate lawmakers reach deal on bank bill,” Web, News, Friday).
The Democrats and two presidents pushed banks to make massive numbers of mortgage loans to people who could not afford to repay them. This was part of Democratic efforts to provide affordable housing and to lift redlining, but instead, it became another way that Democrats could give something to people in order to garner votes. This is a misuse of the public obligation that representatives in government have to protect their constituents.
Forcing banks to bend lending rules beyond common sense helps no one and nothing. Without numerous bad mortgages stuffed into bulked-up loan packages, bankers would not have had a derivatives game to play. Loan packages that became ticking bombs would not have required insurance, and they were speculated on. When Democrats were informed of the impending crisis, they refused to do anything about it.
How can legislation be voted on when the root causes of financial misbehavior have not been thoroughly investigated and fully discussed in the public forum?
Salt Lake City
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