quote:

Thats just ridiculous. It is IRRELEVENT who originated the loans. Had freddie and fannie NOT lowered their standards to accept them - there is no crisis.

quote:

Lies, damn lies and statistics. Much of commercial mortgages are not bought / sold, which is why I said mortgages purchased.

Put aside the quibble about the % of the market - the point still remains had Fannie and freddie NOT relaxed their standards their is no issue.

quote:

Second point: the banks relaxed their standards because they were REQUIRED to; and subjected to harassment to make them comply - first by private agreements, second by statute. So if you want to return to root causes - (which you ignored) you have to blame congress.

quote:

ORIGINAL: mons

hello to everyone

I wish everyone would sit back and just relax!

All of the things said that many of you call racist and I am a black woman
I find that they are nothing!

When the black community says nothing and as I wrote before Jessie Jackson and Al Sharpton
and I say it again "they do not speak for anyone but theirselves!

It has made me see things differently so many are here fighting about what someone had said, or they
ask if they "bacl community is acting upon what someone has said!

There is a term "walk a mile in my shoes" none of you can really say what is the opinion of others!

I hear someone of the trash about rap songs and the use of the "n" word and how we use it in the community!

No one in there right mind of a good family uses this word at all! No one is wondering what VP Joe binden said!

We knew he meant the chains to a bank, but someone had to make it a racial call, oh people we are not dumb!

In fact we are wise and just watch and learn! It is just like when a group of whites start a riot it is called something
different, it is not a riot but it is a but pillow fight, if it happen with non white it is a riot, apples to oranges!!!!!

I know it is more then a "pillow fight" I just could not think of the word!

We have learned so much I have learned much more I seen people here whom I did not think had racial issue
turn and say thng I could not believe!

TheHeretic: What a silly dumb thing to say: What pray tell me and I am black what is the lol negro lol dialect?

You have to be jesting? This is what I mean someone says things that are so far into the wind, the wind had passed gas, and the
smell is making me ill.

Ok back to the Negro dialect, do you know TheHerion that it is funny that you mention this, I do remember someone told me,
and she thought she was giving me a kind word , she said " your so different then the rest, you are so intelligent!

YOU DO NOT TALK LIKE THE OTHERS!

Now remember this I am the only black person she has ever been around, second if she had took the time and
saw the doctor, attorneys, scientist , who are the members of my church she would had known it was very dumb thing '
to say to me! It was an insult to think I was the only black person who spoke well!

TheHeretic how many blacks people do you really know? Have you ever had them over for dinner?
In the south everyone say things with a rich accent!

Be careful the south has some mean SOB and to tell them they are speaking the negroe dialect may get you some
trouble!

Please watch the "whites" this is their last name, it is a show they have a dialect and it is lol negroe , oh yes they are white!

Ok I see whom is the people who show their true colors!

If you open you mind and your heart to others you would see who is worth knowing!

You would enjoy so much more of life!

I must ask what are you so frighten of ? This is the basic of what your fear is, I remember seeing the
lynching of two black men, it is a very old picture but what frighten me it was the little girl smiling and
looking at the men bloodied and beaten bodies with a smiled on her face she had to be only 6 or 7 years old
that gave me nightmare ( I wonder if she turn to a killer after that?

best regards

mons( I fel sorry for you and some of you need to take a pill and relax hell if he wins again I fear some of you will
have a stork or a heart attack!!!!!!!)

quote:

ORIGINAL: papassion


The root cause of the economic downturn was the Democrat dream that everyone should own a house. Bill Clinton threatened legal action on banks that were "to cautious" on their lending policy. Thus unqualified people bought homes. Buyers defaulted, the mortgages that backed the investments wall street sold were worth shit, and it all came down. Google "Who caused the housing crisis" You will see a LOT of your hero Democrat names! Some Repubs too! You should also look up where
bush tried 16 times to get fannie and freddie audited. but Barney Frank assured people that hard hearted republicans just didn't want lower income people in houses and blocked any attempt to audit freddie and fannie. The rest is history and can be verified!

quote:

ORIGINAL: SternSkipper

quote:

The root cause of the economic downturn was the Democrat dream that everyone should own a house. Bill Clinton threatened legal action on banks that were "to cautious" on their lending policy. Thus unqualified people bought homes.

Try the NeoCon dream of turning the loan market into a Casino. You can't blame Clinton for the wholesale thievery that went down behind the scenes on Wall Street. Where was Bush and HIS DOJ during the 8 years it was actually going sour?

quote:

ORIGINAL: DesideriScuri

quote:

ORIGINAL: papassion
The root cause of the economic downturn was the Democrat dream that everyone should own a house. Bill Clinton threatened legal action on banks that were "to cautious" on their lending policy. Thus unqualified people bought homes. Buyers defaulted, the mortgages that backed the investments wall street sold were worth shit, and it all came down. Google "Who caused the housing crisis" You will see a LOT of your hero Democrat names! Some Repubs too! You should also look up where
bush tried 16 times to get fannie and freddie audited. but Barney Frank assured people that hard hearted republicans just didn't want lower income people in houses and blocked any attempt to audit freddie and fannie. The rest is history and can be verified!

As early as 2004, Bush was there asking for an audit.

Why he couldn't get that through in '04, I don't know.

Ron Paul was calling for the Fed's to divest itself of Fannie and Freddie in the early 00's.

quote:

ORIGINAL: tazzygirl

quote:

ORIGINAL: SternSkipper

quote:

The root cause of the economic downturn was the Democrat dream that everyone should own a house. Bill Clinton threatened legal action on banks that were "to cautious" on their lending policy. Thus unqualified people bought homes.

Try the NeoCon dream of turning the loan market into a Casino. You can't blame Clinton for the wholesale thievery that went down behind the scenes on Wall Street. Where was Bush and HIS DOJ during the 8 years it was actually going sour?

There were multiple warnings.

http://nicedeb.wordpress.com/2008/09/21/the-white-house-warned-congress-about-fannie-mae-freddie-mac-17-times-in-2008-alone/

This dates it back to 2001.

quote:

ORIGINAL: SilverMark

quote:

ORIGINAL: papassion


The root cause of the economic downturn was the Democrat dream that everyone should own a house. Bill Clinton threatened legal action on banks that were "to cautious" on their lending policy. Thus unqualified people bought homes. Buyers defaulted, the mortgages that backed the investments wall street sold were worth shit, and it all came down. Google "Who caused the housing crisis" You will see a LOT of your hero Democrat names! Some Repubs too! You should also look up where
bush tried 16 times to get fannie and freddie audited. but Barney Frank assured people that hard hearted republicans just didn't want lower income people in houses and blocked any attempt to audit freddie and fannie. The rest is history and can be verified!

I guess that Bill Clinton was the reason that they put the CEO of WAMU in Jail?....Not greed? Nooooo....All Bill's fault?

Countrywide?...How about them?....I know, it was that evil Bill Clinton and the Democrats....Right?

Taylor Bean and Whitaker's partners, Bill Clinton again?....What a BS claim to make!

Greed on behalf of those lending, those 100 Million Dollar bonuses, they were not incentive to CHEAT the system and pervert the law, now were they?

Nope, it was that GAY BARNEY FRANK!... he put a gun to their heads and said"Forget Judgment"....GIve everyone a mortgage, don't hold yourself or others accountable!...Just bank that MONEY!

Simplistic answers to complex questions.....

quote:

ORIGINAL: mnottertail

and what is really pathetic about the whole affair that was underwritten by W and the republicans is that these few shakily financial black people who got loans from the W affordable housing act after glass-stegal repeal so that the unregulated banks could derive and repackage them as high grade toxic financials brought every betting parlour on wall street and other unregulated banking systems to its knees, world wide because there was no serious inflation on the adjustable rate mortages which in the initial widespread dump went foreclosure with the AVERAGE loan origination of 3 years, still inside the W administration.

  

quote:

ORIGINAL: Phydeaux

quote:


But only a fourth of such loans were originated by government agencies, including Fannie, Freddie and the Federal Housing Administration.......
Lets include all to blame.. and makes sure the blame is placed where it belongs.

Thats just ridiculous. It is IRRELEVENT who originated the loans. Had freddie and fannie NOT lowered their standards to accept them - there is no crisis.

Fannie, Freddie and FHA are the buyers of 97% of US commercial mortgages.

The fact is that they consciously relaxed their loan standards knowing that this privatized gain and publicized loss. Ie., allowing the loan originators to make huge profits, while publicizing (ie making the us tax payer) the inevitable losses.

Fact: Banks were blackmailed into making sub-prime loans by democratic constituencies. These people demonstrated even in bank offices, at the homes of bank chairmen.

Fact: Community Reinvestment act mandated banks had to make a certain percentage of subprime loans. These laws originated in the democrat controlled house and the 93 revision signed by Clinton.

Fact: Democrats were the top benificaries of lobbying donations from the mortgage industry. In fact three of the top five were: Dodd, Frank, and one Barack Obama.

So please spare me the bromide there is enough guilt to go around. People should be going to jail on this - and the reason they are not is because BO and Holder are protecting democratic donors and constituents.

quote:

ORIGINAL: tazzygirl

quote:

Fannie, Freddie and FHA are the buyers of 97% of US commercial mortgages.

Just because they are commercial loans that doesnt make them the sub prime loans.

As to the rest of your rant... which is what it is... its purely your opinion. Of which you are entitled.

But before you accuse me of holding a position, you best be sure its one I do, in fact, hold.

quote:

So please spare me the bromide there is enough guilt to go around. People should be going to jail on this - and the reason they are not is because BO and Holder are protecting democratic donors and constituents.

Pst... there is more than enough blame to go around.

quote:

Thats just ridiculous. It is IRRELEVENT who originated the loans. Had freddie and fannie NOT lowered their standards to accept them - there is no crisis.

Of course its relevent... why wouldnt you care who lowered their standards initially to make them?

The dollar amount of subprime and alt-A loans made during this period by the private sector was jaw-dropping, reaching nearly $600 billion at the height of the lending frenzy in 2006. For context, this is about equal to the total amount Americans currently owe on bank credit cards. By contrast, government lenders made just over $100 billion in subprime and alt-A loans in 2006. Even in 2007, when the housing market was beginningits free fall, private lenders still handed out more than $300 billion via these very shaky mortgage loans

All this can be seen in the share of total residential mortgage debt insured or owned by Fannie Mae and Freddie Mac. At the start of 2002, before the housing boom got going, the two agencies’ market share accounted for almost 54 percent of all mortgage debt. By summer 2006, the bubble’s apex, their share had fallen to only 40 percent. It is difficult to see how the agencies could have been responsible for inflating the housing bubble at a time when they were losing a full 14 percentage points of market share. Indeed, the opposite was true, as their position in the housing market rapidly diminished.

It wasn’t that Fannie and Freddie made a prescient strategic decision to stay clear of the housing frenzy. They couldn’t have participated even if they had wanted to. The two agencies had committed various accounting irregularities earlier in the decade, and their regulator forced them to rein in their growth.

Moreover, Fannie and Freddie couldn’t compete with rapaciously expanding private lenders. Securitization was in full swing, enabling private lenders to offer low rates and increasingly aggressive terms to borrowers. In 2006, almost half the loans made by private lenders required no down payment and no documentation. Fannie and Freddie simply couldn’t play in that league, even though Congress had given them aggressive lending targets to help boost homeownership among lower-income and minority households.

http://www.economy.com/mark-zandi/documents/2012-01-24-Fannie-and-Freddie-dont-deserve-blame-for-bubble.pdf

Reading... it can be your friend.

Talking heads... not to much.

quote:

ORIGINAL: LookieNoNookie

No offense Desidrei....but I don't think Bush EVER asked for an audit.

not that it would have actually happened had he done so but....that one escapes me as to history.

quote:

Democrats Were Wrong on Fannie Mae and Freddie Mac


Seventeen.

That's how many times, according to this White House statement (hat tip Gateway Pundit), that the Bush administration has called for tighter regulation of the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. Congress has cooperated only once. In spring 2007, as House Financial Services Committee Chairman Barney Frank likes to point out, the House did pass a bill in response. The Senate did not act until 2008; Senate Banking Committee Chairman Christopher Dodd spent most of 2007 camped out in Iowa running for president. The legislation passed by Congress in 2008 enabled Treasury Secretary Henry Paulson to put Fannie and Freddie into federal conservatorship this summer when they failed. But it didn't prevent them from spewing a huge amount of toxic waste, in the form of subprime and Alt-A mortgages, into our financial institutions from 2004 to 2007. As Stephen Spruiell points out in The Corner on National Review Online, Fannie and Freddie spewed out $1 trillion worth (face value) of subprime mortgages between 2005 and 2007. That's a whole lot of toxic waste. For more detail, consult the items referred to in my previous blogpost on this subject (most of the comments seem to have been disputes about the plot line of the movie It's a Wonderful Life, which I should think could be settled by consulting a reference work).


<snip>


Much if not all of that could have been prevented by a bill cosponsored by John McCain and supported by all the Republicans and opposed by all the Democrats in the Senate Banking Committee in 2005. That bill, which the Democrats stopped from passing, would have prohibited the GSEs from speculating on the mortgage-based securities they packaged. The GSEs' mission allegedly justifying their quasi-governmental status was to package or securitize such mortgages, but the lion's share of their profits—which determined top executives' bonuses—came from speculation.



http://www.usnews.com/blogs/barone/2008/10/06/democrats-were-wrong-on-fannie-mae-and-freddie-mac.html

quote:

ORIGINAL: SilverMark

quote:

ORIGINAL: papassion
The root cause of the economic downturn was the Democrat dream that everyone should own a house. Bill Clinton threatened legal action on banks that were "to cautious" on their lending policy. Thus unqualified people bought homes. Buyers defaulted, the mortgages that backed the investments wall street sold were worth shit, and it all came down. Google "Who caused the housing crisis" You will see a LOT of your hero Democrat names! Some Repubs too! You should also look up where
bush tried 16 times to get fannie and freddie audited. but Barney Frank assured people that hard hearted republicans just didn't want lower income people in houses and blocked any attempt to audit freddie and fannie. The rest is history and can be verified!

I guess that Bill Clinton was the reason that they put the CEO of WAMU in Jail?....Not greed? Nooooo....All Bill's fault?
Countrywide?...How about them?....I know, it was that evil Bill Clinton and the Democrats....Right?
Taylor Bean and Whitaker's partners, Bill Clinton again?....What a BS claim to make!
Greed on behalf of those lending, those 100 Million Dollar bonuses, they were not incentive to CHEAT the system and pervert the law, now were they?
Nope, it was that GAY BARNEY FRANK!... he put a gun to their heads and said"Forget Judgment"....GIve everyone a mortgage, don't hold yourself or others accountable!...Just bank that MONEY!
Simplistic answers to complex questions.....

quote:

the Democrat dream of everyone should have a house!

quote:

ORIGINAL: Musicmystery

quote:

the Democrat dream of everyone should have a house!

The Devils!!!!
I so hate when the middle class gets all uppity

quote:

ORIGINAL: BKSir
Yep, saying the word "chains" IS pretty low. I think we should jump all over him for that. I mean, that's downright horrible compared to how the right wing is handling this election. Stellar examples of fair play and kindness such as this: http://www.examiner.com/article/obama-death-threat-cat-impaled-burned-alive-next-to-obama-campaign-sign are being condemned by the far-right on this board... uh... oh yeah, I have been looking all afternoon and not seen anyone from our lunatic "right" here saying THIS was bad. But YOU CAN'T SAY 'CHAINS'!
Screw it, I'm moving to Mars.

quote:

ORIGINAL: LookieNoNookie

quote:

ORIGINAL: mnottertail

and what is really pathetic about the whole affair that was underwritten by W and the republicans is that these few shakily financial black people who got loans from the W affordable housing act after glass-stegal repeal so that the unregulated banks could derive and repackage them as high grade toxic financials brought every betting parlour on wall street and other unregulated banking systems to its knees, world wide because there was no serious inflation on the adjustable rate mortages which in the initial widespread dump went foreclosure with the AVERAGE loan origination of 3 years, still inside the W administration.

  

It wasn't just blacks. It was predominantly blacks...but it wasn't just blacks.

quote:

ORIGINAL: tazzygirl

quote:

ORIGINAL: Phydeaux
Thats [sic] just ridiculous. It is IRRELEVENT who originated the loans. Had freddie and fannie NOT lowered their standards to accept them - there is no crisis.

Of course its relevent... why wouldnt you care who lowered their standards initially to make them?