Federal Regulators Admit That Clinton's Mortgage Scam Caused the Economic Crisis

◼ "Federal regulators for the first time are laying out rules," this is from the AP, "aimed at making sure that people who borrow money for mortgages can afford to repay them." Do you realize what this means?" - Rush Limbaugh

I'm telling you: It's a tantamount admission that the subprime mortgage mess was exactly what it was. It was people who were given loans that could never pay 'em back, and they were not picked on. It was not predatory lenders that went out and found them. This was social engineering by Democrats. (summarized) "The American dream is everybody should have a house. It's not fair that certain Americans should have houses and other Americans don't."

So here came the subprime mortgage plan, and it basically was a federal program that ordered banks to lend money to people that had no way of paying it back, lend money to people that didn't have to take a credit test and pass it, lend money to people that everybody knew would never pay it back. By the way, if you're new to the program, I want to explain this again. Because the economic mess that we are in was caused and is the result of, predominantly, this....

So they're admitting here what caused the financial crisis. "Lenders will be required to verify and inspect borrowers' financial records." Now, I know you're saying, "Wait, I had to go through that every time I got a loan." Right, you have. Understand what this was. This was for people who never were going to be able to repay. They didn't have to go through it like you did. That's what the scam of the program was.