Senator Menendez: “Well underwritten loans with low down payment were not the drivers of the crisis, I know we will hear otherwise”
This was a strong statement made yesterday by Senator Menendez and immediately agreed upon by Senator Warren. They clearly understand that it was the predatory high-risk mortgages underwritten by the big banks and private mortgage companies and not Fannie and Freddie that caused the crisis.
What a refreshing change we witnessed yesterday in the Senate Banking committee. After years of hearing the tired old lies concerning the housing crisis repeated by many in the banking committee, we witnessed a sharp reversal yesterday. It seems every day we see our allies go to bat to help change the false narrative about all aspects of the financial crisis. Most importantly the fact that private capital created the crisis and Fannie and Freddie save the day once again. I have provided a link to the video of the hearing entitled “INEQUALITY, OPPORTUNITY, AND THE HOUSING MARKET” .
The exchange I mentioned can be found if you watch from 1:36:00. The hearing shed quite a bit of light on several aspects of our situation and continues the massive shift we have witnessed the last few months.
Another great article from yesterday : http://blog.metrotrends.org/2014/12/credit-availability-measure-shows-product-risk-borrower-risk-fueled-housing-crisis/
More and more people are awakening to the truth about the financial crisis.We must continue our campaign to spread the truth. We must make it clear that those who choose to repeat the tired old lies will only destroy their credibility. We are working on a few key initiatives that will help continue to change the false narrative to the truth.
I think it may be time to unleash some of our forces to begin a campaign to correct some of the false accounts on Wikipedia.
I will be meeting with both David Fiderer and Josh Rosner to discuss various issues related to our cause. Keep The faith.