Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Had the banks and Fannie and Freddie limited the loosening of their
underwriting standards to CRA loans, the mortgage crisis would not have
been a crisis. However, the lowered underwriting standards inflected all
underwriting standards.124 If CRA lending could use the lower standards,
why not apply the lower standards to non-CRA lending? Why not make
high LTV loans on condos in Florida and retirement homes in Arizona?
I will point out that the infection the document is referring to was spread voluntarily by both GSEs and non-GSEs.
Bush 43 was the one who urged reform (2007) and not before when the senate and house were controlled by "R" party. No Legislation from the 2003 to 2005.
Filibuster my foot. You're in denial that republicans couldn't do anything. They just didn't want to.
And the reason they "didn't want to" was:
Quote:
Originally Posted by OP
On May 25, 2006 in the Senate, John McCain (R-AZ) sounded more warnings over the huge size and lack of discipline in the government companies [GSEs], and sponsored a bill to regulate the companies more firmly: "For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac... and the sheer magnitude of these companies and the role they play in the housing market... the GSEs need to be reformed without delay." McCain's bill was voted out of committee on a straight party-line vote: All Republicans voted for it, and all Democrats voted against. Democrats then announced they would filibuster the bill in the Senate, as they had the previous year's regulatory legislation. Republicans knew they did not have enough votes to achieve the 60% needed, and so never brought the bill to the Senate floor.
Keep in mind that all the objections and "arguments" raised recently by our brethern of the southpaw persuasion, have already been brought up and refuted in this thread, mostly in the first two posts. The leftists merely figure that enough time has gone by, that people will forget the leftists' falsehoods, and so the leftists present them again as though they had not already been debunked. It's the only way they can keep talking.
That's why every attempt to advance the policies that created the financial meltdown, were pushed by Democrats, and resisted by Republicans. And why every warning against the results of the policies, was brought up by Republicans, and shouted down/voted down by Democrats.
Didn't even read the article, did we?
I don't have to read the article. I just look at fact.
If Republican is doing the right thing, then they would have done so when they are control the house, senates and the executive bush, aka, Bush as president.
This thread should read democrat lies per day, not month, as the left lies on such a regular basis.
Obama mentioned it yet again, several times in recent campaign speeches. But fewer and fewer people are believing it - he has to make sure he's talking only to hardcore Democrats when he says it, to make sure he doesn't get booed and razzed off the stage.
For the love of God, it was caused by a ton of people from a ton of different parties across a whole time span of years and years and years and years. Give it a rest.
For the love of God, it was caused by a ton of people from a ton of different parties
This is what we always hear from Democrat losers desperate to hide the fact that it was conceived and executed almost exclusively by them, and fought against by Republicans, as shown in the thread linked in the OP: //www.city-data.com/forum/polit...isis-weve.html
It was the bank industry that tanked the economy. Not the Repubs or Dems.
Yes and the Banking industry got the privelege of speculating with depositors money when a Law from the New Deal called Glass Stegall was replaced by a new Law from the GOP Congress in 1997. Do you remember who was head of the Senate Banking Committee ? Do you still remember a Senator Phil Gramm (R-Texas)?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
