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Start at a 8:00 on the video. This is the part where Bush promotes Freddie Mac and Fannie May as a help to home owners who are struggling to make mortgage payments.
Bush never proposed closing down Fannie or Freddie, just changing their equity requirements.. That isnt relevant either.
Bush was promoting Fannie and Freddie for citizens to go to for help who were in danger of losing their homes! It is right there on video of Bush speaking in 2007! Doesn't sound like a warning against Fannie and Freddie to me.
Were these equity requirements changed of Fannie and Freddie when Bush encouraged defaulting homeowners to use Fannie and Freddie?
Obama sued banks in Chicago to force them to make home loans to people who couldn't pay them back...HE is one of the culprits!!
In his early activist days, Barack Obama the community organizer sued banks to ease their lending practices.
State Sen. Barack Obama and Fr. Michael Pfleger led a protest in Chicago in January 2000. (NBC 5 Week of January 3, 2000)
BUSH and Greenspan, beginning in 2002, warned Congress at least 12 times that they'd better reign-in Fanny and Freddie or a financial crisis was imminent. For that, Democrats M. Watters and Barney Frank said there was no looming crisis and called Bush paranoid and racist.
Bush was promoting Fannie and Freddie for citizens to go to for help who were in danger of losing their homes! It is right there on video of Bush speaking in 2007! Doesn't sound like a warning against Fannie and Freddie to me.
He was promoting Fannie and freddie because thats what they are designed for..
Again explain the Congressional hearings if there wasnt warnings?
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Originally Posted by jojajn
Were these equity requirements changed of Fannie and Freddie when Bush encouraged defaulting homeowners to use Fannie and Freddie?
Democrats wouldnt allow them, in fact Democrats wanted to get rid of the equity completely..
Again, explain why the Congressional hearings were held if there was no warnings?
Obama sued banks in Chicago to force them to make home loans to people who couldn't pay them back...HE is one of the culprits!!
In his early activist days, Barack Obama the community organizer sued banks to ease their lending practices.
State Sen. Barack Obama and Fr. Michael Pfleger led a protest in Chicago in January 2000. (NBC 5 Week of January 3, 2000)
BUSH and Greenspan, beginning in 2002, warned Congress at least 12 times that they'd better reign-in Fanny and Freddie or a financial crisis was imminent. For that, Democrats M. Watters and Barney Frank said there was no looming crisis and called Bush paranoid and racist.
Obama is speaking out against the predatory lending!
Also, if there were warning in 2002, why didn't Bush do something when he had a republican majority in both houses?
Obama is speaking out against the predatory lending!
THAT is a BLATANT LIE!
Don't you even BOTHER following LINKS?:
Obama: Giving loans to people that cant afford them A good Idea!
Obamas own word about how giving loans out to people that cant afford it is a good idea.. Case Name
Buycks-Roberson v. Citibank Fed. Sav. Bank Fair Housing/Lending/Insurance
Docket / Court 94 C 4094 ( N.D. Ill. ) FH-IL-0011
State/Territory IllinoisCase Summary Plaintiffs filed their class action lawsuit on July 6, 1994, alleging that Citibank had engaged in redlining practices in the Chicago metropolitan area in violation of the Equal Credit Opportunity Act (ECOA), 15 U.S.C. 1691; the Fair Housing Act, 42 U.S.C. 3601-3619; the Thirteenth Amendment to the U.S. Constitution; and 42 U.S.C. 1981, 1982. Plaintiffs alleged that the Defendant-bank rejected loan applications of minority applicants while approving loan applications filed by white applicants with similar financial characteristics and credit histories. Plaintiffs sought injunctive relief, actual damages, and punitive damages.U.S. District Court Judge Ruben Castillo certified the Plaintiffs’ suit as a class action on June 30, 1995. Buycks-Roberson v. Citibank Fed. Sav. Bank, 162 F.R.D. 322 (N.D. Ill. 1995). Also on June 30, Judge Castillo granted Plaintiffs’ motion to compel discovery of a sample of Defendant-bank’s loan application files. Buycks-Roberson v. Citibank Fed. Sav. Bank, 162 F.R.D. 338 (N.D. Ill. 1995).
The parties voluntarily dismissed the case on May 12, 1998, pursuant to a settlement agreement.
Plaintiff’s Lawyers Alexis, Hilary I. (Illinois)
FH-IL-0011-7500 FH-IL-0011-7501 FH-IL-0011-9000
Childers, Michael Allen (Illinois)
FH-IL-0011-7500 FH-IL-0011-7501 FH-IL-0011-9000
Clayton, Fay (Illinois)
FH-IL-0011-7500 FH-IL-0011-7501 FH-IL-0011-9000
Cummings, Jeffrey Irvine (Illinois)
FH-IL-0011-7500 FH-IL-0011-7501 FH-IL-0011-9000
Love, Sara Norris (Virginia)
FH-IL-0011-9000
Miner, Judson Hirsch (Illinois)
FH-IL-0011-7500 FH-IL-0011-9000 Obama, Barack H. (Illinois)
FH-IL-0011-7500 FH-IL-0011-7501 FH-IL-0011-9000
Wickert, John Henry (Illinois)
FH-IL-0011-9000Obama Sued Citibank Under CRA to Force it to Make Bad Loans – UPDATED « The IUSB Vision Weblog
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Also, if there were warning in 2002, why didn't Bush do something when he had a republican majority in both houses?
He TRIED....but you obviously don't understand how things work in Congress.
Barney Frank was the Minority Leader on the housing sub-committee whereas he had the power to stop things from getting out from the Committee level and brought before Congress as a whole.
Bush's economic policies did not include repealing Glass-Steigal, forcing the GSEs to buy CRA mortgages then doing nothing to prevent them from bundling toxic loans into unregulated derivatives (Clinton again) that they sold to "too big to fail" investment firms/commercial banks as AAA paper.
Without Bill Clinton, there is no deregulation leading to a financial crisis.
The revocation of Glass-Steagall drew few critics. In the House, 155 Democrats and 207 Republicans voted for the measure, while 51 Democrats, 5 Republicans and 1 independent opposed it. Fifteen members did not vote.
Sub prime mortgages have been around forever. The GSE's historically capped their exposures by limiting the number of sub prime mortgages they would buy. That risk management strategy began to substantially change after 9/11. While it happened on Bush's watch, corporations and people were making and spending too much money to seriously challenge what was really going on. This is mania, an equal opportinity delusion.
Democrats created a lot problems.. and they point fingers all the time and the weak minded believe the lies instead of looking at facts..
I am not saying Republicans are perfect but the dems can't take responsibility for their actions at all. I am sure it wasn't the republicans who pushed for low or no income people to own homes.they think too conservative and responsible to do that. and anyone could buy if they were a minority.., no money down, no income, no job yet the illegals, the foreigners, the speculators, and the flippers bought a home or had one built,mostly had one built. It didn't matter.. we are still suffering huge unemployment and now the unemployed are losing their homes..republicans, democrats and independents.. It is still a big mess. Obama is probably happy he helped create this crisis helping Acorn push these loans.. He wants America knocked down a few pegs and the other countries prosper. That is his deep seated mantra.
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