What were dems saying about fanny and freddy leading up to the meltdown?

[Ricter]

Quote from tomdavis:

I don't undertand why you think it's a slave system. Millions of people buy homes, make the payments and eventually own their homes. Fifteen years ago our neighbors bought their house with a 15-year mortgage. They made all the payments and last month they had a "burn-the-mortgage barbeque" party. They now own their house free and clear. There's nothing special about what they did. There are millions of people across the country who have done exactly the same thing. There's nothing slick or fancy about it. It's just basic common sense. How is that a slave system? What would you change?

I think it's a slave system because the most expensive part, land, is monopolized by government, local and federal, and I think it's done to protect existing home values which are, as you know, largely owned by banks. It's true that most folks consider their home their most important investment, and I think that norm is also part of the plan. Interestingly, a side effect is that it also helps drive the industry's desire for immigration, which props up demand and gives liquidity.