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Old 07-24-2011, 07:59 PM
 
11,558 posts, read 11,655,982 times
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It was accually Clintons fault
He passed the Affordable housing act which FORCED the banks to give out bad lones, which caused a real estate bubble, then the collapse.
Bush didnt repeal it cause the only time he had a republican congress he had 9-11 to deal with.
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Old 07-24-2011, 08:09 PM
 
2,173 posts, read 2,672,888 times
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And Barney Frank's children, Fannie and Freddie, made a market in mortgages (Fed gov now holds the paper on 90% of mortgages in US) which were then packaged and sold by Goldman Sachs, Morgan Stanley (huge contributors to BOTH Dems and GOP by the way) as 'investments' (CDOs) which the ratings agencies rated investment grade, the same ratings agencies making noise about downgrading the US debt, as if their ratings mean anything anymore.

And the moonbats go apoplectic about people wanting this sort of thing to stop?
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Old 07-24-2011, 08:11 PM
 
20,194 posts, read 22,060,001 times
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Wasn't Bush's fault? You aren't serious are you? Continuing a bad practice means you are equally at fault... why? It doesn't take much to stop it or at least try to... Bush, like Clinton, were BOTH extremely short-sighted (as many economists were and still are) to see what was the end result... what was it they say? The road to Hell is paved with good intentions.... this does not mean you get a get out of jail card... if you do things for political points which is what Clinton did and didn't stop it because you aren't too bright (Bush's problem)... well.... you both suck
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Old 07-24-2011, 08:12 PM
 
Location: Texas
44,255 posts, read 58,541,776 times
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Not to mention all the idiots who gave out bad loans...not to mention all the idiots who took loans they could never afford to pay back...
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Old 07-24-2011, 08:14 PM
 
5,765 posts, read 10,926,842 times
Reputation: 3851
Nobody "forced" companies like Countrywide or Ditech to do anything, though. And a real estate crash isn't a financial crisis; that took massive and irresponsible "securitization" in order to spread the risk throughout the financial system.

Think of it this way - how many residential mortgages did AIG write?
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Old 07-24-2011, 08:21 PM
 
76,681 posts, read 36,530,484 times
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Quote:
Originally Posted by tablemtn View Post
Nobody "forced" companies like Countrywide or Ditech to do anything, though.
Eau contraire. Countrywide was one of Fannie Mae's and Freddie Mac's MAJOR lenders.
Quote:
"Underwriting Standards
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 now accepted by the GSEs."
Case Study: Countrywide Home Loans, Inc.
published by Fannie Mae Foundation, 2000
http://fcic-static.law.stanford.edu/...%20Markets.pdf
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Old 07-24-2011, 08:25 PM
 
Location: Arizona
555 posts, read 815,068 times
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The small town I live in has a 7 bedroom, 4 bath, 4155 sq ft house built in 2007 for $124,000. What crash?
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Old 07-24-2011, 08:34 PM
 
5,765 posts, read 10,926,842 times
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Quote:
Countrywide was one of Fannie Mae's and Freddie Mac's MAJOR lenders.
I think you may be confusing a couple of things. Countrywide's business was to extend subprime loans to anyone who desired one. It's not as though Countrywide was in the business of writing high-quality, high-standards loans, but then the big bad government stepped in and said, "Hey, Countrywide, drop your standards!"

And again, none of that addresses the securitization issue. Once more - how many residential mortgages did AIG write?
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Old 07-24-2011, 08:34 PM
 
Location: Columbia, SC
24,575 posts, read 12,816,671 times
Reputation: 10176
Quote:
Originally Posted by btownboss4 View Post
It was accually Clintons fault
He passed the Affordable housing act which FORCED the banks to give out bad lones, which caused a real estate bubble, then the collapse.
Bush didnt repeal it cause the only time he had a republican congress he had 9-11 to deal with.
Nice try. Wrongamundo. Bush supported and encouraged its spread. Here's proof.


‪October 2002 speech by president Bush‬‏ - YouTube
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Old 07-24-2011, 08:49 PM
 
76,681 posts, read 36,530,484 times
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Quote:
Originally Posted by tablemtn View Post
I think you may be confusing a couple of things. Countrywide's business was to extend subprime loans to anyone who desired one.
Nope. Apparently, you didn't read the link I posted, and don't realize that Countrywide made those loans under Fannie's and Freddie's AH and CRA programs.
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