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    MATT APUZZO
    Associated Press
    December 1, 2008

    The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown, according to an Associated Press review of regulatory documents.

    • A d v e r t i s e m e n t

    “Expect fallout, expect foreclosures, expect horror stories,” California mortgage lender Paris Welch wrote to U.S. regulators in January 2006, about one year before the housing implosion cost her a job.
    Bowing to aggressive lobbying — along with assurances from banks that the troubled mortgages were OK — regulators delayed action for nearly one year. By the time new rules were released late in 2006, the toughest of the proposed provisions were gone and the meltdown was under way.

    “These mortgages have been considered more safe and sound for portfolio lenders than many fixed rate mortgages,” David Schneider, home loan president of Washington Mutual , told federal regulators in early 2006. Two years later, WaMu became the largest bank failure in U.S. history.

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    Comment Rules

    15 Responses to “Bush backed off proposed crackdowns on lending”

    1. ???????? Says:
      December 1st, 2008 at 11:40 am

      Complete and utter bulls–t.

      The Bush admin. failed because it wanted to fail on this particular subject.

    2. M E Janssen Says:
      December 1st, 2008 at 11:50 am

      To give the devil his due, Bush II wasn’t the only one. I remember hearing under Bush I the motto: “Kinder and Gentler” – the regulatory agencies were being told back then not to be so hard-headed about those poor banks. This sorry business goes in waves: first liberalizing the rules, then when something blows up, tightening the screws, then 7 or 8 years later, liberalizing the rules again when a new administration comes into power.

      All the same, the massive meltdown we are going through is going to be a Bush II legacy, whatever he does to try to save his rep now.

    3. Punius Says:
      December 1st, 2008 at 11:59 am

      If I were trying to ween people off the dollar, move to a cashless society and force everyone to use credits… that’s exactly how I’d do it too! Pure Genius! The most elaborate schemes are so simplistic in design and involve so many players that the scheme itself seems impossible to pull off. THIS IS NOT A CASE OF AN INCOMPETENT GOV’T. YOU ARE BEING SCAMMED! There are those that will go with the flow and those who are awake. The problem is neither will move to prevent this.
      TAKE A LESSON FROM ICELAND!!! THIS IS HOW THE FIRST DEPRESSION STARTED!!!

    4. romadeaux Says:
      December 1st, 2008 at 12:02 pm

      Not that I love the Bush admin. but it was Barney Frank(D) who was Chairman of the House Financial Services Committee. Barney Frank opposed any new oversight for Fannie Mae and Freddie Mac. Many Repubs on the committee called for reform but were met with the old “what about the poor not being able to afford housing.” It took both parties to make this mess for sure. Equality for all makes us equally poor.

    5. YoSon Says:
      December 1st, 2008 at 12:39 pm

      The Real News: US prepares for ‘continuity of government’

      http://www.youtube.com/watch?v=1xq0a2paXMA

    6. Gary Gann Says:
      December 1st, 2008 at 12:45 pm

      ALEX, THE MILITARY, ARE GO TO KILL YOU, AND YOU DUMB WIFE,GOD,!!!

    7. Andrew Jackson Says:
      December 1st, 2008 at 1:14 pm

      Gary…what does your post mean?…You must have been part of the no child left behind program…or home schooled by Cavemen

    8. TomTuttlefromTacoma Says:
      December 1st, 2008 at 2:50 pm

      George Bush FAiLED the american People, while getiing himself and his buddies wealthy beyond their wildest dreams, look at what his grandaddy did, all for thier BIG IDEA, he might just need that haven in Parguay.

    9. Casual Observer Says:
      December 1st, 2008 at 3:50 pm

      To 3 Punius -

      Are you joking? Please say “yes”.

      exactly what is the difference between using fiat money and computer transactions on money that does not exist?

      The fiat cash is tangible is the only thing I see.
      Your system will make it easier for the GVT and the Fed to do more “smoke and number” tricks.

      People know ehne their wallet is empty by looking and observing nothing is in it.

    10. Jamie Says:
      December 1st, 2008 at 4:59 pm

      So, is this article saying that Alex Jones and Infowars endorse government regulation/involvement in a free-market?

      I don’t give a flip if Bush backed down or not. Government has no role in a true free-market. If lenders want to make a practice of lending to unqualified buyers then that’s their business.

      Most people that frequent this site do not want more government involvement in any regard. But you’ll post an article that supports this idea just because it places Bush in a bad light?

      C’mon guys, we’ve got plenty of trash on Bush and the rest. There’s no need to grasp at straws.

    11. AndyBsmoke Says:
      December 1st, 2008 at 5:03 pm

      Once again, weren’t the Lenders supposed to run a ‘Credit check’ (fico score, three seperate credit reports that all folks have) that tells you Easily if the Borrower should be accepted and loaned money? Whoever didn’t follow the rules should be asked why. Then jailed and sued for the taxpayers to recover some bailout cash etc. Then as the little fish turn it unravels upwards and the common folk see the mighty fall…in the fairytale version I guess…

    12. Too Slow Says:
      December 1st, 2008 at 8:45 pm

      Hey Alex, You have to many moving ads on this site OR they are watching us all.
      The site is so slow lately. Good Luck to all. BYE

    13. Welshman [UK] Says:
      December 2nd, 2008 at 11:01 am

      Wonder how many volleys of eggs Bush gets as his limo drives away to take him to his Ranch in south america?! He will leave as he arrived…… under a cloud of suspiscion and under a hail of eggs!

    14. tester Says:
      December 2nd, 2008 at 12:11 pm

      Transparency of Loyalty in Government Amendment

      http://www.change.org/ideas/vi....._amendment

    15. house financial services committee Says:
      December 7th, 2008 at 8:53 pm

      WASHINGTON — The Senate will take up the $25 billion auto bailout bill on Monday, with a procedural vote expected Wednesday to see if Democrats have enough support to overcome Republican roadblocks. Sen. Majority Leader Harry Reid said