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The Truth About the Housing Crisis

BEGIN TRANSCRIPT

RUSH: Back to the phones we go, to Greenville, South Carolina. This is Tim. I'm glad you called, sir. Great to have you here.

CALLER: Thank you. I know you're dealing with difficult times, but I want you to know that there's countless out here who love you and we're with you. I'm calling about the mortgage crisis. I heard Barack say, and I've heard Hillary say it, even John Edwards say that the reason for this is the unscrupulous lenders and mortgage lenders and bankers and brokers who took advantage --

RUSH: Predatory is the word.

CALLER: Yeah, the predatory guys. Well, every mortgage closing I've ever been to there's an attorney representing the borrower who is supposed to protect their client, and if indeed all of these lenders, especially at this level, took advantage, then the attorneys failed to do their job, they would be subject to malpractice suits, and thus maybe the source of funds to pay these mortgages back off.

RUSH: Well, exactly right. And one of the points you're illustrating is that all of this that we're being told that caused this is a bunch of hooey, is a bunch of BS. The only difference between it and a bag of manure is the bag. The bottom line is that there wasn't any predatory lending going on out there. The US government was told to make the American dream available to people that couldn't afford it, lenders had to go out and do it; they had to find a way to fund these mortgages people couldn't pay back. But the dirty little secret out there, Tim, is that a lot of these so-called walk-away foreclosures, people just walking away before they're foreclosed on, were not even people that occupied their houses. They were speculators.

CALLER: Yeah. Unbelievable.

RUSH: The whole thing, it's being portrayed -- this is an election year. I think Democrats are doing exactly with this what they're doing with gasoline prices and food prices. They're trying to make everybody in the country think that we're headed for a depression and recession. It's horrible out there, we need more government regulation; we need more government control. The Republicans hate you. Republicans don't care about you. Republicans want you to die. Republicans want you to get cancer. They want you to get sick. They want you to be poor and in poverty and so forth, when in fact it's the Democrats that want all that, so they control your health care, control your income, control your movements, your whereabouts, so forth and so on. But excellent point. There's another factor. You know, people don't talk about this. But for people who were foreclosed on and who were living in their homes, there was a way for these people to perhaps forestall that day.

Rinnai Tankless Water Heater. Do you realize how much money you could save if you had a Rinnai Tankless Water Heater in your house not wasting all of that water and money, heating it up, then it cools off, never used, heat it back up again, all that gas, all that water, and then you've only got a certain amount of it, and if the whole family shows up, and, of course, if you're in one of these homes and your friends don't have a home, they're coming over to your place to take showers, by the time they get finished you have no hot water. It would not be the case with a Rinnai Tankless Water Heater. You can do all the dishes, you can do all the clothes, you can have four showers going at the same time, and you will never run out of hot water. And you're saving money at the same time. You will not be foreclosed on with a Rinnai Tankless Water Heater. You're on borrowed time with your regular tank water. The average regular water heater, if you have one older than seven years, it's on its last legs. You know it and I know it. You owe your bank account a couple minutes just to learn more about Rinnai Tankless Water Heaters. Go to ForeverHotWater.com, see how it works, how much you could save every month and keep the foreclosure banks away from your door.

END TRANSCRIPT

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