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Besides the CRA and Fannie/Freddie the biggest culprits were the the ratings agencies; S and P, Moody's and Fitch. If they didn't rate the Mortgage Backed Securities A and better there never would have been a market for them. This market enabled lenders to make a bad loan and then get it off their books. There was no reason not to make as many loans as they could, bad or not.
Did anyone from the credit agencies go to jail?
CRA accounted for an extremely small part of the mortgage crisis. Read the thread for examples.
I've been on this forum for a long time. Personal attacks are not cool, even when you disagree with their position.
Roy is combative, because he likes to debate. He and I have actually seen eye to eye many times, and many times we agree to disagree. I have had multiple off line debates with him over PM.
But as of late, he seems to be biting the "Beck" worm. Assuming that anything Beck and right wing bloggers say are true, or assuming that anything that Chris Matthews or left wing bloggers say are true, is just well, stupid.
The blame for the housing crisis doesn't rest on one mans, or one parties shoulders. It was a massive failure on many levels.
It was worse than encouraged. It was mandated and carried stiff penalties if they didn't make the loans.. I wish people would take the time to read up on the Community Reinvestment Act.. That includes the moron in the Whitehouse.. Wait, he knows about it... Just trying to make it sound like it wasn't the governments (his) fault and well..
This guy is so anti-business it's amazing..
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.
I've been on this forum for a long time. Personal attacks are not cool, even when you disagree with their position.
Roy is combative, because he likes to debate. He and I have actually seen eye to eye many times, and many times we agree to disagree. I have had multiple off line debates with him over PM.
But as of late, he seems to be biting the "Beck" worm. Assuming that anything Beck and right wing bloggers say are true, or assuming that anything that Chris Matthews or left wing bloggers say are true, is just well, stupid.
The blame for the housing crisis doesn't rest on one mans, or one parties shoulders. It was a massive failure on many levels.
I think debates, while exhausting, are healthy for opening the mind to ideas you may have never thought of. In fact, a healthy debate converted me from pro-life to pro-choice many moons ago (that's a huge transition, based off one conversation). A healthy debate got me to reconsider why I'd been a vegetarian for 23 years and whether or not I did believe in eating animals (I'm still a vegetarian, but I do see the other side SO much more clearly now and totally get it; heck, I even changed my views on hunting from a healthy debate).
However, I don't appreciate being talked down to because I don't agree with your position as Roy did to me. It was completely uncalled for.
Also, several of his posts seem to be corrected with facts by others, hence my comment. It wasn't a dig at him (if I wanted it to be a dig, I would have said what I was really thinking lol). He needs to be more polite in what is suppose to be a healthy debate, not a battle of who can be more condescending, and check all the facts on both sides, not just the side he's on.
WHAT?!! OMGosh, he isn't that, oh yeah he's a mindgame player....THAT blatantly hypocritical!
He helped to cause this mess!! he pushed for the banks toDO THIS!! Email this link out and post it all over the 'net before we vote in Nov! This was years ago, BEFORE the crash.
The narrative that Freddie and Fanny were the causes of the crisis is a zombie lie. From The Big Picture:
Quote:
Some people actually look at the data, while others foolishly parrot talking points. Consider this Federal Reserve Board data, compiled by McClathcy. It shows that:
* More than 84% of the subprime mortgages in 2006 were issued by private lending institutions.
* Private firms made nearly 83% 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 CRA;
* Only commercial banks and thrifts must follow CRA rules. The investment banks don’t, nor did the now-bankrupt non-bank lenders such as New Century Financial Corp. and Ameriquest that underwrote most of the subprime loans.
* Mortgage brokers, who also weren’t subject to federal regulation or the CRA, originated most of the subprime loans.
The “Blame Fannie/Freddie/CRA” crowd, do provide a service: I know anyone who repeats this meme is an empty headed parrot, a mindless drone without an ability to think. This is a huge timesaver, as it has allowed me to dismiss many of the ditto heads I might have otherwise wasted time on.
So whoever came up with this silly talking point, despite your lack of concern for facts and your attempts at muddying the waters — thanks! You’ve saved me an enormous amount of time in identifying people not to bother reading, and to ignore.
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?
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?
I have no idea.... Perhaps you should ask him.
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