...global banks and hedge funds have been buying mortgage-backed securities.AND PLENTY OF PEOPLE WERE COMPLAINING AT THE TIME THAT GREENSPANThese were assets which offered strong returns and were seen as relatively safe investments because the US housing market had been enjoying relatively robust and uninterrupted growth.
However, their value has plummeted in recent months after higher interest rates led to a drop in the housing market and a surge in mortgage defaults ...
SHOULD NOT HAVE BEEN RAISING RATES.- IF HE HADN'T RAISED RATES SO MUCH FROM 2004-2006, THEN WE WOULD NOT BE WHERE WE ARE TODAY.
- I'S ALL HIS FAULT.
- FROM JUNE 2004 TO JUNE 2006 GREENSPAN RAISED RATES EVERY CHANCE HE COULD.
- IT HELPED GET US A DEMOCRAT CONGRESS AND A HOUSING RECESSION WHICH IS THREATENING THE WORLD ECONOMY.
- IT'S ALL HIS FAULT.
2006
December 12
October 25
September 20
August 8
June 29
May 10
March 28
January 31
...
...
...
...
25
25
25
25
...
...
...
...
...
...
...
...
5.25
5.25
5.25
5.25
5.25
5.00
4.75
4.502005
December 13
November 1
September 20
August 9
June 30
May 3
March 22
February 2
25
25
25
25
25
25
25
25
...
...
...
...
...
...
...
...
4.25
4.00
3.75
3.50
3.25
3.00
2.75
2.502004
December 14
November 11
September 21
August 11
June 30
25
25
25
25
25
...
...
...
...
...
2.25
2.00
1.75
1.50
1.252003
June 25
...
25
"ADDI 2003", google it and look on the HUD site. The cause is simple as the name of the legislation -- ADDI === "Amercian Dream Downpayment Initiate" that forced mortgage companies to give mortgages to everyone with the credit of a pissant.
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