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So the question isn't why we "allow FICO to hold power over us", it is why we allow the Federal Reserve Bank to be the monopoly issuer of u.s. currency. Because that's where all the other financial institutions derive their authority. Abolish the Fed and bankers are just a bunch of broke guys with fancy suits.
Granted -- abolishing the Fed without a new plan for managing the currency is guaranteed disaster. But it is not a secret where all this power and control originates.
I was in banking 20+ years and I m 1000% against the credit bureaus and their stinking FICO- they rule and RUIN peoples lives. NOT all are derelicts, some are-but most juts hard working people trying to make it- but one smudge on your score- changes the playing field-for every one! I even wrote a few congress people about doing a panel to inquire the terrible practices they do. If I ever find a group or atty. to sue we all should.
People could lose all, including jobs, in a tornado and the credit bureaus will make sure you stay UNDER that rubble for years -
They could have quit promoting the piling on of even more bad loans.
Both sides were complete and total failures in all of this.
Agreed. The bubble was accumulation of numerous decisions begun with the Clinton administration, accelerated by Bush, and with active complicity by both Democrat- and Republican-controlled congresses. The issue is now this Revisionist history which attempts to place all the blame on one party or the other. It serves no purpose other than to inflame even more partisanship.
Agreed. The bubble was accumulation of numerous decisions begun with the Clinton administration, accelerated by Bush, and with active complicity by both Democrat- and Republican-controlled congresses. The issue is now this Revisionist history which attempts to place all the blame on one party or the other. It serves no purpose other than to inflame even more partisanship.
Agreed. The bubble was accumulation of numerous decisions begun with the Clinton administration, accelerated by Bush, and with active complicity by both Democrat- and Republican-controlled congresses. The issue is now this Revisionist history which attempts to place all the blame on one party or the other. It serves no purpose other than to inflame even more partisanship.
So do you think this time we will elect someone who won't go along with the greed? No one likes Ted Cruz is what I read so he just may be the guy to clean it up.
So do you think this time we will elect someone who won't go along with the greed? No one likes Ted Cruz is what I read so he just may be the guy to clean it up.
Find out where he's getting the money to finance his campaign.
Except that more than 70% of sub-prime loans were made by institutions NOT REQUIRED TO MAKE THEM.
So blaming politicians misses the point entirely. GREED on the other hand...
Except that more than 70% of sub-prime loans were made by institutions NOT REQUIRED TO MAKE THEM.
So blaming politicians misses the point entirely. GREED on the other hand...
50% of Fannie's portfolio consisted of subprime loans right before the crash.
It doesn't matter who issued the loans.
It matters who guaranteed their repayment with our taxpayer dollars (Fannie).
50% of Fannie's portfolio consisted of subprime loans right before the crash.
It doesn't matter who issued the loans.
It matters who guaranteed their repayment with our taxpayer dollars (Fannie).
But nice try, anyway.
Dead wrong, if those other 70% of loans hadn't been made, there wouldn't have been enough volume to securitize them into MBS on the private market and TOTAL $ involved to inflate the bubble. You're saying that the reason the house crumbled under an F5 tornado is because the builder only used 1/2" plywood in the subfloor.
Dead wrong, if those other 70% of loans hadn't been made, there wouldn't have been enough volume to securitize them into MBS on the private market and TOTAL $ involved to inflate the bubble. You're saying that the reason the house crumbled under an F5 tornado is because the builder only used 1/2" plywood in the subfloor.
Wrong.
Maybe I'll tell my utility company I don't need central heating anymore, because my hot air supply is being well provided for here by liberals on C-D.
Except that more than 70% of sub-prime loans were made by institutions NOT REQUIRED TO MAKE THEM.
So blaming politicians misses the point entirely. GREED on the other hand...
Fannie and Freddie wanted to buy those subprime loans to meet HUD's "Affordable Lending" goals, so they created the market for them. Fannie even bragged about the special program they had with Countrywide and other loan originators to lend to those with "alternative credit."
Quote:
"...Countrywide tends to follow the most flexible underwriting criteria permitted under GSE and FHA guidelines. Because Fannie Mae and Freddie Mac tend to give their best lenders access to the most flexible underwriting criteria, Countrywide benefits from its status as one of the largest originators of mortgage loans and one of the largest participants in the GSE programs. When necessary—in cases where applicants have no established credit history, for example—Countrywide uses nontraditional credit, a practice accepted by the GSEs."
Prime has a specific FICO score cutoff. Anything below that is subprime.
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they rule and RUIN peoples lives. NOT all are derelicts, some are-but most juts hard working people trying to make it- but one smudge on your score- changes the playing field-for every one! I even wrote a few congress people about doing a panel to inquire the terrible practices they do. If I ever find a group or atty. to sue we all should. 
