Economic crisis: Wicker voted against regulatiing the subprime industry

I wrote about his a while back, but this has to be repeated. The deregulation that allowed for the creation of irresponsible financial instruments is to blame for the housing market crash. Subprime loans were at the center of this. Deregulation also allowed these loans to be bundled into securities and sold without full disclosure of the underlying risk. The first wave of pain due to deregulation was and is still being felt by the 11% of homeowners facing foreclosure today. The second wave of pain is the failing of our financial behemoths who overlaid on these shoddy subprime backed securities. The Dow had its worst day in 7 years yesterday. Bear Stearns, Lehman Brothers, AIG, Fannie and Freddie etc...

Make no bones about it, this whole stinkpile started with the regulation-free subprime market which allowed load sharks A.K.A. mortgage companies to swindle millions of hard working Americans out of their home. Minorities have fared worse than the rest, losing homes at a frightening rate. Back in 2007 we had a crucial opportunity to fix our housing market run wild, with the Mortgage Reform and Anti-Predatory Lending Act; Bill HR3915. How many families in Mississippi have faced foreclosure during this crisis? Our state is near the top per-capita in foreclosures.

How did Roger wicker vote on the Mortgage Reform and Anti-Predatory Lending Act; Bill HR3915?

HR3915 - Voted NO on regulating the subprime mortgage industry.

Thanks Roger Wicker for helping to facilitate the stinkpile.

Donate now to Ronnie Musgrove to make sure we have a Senator who votes for the interest of his constituents. That is not asking too much is it Roger?

MS-SEN: Roger Wicker and the mortgage crisis

Now that our economic recession is a reality it is time to take a look a what got us here. No one will deny the role that subprime mortgages have played in the economic tragedy being savagely played out in the homes of those who can least afford. As late as August 2007 Mississippi ranked first in the percentage of subprime mortgages past due at 23%. This crisis created by unfettered greed and the nearly criminal intent to take advantage of the vulnerable, has allowed some of our neediest citizens to be seduced by the predators of the subprime industry.

In 2007 a vote came in front of the House of Representatives on whether or not we should regulate the subprime mortgage industry. Does Roger Wicker take the side of his constituency, many poor and victims of predatory lending, or with the big money interests on Wall and K Street? Well I think we all know what Roger Wicker did, exactly what Bush and Cheney told him to do. "Rubber Stamp Roger" voted against regulations that would have helped to curb this crisis as well as help the thousands of Mississippians caught in the cross-hairs of this debacle. Don't take my word on it, click on these links and read for yourselves

H.R. 3915

Rubber Stamp Roger's vote on H.R. 3915