A Quote by Joe Mays
The universe of mortgage lending has gotten to the point where there is a place in it for everybody.
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No one pushed harder than Congressman Barney Frank to force banks and other financial institutions to reduce their mortgage lending standards, in order to meet government-set goals for more home ownership. Those lower mortgage lending standards are at the heart of the increased riskiness of the mortgage market and of the collapse of Wall Street securities based on those risky mortgages.
Riskier mortgage lending practices, imposed by government, were what set the stage for many mortgage payments to stop and thus for the financial disasters that followed. Political rhetoric, echoed in the media, seeks to obscure that painfully plain fact.
The mortgage crisis is a clear instance of consumers who needed protection. There was predatory lending to people who didn't know what they were doing.
Congressman Watt has a long history of advocating against predatory lending and the mortgage practices that caused millions of families to lose their homes.
But 300 million Americans, their lending institutions, their government, their media, all believed that house prices were going to go up consistently. And that got billed into a $20 trillion residential home market. Lending was done based on it, and everybody did a lot of foolish things.
In Judaism, the temple was the most holy site in the world. But if you extend that argument as a metaphor, and you say 'The world is a holy place,' and you're treating this holy place like a money-lending psycho, then Jesus says, 'This is hypocrisy!' and he'd point it out and flip it over.
A lot of these things have hurt the average American. When they look at the banks and they say, "Well, the bank's talking its own game," I am telling you, what we've done in mortgage lending, our inability to have proper regulations around mortgages, has hurt average Americans. First-time buyers, immigrant buyers, prior defaults, self-employed, because they can't get a mortgage. Will it make a big difference to JPMorgan Chase? No, but you're hurting my fellow citizens. Let's go at it, and let's fix it.
When you try to be a role model, not everybody can relate to some of your highs - awards, championships. But everybody can relate to the lows. Everybody's gotten fired from a job or gotten cut. People learn more about you in those lows than they do in the highs.
I was thinking about the universe wanting to be noticed, and how I had to notice it as best I could. I felt that I owed a debt to the universe that only my attention could repay, and also that I owed a debt to everybody who didn’t get to be a person anymore and everyone who hadn’t gotten to be a person yet.
After the risky mortgage-lending practices fostered by government intervention led to massive defaults and foreclosures that caused financial institutions to collapse or be bailed out, Congressman Frank changed his tune completely.
The good news is at this point as I get older, the load has gotten heavier but my shoulders have gotten wider because I've gotten happier so it's a damn good thing.
The same with the mortgage brokers that were selling people mortgages they couldn't afford. We shouldn't pay them on each mortgage they write. They should have what they call "skin in the game," where they've got to reimburse us if the guy who sold the mortgage defaults.
Society has definitely gotten to the point where everybody has to comment on anything, and if you want to stay sane as a performer, you're better off not reading that stuff.
We've gotten to the point where everybody's got a right and nobody's got a responsibility.
I feel as though I've gotten to a point where I don't really want to set a book in any real place ever again.
In India when we meet and part we often say, "Namaste," which means: I honor the place in you where the entire universe resides; I honor the place in you where the entire universe resides; I honor the place in you of love, of light, of truth, of peace. I honor the place within you where if you are in that place in you and I am in that place in me, there is only one of us?.. "Namaste."
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