Does it seem odd that Democrats are so avidly pursuing the bailouts that the Bush administration is also avidly pursuing? After all, most people see that the beneficiaries will be the odious “fat cat” Republicans berated by Democrats for years.
Is there something behind their calls for the bailout to be “right away, tonight, no delay”? These savvy politicians always have devious goals, especially when they swerve away from their usual opposition to anything Republican. And, here they do.
To their credit, what little is left, Republicans did try to get legislation passed to make FannieMae and FreddieMac more responsible to oversight. The Democrats, always catering to the “poor masses”, denied the passage of laws, voting en masse against them, 100%. Barney Frank, much in view of the TV cameras in the last few days, declared that it was unfair to ask lenders to have a job, a good down payment, and passable credit. His demands were willingly met by the bureaucrats running FannieMae and FreddieMac. As is so often, the promise of more money accruing for them out of these lax laws was irresistible.
Both parties were guilty of courting the illegal alien clientele. Not only was this census of people among the lowest income group, they also were the least reliable, as they live in fear of being sent home to their own countries. Nonetheless, banks and mortgage institutions went after these loan applicants. After all, it was good for business. When the loans went sour, the taxpayers were expected to quick up the pieces, and did.
Michelle Malkin, in her impeccably researched article of September 23, 2008, lays it out in “Illegal Immigration and the Mortgage Mess”:
…”In addition, fraudsters have engaged in massive house-flipping rings using illegal aliens as straw buyers. Among many examples cited by the FBI: a conspiracy in Las Vegas involving a former Nevada First Residential Mortgage Company branch manager who directed loan officers and processors in the origination of 233 fraudulent Federal Housing Authority loans valued at over $25 million. The defrauders manufactured and submitted false employment and income documentation for borrowers; most were illegal immigrants from Mexico. To date, the FBI reported, ‘Fifty-eight loans with a total value of $6.2 million have gone into default, with a loss to the Housing and Urban Development Department of over $1.9 million‘.
It’s the tip of the iceberg. Thanks to lax Bush administrator-approved policies allowing illegal aliens to use ‘matricular consular cards’ and taxpayer identification numbers to open bank accounts, more forms of mortgage fraud have burgeoned. Moneylenders still have no access to a verification system to check Social Security numbers approving loans.”
Nor, are they likely to get a verification system, as a general verification system has been stalled in Congress, mainly by Democrat Senator Robert Menendez (D-NJ). The E-Verify in place now has been used and praised by those who want to know just who they are employing. Senator Menendez has stalled reauthorization of this law. Instead, he is holding it hostage until he gets hundreds of thousands of new visas into the package. Why would this common-sense system not be allowed to be reauthorized into law? It is just one more proof that Democrats are trying to protect certain special interest groups.
So, why are Democrats rushing to get the bailout? Could it be that they know that the longer it takes, the more light will come to bear on their pressure on banks, etc., to make highly questionable loans? They could be right, because we now have an information-gathering device called the internet.
Sooner or later many people will know about the complicity of Democrats. They won’t be happy.
Barbara regularly writes for CapitolHillCoffeeHouse. She also appears in California Chronicle, Border Patrol, and Citizens Caucus. Her primary interest is illegal immigration, but she writes about other subjects as well.
Barbara lives in a large city on the West Coast. Her loyalties are with God, family, country, heritage and borders.
She enjoys music, painting, poetry and song writing.