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Friday, August 15, 2008


Byron Dorgan: How Do We Stop Predatory Lending?

By Rob on August 15, 2008 at 08:14 pm
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North Dakota Senator Byron Dorgan made an appearance on MSNBC today talking about so-called “predatory lending.”  Which is a practice better described as mortgage lenders giving cruddy loans to people dumb enough to take them.

Click the image below to watch the video.

Predatory Lending

What’s interesting is that Dorgan asks during the interview “How do we stop these predatory loans.”  Dorgan’s answer was the one you’d expect from a big government liberal (give government regulators more power), but maybe Dorgan and his colleague Senator Kent “VIP Loans” Conrad could start with not voting for massive bailouts for the mortgage companies that make these loans.

Both Dorgan and Conrad voted for the Foreclosure Prevention Act of 2008 which was a massive bailout of the mortgage industry.  If we’re going to reward the mortgage industry for issuing stupid loans that lendees can’t pay off by bailing them out after the fact why should we be surprised when they keep offering those stupid loans?

Does this tick you off? Click here to email your elected representatives right here on Say Anything, or comment below.

Comments

Bat One

Maybe if mortgage lenders weren’t being encouraged to give sweetheart deals to influential Senators they wouldn’t feel the need to make up the lost interest elsewhere?

Byron Dorgan is bad joke… and a corrupt one at that!

“Capitalism is optimism monetized.”

Bat One on August 15, 2008 at 08:35 pm
Rob
Rob
22123 comments
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Well, to be clear, it was Conrad that took the sweetheart loan and not Dorgan.

But Dorgan is corrupt for other reasons (see: Jack Abramoff).

The purpose of government shouldn’t be to do good, but simply to refrain from doing evil.

Rob on August 15, 2008 at 08:39 pm
Kevin

Byron Dorgan is bad joke

Just like that thing on top of his head!

No Free Lunch
25i20w9.jpg

Kevin on August 15, 2008 at 08:49 pm
Bat One

Maybe Dorgan should have a chat with Conrad and Dodd.

“Capitalism is optimism monetized.”

Bat One on August 15, 2008 at 08:56 pm
goon

I think that is a good question for Conrad since he and Dobbs since they were the ones given sweet heart deals.

Check out:
Goon’s North Dakota Red Neck
Goon’s World

goon on August 16, 2008 at 10:01 am
The Whistler

The entitities that enabled said predatory loans were two government agencies, Fannie Mae and Freddie Mac.

Not to mention the government mandated loans to minorities who weren’t able to afford the loans.

Let’s face it the home bubble was caused by the government more so than the banks or the borrowers.

1% of Americans pay 40% of the income tax.
5% of Americans pay 60% of the income tax.
10% of Americans pay 70% of the income tax.

The Whistler's signature
The Whistler on August 16, 2008 at 10:48 am
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