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Old 02-04-2012, 09:56 PM
 
Location: FL
20,702 posts, read 12,447,327 times
Reputation: 5452

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Quote:
Originally Posted by roysoldboy View Post
I am pretty sure that the one you aimed that link at won't be reading it since nobody at hard left headquarters would allow their workers to read things like that. Nice Deb just isn't the kind of person who they would want their followers to read from. That is because they may start questioning the leaders' words about "no such thing as 17 warnings from Bush about Fannie and Freddie in that one year (2008). They wouldn't want their useful idiots to know that the House of Representatives listened to Barney Frank say that there was nothing wrong at Fannie Mae although they admitted to a $1.2 billion error in one year.

Outstanding reading but I can guarantee you that I know at least 2 libs who are making noises here today who read very little, if any, of it.
You do realize that in 2008 it was to late as the subprime market fell apart in 2007, right?
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Old 02-04-2012, 10:40 PM
 
Location: CHicago, United States
6,933 posts, read 8,456,821 times
Reputation: 3510
Quote:
Originally Posted by nightflight View Post
Really, he said this!



WEEKLY ADDRESS: It
Duh! Isn't that what happened?
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Old 02-04-2012, 10:47 PM
 
Location: FL
20,702 posts, read 12,447,327 times
Reputation: 5452
Quote:
Originally Posted by WilliamSmyth View Post
Please explain how any of the items in the link would have prevented the housing bubble and subsequent collapse. Any warnings in 2008 would have been far to late. The accounting problems at Fannie Mae did not cause the housing bubble or its subsequent collapse.
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Old 02-05-2012, 06:33 AM
 
Location: NE Ohio
30,421 posts, read 20,190,353 times
Reputation: 8958
Quote:
Originally Posted by Finn_Jarber View Post
Reagan shared Carter's view when he said he wanted a house on every lot. But of course we all know that Bush took it to heights never seen before, and it destroyed the economy.
Would you provide some citations here, because I think you have your history wrong.

It was Clinton that greatly expanded the CRA. I don't believe that Bush expanded it further.

You leftists love to blame everything on GW, don't you? Yet you ignore your own history, or just sweep it under the rug.
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Old 02-05-2012, 06:43 AM
 
Location: NE Ohio
30,421 posts, read 20,190,353 times
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Quote:
Originally Posted by WilliamSmyth View Post
Most of the subprime loan originations were not done to fulfill a government mandate.
Well, that's great if you want to believe something that comes from the Fed!
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Old 02-05-2012, 06:45 AM
 
Location: Columbia, SC
36,871 posts, read 18,744,488 times
Reputation: 14679
Quote:
Originally Posted by nightflight View Post
Really, he said this!



WEEKLY ADDRESS: It
He was correct, too. W was the cheerleader for the Scalping Project. In his own words:


October 2002 speech by president Bush - YouTube
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Old 02-05-2012, 06:48 AM
 
Location: Cape Coral
5,503 posts, read 7,295,505 times
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Quote:
Originally Posted by MTAtech View Post
No it wasn't. Post the text of the statute that mandates that banks must loan to people they don't want to.

The government didn't force banks and mortgage companies to place ads in newspapers and TV saying: "no job, no credit, no problem." The gov't didn't force brokers to create no income verification loans. Those companies did it because they were making lots of money doing it. Why? Because they took no risk because they sold those loans at a profit the minute the ink was dry.

I know tht the right-wing narrative is that the whole problem was that Democrats wanted black people to own homes but that was not the cause of this problem.
So-called "community groups" like ACORN benefit themselves from the Community Reinvestment Act through a process that sounds like legalized extortion. The CRA is enforced by four federal government bureaucracies: the Fed, the Comptroller of the Currency, the Office of Thrift Supervision, and the Federal Deposit Insurance Corporation. The law is set up so that any bank merger, branch expansion, or new branch creation can be postponed or prohibited by any of these four bureaucracies if a CRA "protest" is issued by a "community group." This can cost banks great sums of money, and the "community groups" understand this perfectly well. It is their leverage. They use this leverage to get the banks to give them millions of dollars as well as promising to make a certain amount of bad loans in their communities.
The Government-Created Subprime Mortgage Meltdown by Thomas DiLorenzo
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Old 02-05-2012, 06:59 AM
 
Location: NE Ohio
30,421 posts, read 20,190,353 times
Reputation: 8958
Quote:
Originally Posted by Goodnight View Post
That is a complete fabrication, the community reinvestment act addressed red-lining in inner city neighborhoods, they did not require banks to do away with income verification. Red-lining was a practice of discriminating against loans in inner city neighborhoods.

By the way seems like a good part of the mortgage defaults ocurred in Florida and Nevada. There was plenty of blame to go a around, bankers, real estate agents, wall street, the government, take your pick.

The CRA followed similar laws passed to reduce discrimination in the credit and housing markets including the Fair Housing Act of 1968, the Equal Credit Opportunity Act of 1974 and the Home Mortgage Disclosure Act of 1975 (HMDA). The Fair Housing Act and the Equal Credit Opportunity Act prohibit discrimination on the basis of race, sex, or other personal characteristics. The Home Mortgage Disclosure Act requires that financial institutions publicly disclose mortgage lending and application data. In contrast with those acts, the CRA seeks to ensure the provision of credit to all parts of a community, regardless of the relative wealth or poverty of a neighborhood.
Sorry, but you are misinformed. But, I would expect the left to deny what their policies have done to our economy.

Even I remember going for a loan in the late 80's and we were told that our income did not need to be verified. They were called "no-qual" loans, and it was because of the CRA.

From a Oct 2008 Article:

1980s

With CRA came increased oversight of lending institutions to ensure they were giving credit to low- and moderate-income communities. Regulators expressed that CRA was not designed to compel credit allocation, nor did it require risky lending practices. Moreover, ECOA (Equal Credit Opportunity Act) and FHA, not CRA, were in place to address discrimination in lending. But community organization groups like the radical ACORN began efforts to reshape CRA into government-imposition, in accord with what "affirmative obligation" might suggest. They began pressing the semantic open door and stretching the "discrimination" provision to complain about enforcement of the regulations as lending institutions resisted bad lending practices in poor minority communities.

Archived-Articles: Why the Mortgage Crisis Happened

This article makes it pretty clear where the responsibility lies, and it is primarily with government policies, not the banks.


Last edited by nononsenseguy; 02-05-2012 at 07:21 AM..
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Old 02-05-2012, 06:59 AM
 
Location: Cape Coral
5,503 posts, read 7,295,505 times
Reputation: 2249
Quote:
Originally Posted by MTAtech View Post
The narrative that Freddie and Fanny were the causes of the crisis is a zombie lie. From The Big Picture:
You are delusional. "Subprime mortgages have existed for decades. But they were a small percentage of the mortgage market (well under 10%), until Fannie and Freddie reduced credit standards to increase market share and meet low-income and minority home ownership targets mandated by Congress. By 2007, nearly 50% of all mortgages that originated in the U.S. were subprime, with Fannie, Freddie and other agencies guaranteeing about 70%."
Fannie and Freddie must go - here's how - Dec. 20, 2011

Because of the implied backing by the US the gov't, rating agencies rated the bundled mortgage backed securities A and better. This is what created a market for this crap.
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Old 02-05-2012, 07:12 AM
 
Location: Cape Coral
5,503 posts, read 7,295,505 times
Reputation: 2249
Quote:
Originally Posted by Donna-501 View Post
August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying “first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options.” (President George W. Bush, Press Conference, The White House, 8/9/07).


Why didn't Bush do any thing in the 6 years that the republicans controlled congress?
In 2005 the Republicans had a bill that would have ended the housing crisis before it happened.
"For the first time in history, a serious Fannie and Freddie reform bill was passed by the Senate Banking Committee. The bill gave a regulator power to crack down, and would have required the companies to eliminate their investments in risky assets.
The bill didn't become law, for a simple reason: Democrats opposed it on a party-line vote in the committee, signaling that this would be a partisan issue. Republicans, tied in knots by the tight Democratic opposition, couldn't even get the Senate to vote on the matter."
How the Democrats Created the Financial Crisis: Kevin Hassett - Bloomberg
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