Sunday, February 22, 2009

David Gregory Parrots Republican Talking Points About Deadbeat Home Buyers On MTP

Mealy-mouthed Meet The Press host David Gregory was more then happy to parrot the Republican talking points of why we shouldn’t be bailing out these deadbeat home owners.

His thinking mostly based on the continuing hero worship by the MSM and the right wing of former derivatives trader, and CNBC reporter, Rick Santelli based on his recent cable news rant about the supposedly lazy no good bums who wanted us to pay for their bad mortgages and 2nd bathrooms.

Gregory led off one discussion with, “I have read the plan from top to bottom and the reality is that Mr Santelli's criticism is shared by a lot of people who think it is fundamentally unfair to subsidies people. They misrepresented their incomes, gotten in over their heads and the owe what they owe” he said. Gregory repeatedly referred to the bad loans as "liar loans". Gregory by buying into this crap demonstrates his misguided willingness to carry Republican water aimed at undermining the Obama mortgage rescue plan that was announced last week.

The problem with Gregory's premise is that the mortgage sellers were the lairs not, as he infers, so much the borrowers. Just apply common sense, the borrowers didn't approve their own loans.

What Gregory and Santelli fail to point out is that these supposedly toxic mortgages had to be approved ultimately by a underwriter and bank or some mortgage company officials who’s job it was to check to see if the borrower had a realistic ability to pay the loan off. Gregory presents a false and misleading picture of a fast talking borrower with little income or documentation who repeatedly is able, somehow, to pull the wool over the eyes of his local mortgage lender or bank official.

It’s total bullshit.

The truth is that many of these home mortgage lenders, bankers and underwriters were more than willing to ignore basic accounting, documentation and home lending rules because they were more concerned about market share and profits in the inflated and exploding home mortgage and housing market then whether their customers could afford the loans, or repay them.

The mortgage lenders and banks personal greed has now come home to roost.

Borrowers were offered low interest adjustable rate mortgages, such as the now famous, pick a payment loan, that allowed homeowners to pay whatever amount they wished each month, actually increased the mortgage principle over time not lowering it. These lenders had to know these mortgages were ticking time bombs that were ready explode in the homeowner face down the road. But, they said nothing even late in the looming crisis and continued to package these same mortgages into toxic securities that they spread around the world.

Mortgage providers and their sales people speculated that home prices would never fall and would in fact only increase in a ever expanding frenzy of home buying and selling, speculation, flipping and orgy of quick buck making in the millions and billion of dollars for these ethically challenged lenders.

Gregory and Santelli reflect the worst type of sensationalizing and polarizing by subtly misrepresenting the basic facts and continuing to paint anyone who has a troubled mortgage as some sort of racial stereotypical lowlife who took advantage of the unsuspecting mortgage company or bank when they applied for the mortgage. We all know it was the other way around. So mismanaged and greedy were these mortgage providers that their unscrupulous behavior has in the end pulled the house down on their own heads.

So called reporters like Santelli and Gregory should at the very least make an effort to base their nitwit premises on something close to the facts before they start shooting off their mouths.

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