Work of fiction

Rating: 1/10 (8 February 2017)

So misleading a tale about what caused the housing meltdown I consider it a work of fiction.
How can the the writer as well as the nation that lived during this time period be so clueless
as to not remember the evens that happened? Does anyone watch the news or hear what our politicians are meddling in any more?
When I was moving to a new home in 2005, I noticed 9 out of 10 homes I was looking at were vacant. I knew then we were heading for a serious meltdown in home prices.
I stopped at a new housing project and the sales team were all bragging about the money
they were making buying the spec homes and flipping them. I was hearing from friends that worked
in downtown Detroit about the massive numbers of fraudulent home sales where home "buyers" would
buy a house that should have been torn down, apply for a loan and split the proceeds of the fraud
with the seller, appraiser and loan taker. Why would any bank buy such worthless junk? They wouldn't.President Bush ordered FreddieMac to buy as many poor/minority owned/low FICO score home loans as possible. At the peak of the bubble, FreddieMac owned 6 trillion dollars of these.
Google the following and read the facts;
"...The President set a goal to increase the number of minority homeowners by 5.5 million families
by the end of the decade. Through his home-ownership challenge, the President called on the private
sector to help in this effort. More than two dozen companies and organizations have made commitments to increase minority home- ownership - including pledges to provide more than $1.1 trillion in mortgage purchases for minority home buyers this decade..."