Apparently we learned nothing

[Amberchgo]

WASHINGTON—The Obama administration and federal regulators are reversing course on some of the biggest postcrisis efforts to tighten mortgage-lending standards amid concern they could snuff out the fledgling housing rebound and dent the economic recovery.

On Tuesday, Mel Watt, the newly installed overseer of Fannie Mae and Freddie Mac, said the mortgage giants should direct their focus toward making more credit available to homeowners, a U-turn from previous directives to pull back from the mortgage market.

http://online.wsj.com/news/articles...06670?mod=WSJ_hp_LEFTTopStories&mg=reno64-wsj



Easy credit led to the last housing meltdown. Now we are willingly returning.

Pols. Never the smartest guys in the room.

 

[Greenwavelawyer]

But EVERYONE should own a home
Just like EVERYONE should go to college

 

[Sean Renaud]

Not that I fully approve of this but you're strange obsession with Pols not being the smartest men in the room, especially in cases like this where they are the only men in the room is rediculous.

 

[Amberchgo]

Not that I fully approve of this but you're strange obsession with Pols not being the smartest men in the room, especially in cases like this where they are the only men in the room is rediculous.

There are 536 people in Washington making foolish decisions which impact 300 million plus individuals. They "think" they're smart but time and time again they prove that wrong. This case is a perfect example. They want to go back to low regulations on the mortgages which were a major factor in the last recession.



Instead of the elected officials, we could pick 536 random people off the street and surely have better decisions.

 

[LiFeNdEaTh]

interesting..

 

[Adre]

There are 536 people in Washington making foolish decisions which impact 300 million plus individuals. They "think" they're smart but time and time again they prove that wrong. This case is a perfect example. They want to go back to low regulations on the mortgages which were a major factor in the last recession.



Instead of the elected officials, we could pick 536 random people off the street and surely have better decisions.

Or they want to readjust the credit pendulum, which had swung to the very tight regulations that were preventing even some qualified people from obtaining a mortgage.

 

[Busybody]

if Mel Watt weren't a NIGGER, he would be in jail

 

[Ulaven_Demorte]

WASHINGTON—The Obama administration and federal regulators are reversing course on some of the biggest postcrisis efforts to tighten mortgage-lending standards amid concern they could snuff out the fledgling housing rebound and dent the economic recovery.

On Tuesday, Mel Watt, the newly installed overseer of Fannie Mae and Freddie Mac, said the mortgage giants should direct their focus toward making more credit available to homeowners, a U-turn from previous directives to pull back from the mortgage market.

http://online.wsj.com/news/articles...06670?mod=WSJ_hp_LEFTTopStories&mg=reno64-wsj



Easy credit led to the last housing meltdown. Now we are willingly returning.

Pols. Never the smartest guys in the room.

Actually, it wasn't easy credit in particular that led to the last housing meltdown. The easy credit was a symptom, not a cause.

It was deregulation of the banking industry, the repeal of portions of Glass-Steagall in particular, which allowed banks and securities firms to collude, inflate prices, approve loans to people who never should have gotten them, and sell those mortgages as A+ investments.

The banking industry used Sub-Prime loans to lure buyers into purchasing a home that they couldn't normally afford. When the loan went into default after the interest rate skyrocketed, they foreclosed on a property that was worth more than it was when the loan was written and started the whole process again. They were betting that property values would continue to rise indefinitely. These activities caused a massive housing bubble while they built a highly leveraged, Ponzi-like pyramid of derivatives which triggered a financial collapse that affected the worldwide economy.

 

[4est_4est_Gump]

Or they want to readjust the credit pendulum, which had swung to the very tight regulations that were preventing even some qualified people from obtaining a mortgage.

Their regulations.

 

[garbage can]

Or they want to readjust the credit pendulum, which had swung to the very tight regulations that were preventing even some qualified people from obtaining a mortgage.

How about if we go back to the old 20% down rule?

 

[Adre]

How about if we go back to the old 20% down rule?

For most cases, yes. People with recent big bumps in income (young doctors and other professionals) can put down less.

 

[Sean Renaud]

There are 536 people in Washington making foolish decisions which impact 300 million plus individuals. They "think" they're smart but time and time again they prove that wrong. This case is a perfect example. They want to go back to low regulations on the mortgages which were a major factor in the last recession.



Instead of the elected officials, we could pick 536 random people off the street and surely have better decisions.

Ulaven covered this perfectly. Of course they are smart but that's hardly the point they are the people who make the decisions that's just how it works and no we couldn't pick 536 random people and hope for anything remotely as good as we get. That right there is why we're in so many messes, Dems do it too but Republicans are proud of picking idiots with no long term political aspirations and we get clowns as a result.

 

[Ishmael]

For decades the home lending market went along just fine. Some minor tweaks here and there, but for the most part no serious problems.

Then in 1992 Clinton ran on the premise of ending the Bush I recession (a recession that had ended by the 2nd quarter of '92 anyway) by loosening credit in the housing market. After the election, in Dec. of 92, a month before Clinton's inauguration, the NY Times ran an editorial basically saying, "Don't do it Willie!" With uncommon prescience on their part they went on to correctly predict the end results of such loose credit. Clinton ignored them and went on anyway using such tools as the CRA, Fannie, and Freddie.

'93 and '94 were spent not doing much of anything about anything and the Republicans stayed away from the housing issue in their 'Contract' and subsequent win.

'95 and '96 were wiled away on welfare reform.

'97 thru '99 were spent fretting and speculating about the dot-com bubble.

2000, being a presidential election year, no one talked about the coming housing bubble. Rather the two candidates spent the campaign season talking about what they were going to give away and to whom.

The first 'red flag' re. the housing bubble was raised by the White House in 2003. These warning were loudly shouted down by primarily house democrats with Barney Frank leading the charge. The White House continued to raise flags but really didn't bring the matter before the public.

2004 was consumed with presidential politics and the first glimmerings of the NSA domestic spying programs. 2005 and 2006 the White House was spending (wasting) it's political capital on Amnesty and SS reform.

And by 2007, when the first signs of an imminent collapse started to appear, it was far too late for anything to be done. Congress was paralyzed trying to figure out how to blame the other guy.

Manipulation of the mortgage markets and easy credit are just bad business. The easier the credit the bigger the collapse. And no president or congress is going to actually "ACT" until after the horse is already out of the barn.

Ishmael

 

[RobDownSouth]

The first 'red flag' re. the housing bubble was raised by the White House in 2003.

Prove it.

 

[unregistered]

 

[Busybody]

Prove it.

here you go NIGGER

cause GOOG doesn't work for NIGGERZ

The White House Warned Congress About Fannie Mae Freddie Mac 17 Times In 2008, Alone
September, 21, 2008 — nicedeb

The White House attempts to set the record straight:

(I’m copying this post from the White House webpage in it’s entirety because I want people to read the whole thing).


For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted. Unfortunately, these warnings went unheeded, as the President’s repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.

2001

April: The Administration’s FY02 budget declares that the size of Fannie Mae and Freddie Mac is “a potential problem,” because “financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.”

2002

May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)

2003

January: Freddie Mac announces it has to restate financial results for the previous three years.

February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that “although investors perceive an implicit Federal guarantee of [GSE] obligations,” “the government has provided no explicit legal backing for them.” As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. (“Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO,” OFHEO Report, 2/4/03).

September: Fannie Mae discloses SEC investigation and acknowledges OFHEO’s review found earnings manipulations.

September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact “legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises” and set prudent and appropriate minimum capital adequacy requirements.

October: Fannie Mae discloses $1.2 billion accounting error.

November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any “legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk.” To reduce the potential for systemic instability, the regulator would have “broad authority to set both risk-based and minimum capital standards” and “receivership powers necessary to wind down the affairs of a troubled GSE.” (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03).

2004

February: The President’s FY05 Budget againhighlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: “The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator.” (2005 Budget Analytic Perspectives, pg. 83)

February: CEA Chairman Mankiw cautions Congress to “not take [the financial market's] strength for granted.” Again, the call from the Administration was to reduce this risk by “ensuring that the housing GSEs are overseen by an effective regulator.” (N. Gregory Mankiw, Op-Ed, “Keeping Fannie And Freddie’s House In Order,” Financial Times, 2/24/04).

June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying “We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System.” (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04).

2005

April: Treasury Secretary John Snow repeats his call for GSE reform, saying “Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system.” (Secretary John W. Snow, “Testimony Before The U.S. House Financial Services Committee,” 4/13/05).

2007

July: Two Bear Stearns hedge funds invested in mortgage securities collapse.

August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying “first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options.” (President George W. Bush, Press Conference, The White House, 8/9/07).

September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before.

September: Single-family existing home sales decreases 7.5 percent from the previous month – the lowest level in nine years. Median sale price of existing homes fell six percent from the year before.

December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying “These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I’ve called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon.” (President George W. Bush, Discusses Housing, The White House, 12/6/07).

2008

January: Bank of America announces it will buy Countrywide.

January: Citigroup announces mortgage portfolio lost $18.1 billion in value.

February: Assistant Secretary David Nason reiterates the urgency of reforms, says “A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully.” (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08).

March: Bear Stearns announces it will sell itself to JPMorgan Chase.

March: President Bush calls on Congress to take action and “move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages.” (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08).

April: President Bush urges Congress to pass the much needed legislation and “modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes.” (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08).

May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.
•“Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans.” (President George W. Bush, Radio Address, 5/3/08).
•“[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator.” (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08).
•“Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans.” (President George W. Bush, Radio Address, 5/31/08).

June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying “we need to pass legislation to reform Fannie Mae and Freddie Mac.” (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08).

July: Congress heeds the President’s call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.

 

[unregistered]

 

[Busybody]

Actually, it wasn't easy credit in particular that led to the last housing meltdown. The easy credit was a symptom, not a cause.

It was deregulation of the banking industry, the repeal of portions of Glass-Steagall in particular, which allowed banks and securities firms to collude, inflate prices, approve loans to people who never should have gotten them, and sell those mortgages as A+ investments.

The banking industry used Sub-Prime loans to lure buyers into purchasing a home that they couldn't normally afford. When the loan went into default after the interest rate skyrocketed, they foreclosed on a property that was worth more than it was when the loan was written and started the whole process again. They were betting that property values would continue to rise indefinitely. These activities caused a massive housing bubble while they built a highly leveraged, Ponzi-like pyramid of derivatives which triggered a financial collapse that affected the worldwide economy.

you not only are a NIGGER, but a STUPID NIGGER at that

 

[4est_4est_Gump]

here you go NIGGER

cause GOOG doesn't work for NIGGERZ

The White House Warned Congress About Fannie Mae Freddie Mac 17 Times In 2008, Alone
September, 21, 2008 — nicedeb

The White House attempts to set the record straight:

(I’m copying this post from the White House webpage in it’s entirety because I want people to read the whole thing).


For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted. Unfortunately, these warnings went unheeded, as the President’s repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.

2001

April: The Administration’s FY02 budget declares that the size of Fannie Mae and Freddie Mac is “a potential problem,” because “financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.”

2002

May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)

2003

January: Freddie Mac announces it has to restate financial results for the previous three years.

February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that “although investors perceive an implicit Federal guarantee of [GSE] obligations,” “the government has provided no explicit legal backing for them.” As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. (“Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO,” OFHEO Report, 2/4/03).

September: Fannie Mae discloses SEC investigation and acknowledges OFHEO’s review found earnings manipulations.

September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact “legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises” and set prudent and appropriate minimum capital adequacy requirements.

October: Fannie Mae discloses $1.2 billion accounting error.

November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any “legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk.” To reduce the potential for systemic instability, the regulator would have “broad authority to set both risk-based and minimum capital standards” and “receivership powers necessary to wind down the affairs of a troubled GSE.” (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03).

2004

February: The President’s FY05 Budget againhighlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: “The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator.” (2005 Budget Analytic Perspectives, pg. 83)

February: CEA Chairman Mankiw cautions Congress to “not take [the financial market's] strength for granted.” Again, the call from the Administration was to reduce this risk by “ensuring that the housing GSEs are overseen by an effective regulator.” (N. Gregory Mankiw, Op-Ed, “Keeping Fannie And Freddie’s House In Order,” Financial Times, 2/24/04).

June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying “We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System.” (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04).

2005

April: Treasury Secretary John Snow repeats his call for GSE reform, saying “Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system.” (Secretary John W. Snow, “Testimony Before The U.S. House Financial Services Committee,” 4/13/05).

2007

July: Two Bear Stearns hedge funds invested in mortgage securities collapse.

August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying “first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options.” (President George W. Bush, Press Conference, The White House, 8/9/07).

September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before.

September: Single-family existing home sales decreases 7.5 percent from the previous month – the lowest level in nine years. Median sale price of existing homes fell six percent from the year before.

December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying “These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I’ve called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon.” (President George W. Bush, Discusses Housing, The White House, 12/6/07).

2008

January: Bank of America announces it will buy Countrywide.

January: Citigroup announces mortgage portfolio lost $18.1 billion in value.

February: Assistant Secretary David Nason reiterates the urgency of reforms, says “A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully.” (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08).

March: Bear Stearns announces it will sell itself to JPMorgan Chase.

March: President Bush calls on Congress to take action and “move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages.” (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08).

April: President Bush urges Congress to pass the much needed legislation and “modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes.” (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08).

May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.
•“Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans.” (President George W. Bush, Radio Address, 5/3/08).
•“[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator.” (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08).
•“Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans.” (President George W. Bush, Radio Address, 5/31/08).

June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying “we need to pass legislation to reform Fannie Mae and Freddie Mac.” (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08).

July: Congress heeds the President’s call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.

Fleshing out what Ish said...

Something we all know but most Democrats ignore as inconvenient. How can you blame General Republican Philosophy if you admit any culpability?

 

[KingOrfeo]

Instead of the elected officials, we could pick 536 random people off the street and surely have better decisions.

No, we couldn't.

 

[Busybody]

Barney I NEEDA HAVE MY ASS FUCKED Frank screamed and railed against BushCO!

then when shit hit the fan, he railed the OTHER WAY

 

[unregistered]

 

[KingOrfeo]

Prove it.

Actually, the first red flag was raised by Dean Baker in 2002.

More on Obama in a bit, but first, let’s be clear, the Iraq War was no anomaly. The mainstream media did no better with the 2008 financial crises. Of course it can be said that the economics profession missed it, too. But that’s not exactly true. What’s more, one of those who saw it coming, Dean Baker, was also the very first econoblogger ever, as he began regular dissecting of mainstream economic reporting in his “Beat the Press” blog back in the 1990s. Baker’s earliest warning that we were in a housing bubble came in August 2002 — the month before USA Today’s Iraq War revelations, which were similarly ignored. More to the point, however, is how the media basically never revised its view of this era. Neither Baker nor any of the others who saw it coming have become go-to experts after the fact, when everyone with a functioning brain can see that they’ve been proved right.

 

[Skiddles2014]

But EVERYONE should own a home
Just like EVERYONE should go to college

Own a home, no.

Go to college and get a fair shot at owning a house, yes.

 

[unregistered]