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Old 03-13-2017, 04:35 AM
 
Location: *
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Quote:
Originally Posted by InformedConsent View Post
Why would a newspaper article list every single person? They gave one, as an example. If you're wondering how widespread this is, the NY Times states there are tens of thousands of mortgage owers who are 5+ years behind on their mortgage payments. Look up the statue of limitations for each state to see how ubiquitous this is among long-term (5+ years in arrears) defaulters.
In other words, not even one is identified.

On the other hand, there's a clear trail of the 80,000 homes that your boy Treasury Secretary Steve Mnuchin (aka Foreclosure King) benefited from.
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Old 03-13-2017, 04:35 AM
 
79,907 posts, read 44,210,872 times
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Quote:
Originally Posted by michiganmoon View Post
Weren't they encouraged by politicians like Barney Frank, Bill Clinton, George W. Bush, and Barack Obama to make those bad loans?
They absolutely were. It was a quid pro quo. You make the bad loans and we will remove regulations. It was indeed an incestuous relationship.
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Old 03-13-2017, 04:39 AM
 
79,907 posts, read 44,210,872 times
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Quote:
Originally Posted by InformedConsent View Post
Fannie and Freddie bundled the loans purchased from originators seeking to meet HUD's mandate, and then sold them as supposedly "conforming loan" MBS even though they were not.

I already posted a link to Cuomo's HUD Press Release.
No.

Back in 2006, the financial titan Goldman Sachs was preparing to sell a bundle of housing loans it had purchased from the mortgage giant Countrywide.

https://news.vice.com/article/goldma...-going-to-jail

Don't you feel even a little bad having to resort to lying to cover for the corruption of a system you can't even make up your mind if you support or not?
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Old 03-13-2017, 04:50 AM
 
Location: the very edge of the continent
89,029 posts, read 44,840,107 times
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Quote:
Originally Posted by ChiGeekGuest View Post
In other words, not even one is identified.
Yes, one example is given in the NY Times article.

Quote:
On the other hand, there's a clear trail of the 80,000 homes that your boy Treasury Secretary Steve Mnuchin (aka Foreclosure King) benefited from.
Why shouldn't a foreclosure take place when a mortgage defaults? The property is the loan's collateral. That's exactly what SHOULD have happened instead of the $2 Trillion QE bailout of Fannie and Freddie which will mostly be a total loss.
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Old 03-13-2017, 04:50 AM
 
Location: *
13,240 posts, read 4,927,027 times
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Quote:
Originally Posted by InformedConsent View Post
Why would a newspaper article list every single person? They gave one, as an example. If you're wondering how widespread this is, the NY Times states there are tens of thousands of mortgage owers who are 5+ years behind on their mortgage payments. Look up the statue of limitations for each state to see how ubiquitous this is among long-term (5+ years in arrears) defaulters.
Here's someone who was successful in fighting Mr. Mnuchin's foreclosure machine':

Trump Treasury pick made millions after his bank foreclosed on homeowners
Bank with Steven Mnuchin on the board filed to take a 90-year-old woman's house after a 27-cent payment error.

Quote:
...In Florida, the company's successor, CIT Bank, tried to foreclose on a 90-year-old woman after a 27-cent payment error — a chain of events kicked off by a OneWest mistake. New York Gov. Andrew Cuomo singled out the lender for squeezing superstorm Sandy victims. This month, CIT Bank was accused of discriminating against minority borrowers.

“We’re just coming out of a foreclosure crisis and a serious economic downturn. It’s not the time to appoint someone who sided with corporate America over real people,” said Alys Cohen, an attorney with the National Consumer Law Center. “Mr. Mnuchin comes from Wall Street and has served monied interests over homeowners.” ...
http://www.politico.com/story/2016/1...mnuchin-232038
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Old 03-13-2017, 05:13 AM
 
Location: Unperson Everyman Land
38,643 posts, read 26,384,037 times
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Quote:
Originally Posted by pknopp View Post
Yes. F&F can't originate loans. These were nearly all bad loans created by the banks.


Yes, they were bad loans that the banks knew they could easily unload on the GSEs five seconds after origination, so there was no incentive for the banks to exercise due diligence, and with the CRA hanging over their heads, lots of reason not to.


The GSEs bundled the loans (including high-risk mortgages) into derivatives that were sold as AAA quality investments.


After NAFTA and the 2000 China Trade Act gutted our manufacturing industries and incomes started declining, more and more working-class homeowners were unable to make their monthly house notes and the financial house of cards came crashing down.
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Old 03-13-2017, 05:40 AM
 
Location: the very edge of the continent
89,029 posts, read 44,840,107 times
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Quote:
Originally Posted by pknopp View Post
No.

Back in 2006, the financial titan Goldman Sachs was preparing to sell a bundle of housing loans it had purchased from the mortgage giant Countrywide.

https://news.vice.com/article/goldma...-going-to-jail

Don't you feel even a little bad having to resort to lying to cover for the corruption of a system you can't even make up your mind if you support or not?
It's not a lie. Since Countrywide (and every other loan originator) used the GSEs' (F&F's) automated underwriting system, it's neither Countrywide's nor GS's fault, which the article you linked made very clear:

"The announcement does not include any criminal charges against Goldman executives."

Many companies settle to pay less and avoid protracted litigation, even when they've done nothing wrong.

Regarding the GSE's automated underwriting system... The GSEs themselves created the "automated underwriting" systems which they then foisted upon loan originators in the mid-1990s to speed up the underwriting process. These systems set underwriting standards for the mortgage industry (whether or not the loans were purchased by the GSEs) way too low, and greatly relaxed the underwriting approval process. An independent study of about 1,000 loans found that the same loans were 65% more likely to be approved by the automated processes versus the manual underwriting process.

Exhibit 3, here: http://urbanpolicy.berkeley.edu/pdf/zorn.pdf

Had loan originators NOT used the GSEs' automated underwriting system and continued to use manual underwriting instead, that extra 65% of high-risk loans wouldn't have been made.

The reason you're getting so much of this wrong is because you're opining on that about which you know little to nothing.
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Old 03-13-2017, 05:47 AM
 
Location: the very edge of the continent
89,029 posts, read 44,840,107 times
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Quote:
Originally Posted by momonkey View Post
Yes, they were bad loans that the banks knew they could easily unload on the GSEs five seconds after origination, so there was no incentive for the banks to exercise due diligence, and with the CRA hanging over their heads, lots of reason not to.


The GSEs bundled the loans (including high-risk mortgages) into derivatives that were sold as AAA quality investments.
Add in the Cuomo-era HUD $2+ Trillion worth of mandates for the GSEs to purchase high-risk loans (I posted the link to the Press Release), and that's exactly correct. That's exactly what happened.
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Old 03-13-2017, 05:47 AM
 
5,472 posts, read 3,226,183 times
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Sorry, but this is not written for the faint of heart or for the shallow mind that gets agitated at text that exceeds three lines. This is not a disrespect for such ones, its just the fact that short attention spans is common in a great many and anything that discussed compound variables is likely to confuse some. thus so, it is no need for one to agitate themselves unnecessairly

The people have a great deal with the mess and the recycling of the scam. People choose not to be intelligent by not paying attention and then getting caught and lost in the "Selective Amnesia Games". We see it now with Trumps followers, they condemn anything and everything with the Term of Obama. But they still have not figured out the disaster of Bush, and they won't discuss it.
All the way back to Nixon, a segment of society still won't face the truths, and they conjure up fiction to fill in their memory lapse games.
Wealthy people, especially in today's society, the Billionaires did no become billionaires because they care about people, they became billionaires, because they promote divisiveness, then hide their hand, and while the chaos rages, they gather money and change policy when they get the people lost in the divisiveness, every angle of their policy shift is designed to stagnate the general wage status of American people.
One could never get this understanding to sink into the Right Winger Society. As long as they get Credit, and adopt the lie and pretend they are doing better than they actually are. It causes a stagnation of wage and a lay off of workers.
Then the remaining workers are forced to do more with less.

The voice of the worker was given up by the workers, and many run around still today, bragging about giving up their collective voice. The wealthy have crafted their message and they push it always into the minds of the gullible and the gullible recite it on cue.

One can't change the minds of such types, because when people lead with a underlying prejudice, and listen to stuff that intensifies their prejudices, they are then made deaf.

We now have a soiety that anyone walking around riding on the claim of a degree can tell the masses anything and they accept it as fact. Never checking, and they run to the voting booth, and vote purely on "hatred" over the past 8 yrs.

Only now, some are fining out that ACA was to try and help the people, but the people WON'T wake up and realize that for 6 yrs, Right Wingers has supported Congressional people pandering and promising things to Insurance companies if they do all they can to fight against ACA. It has been like a mass of people voting against themselves.
Now, the Trump plan has set up to kick many off the program, and diminish the Medicaid and are not with their sites set on any Department that has programs that help society.
Trump's plan include de-funding things like HUD Block Grants, and a TrumpCare is set on a path to deliver S250 billion to the wealthy and cuts to the tax of pharmaceuticals and any other elements of the medical system.

There are Medical Business, in some states, that do not pay property tax, so they continue to expand across the city, they don't do discounts nor any services to the city patrons, without Insurance,and will immediately transport people to the University Hospital. The Citizens have no idea and will see this company buy up property and set up facilities all over the city, but none will offer any type of medical discount to the 'exact same citizens" who make up for those missing tax dollars.

The truth that no one wants to face, is: America people are not as smart as it has been assumed over decades, and in the past 18+ month it has been made evident of the level of diminished intellect that reverberates through the American Society. People reject that truth, because no one like to admit to the areas of their ignorance.

Trump duped the people talking about draining the swamp, but what he did was fill the ponds with piranha, from the Dept. of Education, to the Attorney General, to various Departments.

Most won't think in truthful terms, nor do many want to acknowledge what is Confederate Ideology and Antebellum systems. But, these are the exact models being used against the people and most have no idea to understand it. Economically, it is designed to ensure that poor remains poor, and the wealthy increase their gab and the promotion of Class Divisions moves forward by multi prong divisions, separating the wealthy from the poor and pushing f0r a hard line two class system, of the wealth and well to do vs the service class. This is followed up with the tactical promotion of race segregationist agenda played out by Party Affiliation as a convert means to push the divisions wider.

It did not just state, many try and forget that the rise of the Tea Party and the Mixture of the Republican Pledge to Fight Obama, was mixed with Class Division, Economic Divisions and Circles to Devastate the Public Services Programs, and direct their fight against the poor, while it seek to promote "free loaned money to the wealthy" with no trickle down of lower rages for the poor. 100% designed by Right Winger Ideology. They tried to let fall the Auto Industry with no regard for the expanse of the supply chain, then they followed up with fighting against minimum wage hikes and turned and became hostile at the mere thought of people being assisted after the long duration reverberations of the Bush Crash of 2007-2008, which actually began in 2004-2006 by the lure, and switch tactics, while the Military Industrial System ripped off the nations of 100's upon 100's of billions.
The Stimulus was more than 2.5 Trillion Under-Funded, because of Republican Opposition, and they did so, knowing full well that the Economic Devastation Under Bush led to the debt escalation that would continue for a solid decade plus. It was set in motion with aim and fact that it would require $10's of Trillions just to begin to correct the level of mess it made. This does not count the $trillions wiped out in Pensions, or the Trillions that went up into thin air from the investments people had made in their homes, and the system and its process set up to fleece the homeowners to refinance their home and DRAIN off the equity, to create a fictitious delusion that the Economy was moving. All of which "Crashed" in 2007 and 2008 and reached the collapse point in Sept. & Oct. of 2008.
People Pension shrank in their 401k, some pension plans were abandoned and other were turned over to the Pension Guarantee company, and those whom had stocks saw the structured planned correction, that wiped out Trillions of Dollars of life saving people thought they had. We were then not only left with people loosing home, but many were made Homeless. The Children of the madness found out they had assumed debt for worthless degree, and others were left without options or choice.
We saw a dramatic rise in people need to self medicate, and Opium's raced across the country like a wild fire, followed by a Middle East Heroin Express. We have now a whole generation ravaged by Crystal Meth, some just now crawing out, but have lost their teeth, pot marked their skin and distorted their ability to learn and comprehend, while others are strung out on a variety of pills, unable to function without it. The only thing they held on to was "Race enticements to become even more devoted to the Republican system, and promoted blame on anything, anyone and everything they could, "except" themselves and those they elected to office as Republican Politicians.

People now, have chosen to accept any belligerence, any lie, and every type of collusion and corruption and they submit to accept it with a fictional delusion that they will find jobs. When they are not thinking, "they have no skill development" furthermore they can't see the any new creation of Jobs is already structured to go to the well to do, who come through "Select Universities" where they paid a high cost for the "get a job certificate".
Many come out with a host of labels on Degrees and now the discrediting of the Bachelors Degree, because it is likely the well to do, who could afford to allow their kids to do the additional two yrs to get the Masters Label... and they graduate with very very limited skills, but have been promised grand things.

Most have not figured it out, to know that "SINCE" the promotion of the Degree in the 1980's, American has falled faster than anyone has acknowledge as to why? The worker is not discussed and considered "Disposable", and easily replaced by Foreign entities who offer up their Nations people at a wage, that is less than what it cost to house and feed a slave in America.

Material good are promoted with the idea of status, and the youth have been groomed to measure each other based on what material good they have. which directs them to scrap by any means to try and get these things, hoping it will elevate their social and community status. We see people rush out, to buy foreign marquee vehicles, or other items hoping that it will provide them with recognition, while it serves to consume their meager income, and they live for the automobile, the name label on clothes and gadgets, while being distracted by "games" and "social media"... Unaware that all social media in current society is designed to 'Catalog and Profile" them and sell their data to marketeers, until the people have become the commodity, and targeted like they are "prime game at a hunting lodge" as the US population has been turned into a massive "gaming center for the hunters" to promote inferior goods.

No one wants to accept the visuals to see, this is what has been done to them.

Even the schools system has taken every culture building program away, and push "only" S.T.E.M. programming, as if to treat young people as "programmable clones". No Cultural Programming and Civics's classes are reduced to basic introductory program. Tech Industry which now dominates much; has promoted "segregation" with a tremendous appetite for "immigrants" by any means and the volume of work visa's has quadrupled, because any wage for them is more than they could earn in their own country. They are now driven like a "mining crew", structured to mine data and process scripts.

The only home for these young today is communities that have long been abandoned by the once upon a time union labor factory workers, while the well to do, have carved out new communities in what use to be wilderness, and they have encased it with select and gated communities priced out of the range of even the average working individual.

Eateries are now designed for the well to do, as is the "deliver a mean" is structured and promoted to the well to do, because they are the only ones who can afford to spend $40 Upwards for a box of vegetables and a few thin slices of meat, to be orders by membership prescription and delivered via internet courier contract players.
'
Poor white and poor black communities are "surrounded on 4 sides with Walmart's and if its a large areas, it is surrounded on 4 sides, with on in the middle. Now, the new modeling is Walmart Grocery Stores, in mixed race areas, while Stores like SuperOne and County Market and Other nations are set up in minorities communities and mass dumping systems. These are the places that receive the lowest grade of livestock meats, and the older dated packaged goods and they are stocked with what is left, after the better products are sent to the marquee stores that are never located in the working poor and poor areas. What gives the people the idea they have purchasing power is the expansion of Dollar Genera's, Family Dollars and other type of Dollar stores, saturated in the working poor, the poor and the mixed ethnic poor areas. These stores are not allowed to exist or open in Affluent Areas.

Shopping Malls are failing, because the well to do are utilizing Internet Ordering Processes, and only a few select malls are left in the working first and second tier professional communities. But from the Executive Class, they have a whole different set of stores, that can't be found outside of their areas.

"Poverty"
Most people can't see these things, because the daily struggle to survive will not allow them to step back and see the bigger picture.

Last edited by Chance and Change; 03-13-2017 at 06:08 AM..
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Old 03-13-2017, 05:54 AM
 
Location: *
13,240 posts, read 4,927,027 times
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Originally Posted by momonkey View Post
Yes, they were bad loans that the banks knew they could easily unload on the GSEs five seconds after origination, so there was no incentive for the banks to exercise due diligence, and with the CRA hanging over their heads, lots of reason not to.


The GSEs bundled the loans (including high-risk mortgages) into derivatives that were sold as AAA quality investments.


After NAFTA and the 2000 China Trade Act gutted our manufacturing industries and incomes started declining, more and more working-class homeowners were unable to make their monthly house notes and the financial house of cards came crashing down.
The CRA had no requirements to re-sell mortgages as securities, the banksters created that toxic financial 'product' all on their own. Then ran amok with it.
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