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Barney Frank
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<blockquote data-quote="trplnkl" data-source="post: 908379" data-attributes="member: 13254"><p>Question: In the laws passed by congress and signed by Bush or any Bush "orders", did any of them include "interest only loans" for people with bad credit or people that could not make the payments? </p><p></p><p> Was it the president or the banks that presented the loan papers to be signed? How were these interest only deals presented? Was there a clear explanation that the payments would increase by 2/3 on a house that would know owe more on than the original sale price? Did Bush order the lending institutions for hide that pertinent information from buyers? </p><p></p><p>I also have to wonder what % of the fore closures were do to people loosing their jobs and having basically no income? </p><p>Over the years, there has been a very basic "rule" of lending institutions that ones monthly house payment not exceed 1/4 of their monthly income. Did Bush order the banks to ignore that? If he did order that, where and how was the order issued?</p></blockquote><p></p>
[QUOTE="trplnkl, post: 908379, member: 13254"] Question: In the laws passed by congress and signed by Bush or any Bush "orders", did any of them include "interest only loans" for people with bad credit or people that could not make the payments? Was it the president or the banks that presented the loan papers to be signed? How were these interest only deals presented? Was there a clear explanation that the payments would increase by 2/3 on a house that would know owe more on than the original sale price? Did Bush order the lending institutions for hide that pertinent information from buyers? I also have to wonder what % of the fore closures were do to people loosing their jobs and having basically no income? Over the years, there has been a very basic "rule" of lending institutions that ones monthly house payment not exceed 1/4 of their monthly income. Did Bush order the banks to ignore that? If he did order that, where and how was the order issued? [/QUOTE]
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