quote:

ORIGINAL: rulemylife

If anyone actually read this article, there was something pretty interesting:

When Treasury first announced its capital injection plan in October, JPMorgan Chase and Wells Fargo reportedly scoffed at the idea that they should take government funds.

But they were given little choice as former Treasury Secretary Henry Paulson hoped that providing capital to all of the nation's top banks would keep credit flowing and prevent the economy from deteriorating any further.

JP Morgan Chase and Wells Fargo were two of the three banks that received the largest shares of TARP funds at $25 billion each.

So the Bush Treasury Dept. forced the banks to accept $50 billion that they neither felt they needed nor wanted. 

quote:

ORIGINAL: Vendaval

Fast Reply -  There was video on the evening news tonight of this and it was fun watching the 8 bank CEO's squirming in their seats and groveling in way of an apology.  The next step should be tarring and feathering and chasing them through the streets.  [sm=wife.gif]

quote:

ORIGINAL: TheUtopian

quote:

ORIGINAL: Vendaval

Fast Reply -  There was video on the evening news tonight of this and it was fun watching the 8 bank CEO's squirming in their seats and groveling in way of an apology.  The next step should be tarring and feathering and chasing them through the streets.  [sm=wife.gif]

Ha! I'd love to see the day when it becomes '' pure sport '' to run up and sucker punch one of these shysters and knock all their front teeth out.

I consider these banking pukes to be far worse than their brethren from the petroleum industry and military industrial complex. 

I can't even watch them speak on youtube without fantasizing about being isolated with them in an elevator, and kicking the shit out em', running away as soon as the door opens and them never learning my identity.

- R

quote:

ORIGINAL: corysub


Great fantasy...I would join in too and hope the elevator was big enough to include Barney Frank, Maxine Waters, Cumo, and all the other politicians who were in the hip pocket of FannieMae and FreddieMac, who looked the other way while warnings were given by regulators about balance sheet risks being taken by those GSE's that led to the debacle we are facing today.  Those bankers that make you "puke" were only able to bet their balance sheets with outrageous leverage, package mortgages purchased from banks into MBS's, and sell them to instituions who were looking for above average returns.  The road to perdition was paved by politicians legislating a social agenda for the country. Those greedy bankers would not have been able to consumate those bad deals if Congress had not told them too do so...loosened the regulatory bindings, and looked the other way when it came to oversight!   No one has a "right" to own a home....it has to be earned!  And now all of us are expected to bail out people who ate more than they could chew in loans, and look the other way and not blame the liberal political elite. 

• More than 84 percent of the subprime mortgages in 2006 were issued by private lending institutions.
• 
  
• Private firms made nearly 83 percent of the subprime loans to low- and moderate-income borrowers that year.
• 
  
• Only one of the top 25 subprime lenders in 2006 was directly subject to the housing law that's being lambasted by conservative critics.

quote:

ORIGINAL: rulemylife

quote:

ORIGINAL: corysub


Great fantasy...I would join in too and hope the elevator was big enough to include Barney Frank, Maxine Waters, Cumo, and all the other politicians who were in the hip pocket of FannieMae and FreddieMac, who looked the other way while warnings were given by regulators about balance sheet risks being taken by those GSE's that led to the debacle we are facing today.  Those bankers that make you "puke" were only able to bet their balance sheets with outrageous leverage, package mortgages purchased from banks into MBS's, and sell them to instituions who were looking for above average returns.  The road to perdition was paved by politicians legislating a social agenda for the country. Those greedy bankers would not have been able to consumate those bad deals if Congress had not told them too do so...loosened the regulatory bindings, and looked the other way when it came to oversight!   No one has a "right" to own a home....it has to be earned!  And now all of us are expected to bail out people who ate more than they could chew in loans, and look the other way and not blame the liberal political elite. 

McClatchy Washington Bureau | 10/12/2008 | Private sector loans ...Oct 12, 2008 ... Private sector loans, not Fannie or Freddie, triggered crisis ... "I don't remember a clarion call that said Fannie and Freddie are a ...
www.mcclatchydc.com/251/story/53802.html - 52k


WASHINGTON — As the economy worsens and Election Day approaches, a conservative campaign that blames the global financial crisis on a government push to make housing more affordable to lower-class Americans has taken off on talk radio and e-mail.

Commentators say that's what triggered the stock market meltdown and the freeze on credit. They've specifically targeted the mortgage finance giants Fannie Mae and Freddie Mac, which the federal government seized on Sept. 6, contending that lending to poor and minority Americans caused Fannie's and Freddie's financial problems.

Federal housing data reveal that the charges aren't true, and that the private sector, not the government or government-backed companies, was behind the soaring subprime lending at the core of the crisis.

Subprime lending offered high-cost loans to the weakest borrowers during the housing boom that lasted from 2001 to 2007. Subprime lending was at its height from 2004 to 2006.

Federal Reserve Board data show that:

• More than 84 percent of the subprime mortgages in 2006 were issued by private lending institutions.
  
• 
  
• Private firms made nearly 83 percent of the subprime loans to low- and moderate-income borrowers that year.
  
• 
  
• Only one of the top 25 subprime lenders in 2006 was directly subject to the housing law that's being lambasted by conservative critics.

quote:

ORIGINAL: corysub

Thank you for the link.  It proves the point others have made that journalists with an agenda can fool the masses who don't do homework.  It shows how you can fool people with facts and figures that have no relevance to an issue.  I think we can agree that Delta Airlines today will have more airplanes in the air than the Baltimore & Ohio Railroad!  That's about what the story you linked to proves...and I agree.

It's true that most mortgages are originated by banks and not FannieMae and FreddieMac.  Excuse me, but who do you think than buys those mortgages from the banks?  Who do you think was chartered to provide money to grease the credit rails..? Guess..!  Guess again!  Correct..FannieMae and FreddieMac who, together had portfolios that represeented half the mortgages in the United States.

quote:

ORIGINAL: Owner59

New BofA advert.

http://www.youtube.com/watch?v=hkek9JZWXjs

quote:

Great fantasy...I would join in too and hope the elevator was big enough to include Barney Frank, Maxine Waters, Cumo, and all the other politicians who were in the hip pocket of FannieMae and FreddieMac, who looked the other way while warnings were given by regulators about balance sheet risks being taken by those GSE's that led to the debacle we are facing today.  Those bankers that make you "puke" were only able to bet their balance sheets with outrageous leverage, package mortgages purchased from banks into MBS's, and sell them to instituions who were looking for above average returns.  The road to perdition was paved by politicians legislating a social agenda for the country. Those greedy bankers would not have been able to consumate those bad deals if Congress had not told them too do so...loosened the regulatory bindings, and looked the other way when it came to oversight!   No one has a "right" to own a home....it has to be earned!  And now all of us are expected to bail out people who ate more than they could chew in loans, and look the other way and not blame the liberal political elite. 

quote:

ORIGINAL: rulemylife

quote:

ORIGINAL: corysub

Thank you for the link.  It proves the point others have made that journalists with an agenda can fool the masses who don't do homework.  It shows how you can fool people with facts and figures that have no relevance to an issue.  I think we can agree that Delta Airlines today will have more airplanes in the air than the Baltimore & Ohio Railroad!  That's about what the story you linked to proves...and I agree.

It's true that most mortgages are originated by banks and not FannieMae and FreddieMac.  Excuse me, but who do you think than buys those mortgages from the banks?  Who do you think was chartered to provide money to grease the credit rails..? Guess..!  Guess again!  Correct..FannieMae and FreddieMac who, together had portfolios that represeented half the mortgages in the United States.

From the same article, which I'm sure is completely made up and false.  Afterall, you didn't hear it on a conservative talk show, so how could it be true?


Between 2004 and 2006, when subprime lending was exploding, Fannie and Freddie went from holding a high of 48 percent of the subprime loans that were sold into the secondary market to holding about 24 percent, according to data from Inside Mortgage Finance, a specialty publication. One reason is that Fannie and Freddie were subject to tougher standards than many of the unregulated players in the private sector who weakened lending standards, most of whom have gone bankrupt or are now in deep trouble.

During those same explosive three years, private investment banks — not Fannie and Freddie — dominated the mortgage loans that were packaged and sold into the secondary mortgage market. In 2005 and 2006, the private sector securitized almost two thirds of all U.S. mortgages, supplanting Fannie and Freddie, according to a number of specialty publications that track this data.

quote:

ORIGINAL: Owner59

New BofA advert.

http://www.youtube.com/watch?v=hkek9JZWXjs