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Another one so easily had. Watch your first video more closely. What is warned about other than size? What actual safety and soundness issue is raised? Why none. None at all. Because there weren't any. The Republican intent was simply and solely to give the GSE's a haircut so that their friends on Wall Street could have a bigger share of the action. A share they used to line their own pockets at the eventual expense of the world. Here's your sign...
If Barney Frank had not lied and allowed legislation to move forward to protect home owners, some people might not have lost their homes. If that is not good enough for you, too bad. Are you Barney Frank?
There was no legislation to protect homeowners. Read the hearing transcripts. Read the text of S.190. There is nothing for homeowners anywhere to be found. All there is is the persistent Republican desire to scale back GSE operations.
There was no legislation to protect homeowners. Read the hearing transcripts. Read the text of S.190. There is nothing for homeowners anywhere to be found. All there is is the persistent Republican desire to scale back GSE operations.
If I type slowly maybe you will get it.... Any change in the status quo would have helped home owners.
The facts are as I've described them. You seem to be far more interested in clinging to your comfortable illusions than in learning the facts. The facts are out there. Just go find them...
Gee, with that kind of quality to your debating skill, I don't see why everyone doesn't just convert to your views and proclaim you leader. You are just so convincing.
The facts are as I've described them. You seem to be far more interested in clinging to your comfortable illusions than in learning the facts. The facts are out there. Just go find them...
If I type slowly maybe you will get it.... Any change in the status quo would have helped home owners.
No, any old change at all would not have helped. Certain changes in the status quo -- such as the Fed clamping down on obvious subprime excesses, or slashing Wall Street leverage ratios back from 30-to-1 and 40-to-1 levels, or mandating regulation of hedge funds and derivatives markets -- might have helped. But trying to cut back on GSE market share would never have helped, and that's all the Republicans ever tried to do...
Why not read the material you link to? It's readily apparent that you have not. Let's recall here that your thesis is that the GSE's were confronting perilous safety and soundness issues (they were not), that the clever Bush administration people had recognized this (despite their testimony directly to the contrary) and had developed a plan to address such problems (they had not) that if implemented, would have somehow allowed us to avoid the eventual credit crisis (it would not have). Your thesis is simply bunk from top to bottom.
The only evidence is that Snow stated the danger was not imminent in 2003. Fannie and Freddie had to be bailed out in 2008, five years later - five years does not qualify as imminent; Snow's testimony in 2003 that the GSE's needed regulatory oversight to prevent future problems was accurate. Regulation over the GSE's financial activities and products was needed; Barney Frank and other Dems worked to block enactment of the proposed regulations.
"Freddie Mac and Fannie Mae are the largest U.S. mortgage- finance companies, owning or guaranteeing $5.2 trillion of the $12 trillion home-loan market. The government seized control of Fannie Mae and Freddie Mac after their losses threatened to further disrupt the housing market, and pledged to invest as much as $100 billion into each company as needed if the value of their assets drops below the amount they owe on obligations." Fannie, Freddie Funding Needs May Pass $200 Billion, FHFA Says - Bloomberg.com
Quote:
This crisis grew up around, not through, the GSE's.
It is documented fact by Fannie Mae itself that by 2000 and even earlier, Fannie Mae was buying 'Fast and Easy' no doc liar loans from Countrywide - the same loans that continuously surfaced as problematic in an already grossly overleveraged GSE. Econbrowser: Fast and Easy Fannie
"We are seeing a gravitation of the subprime universe from Fannie and Freddie to Ginnie”, says Mr Setia. It will be a miracle if taxpayers get their money back from Fannie and Freddie. Worse, there is a chance the disaster will be repeated." AIG, Fannie Mae and Freddie Mac: The toxic trio | The Economist
What is with you and your ongoing 'the GSE's are faultless' delusion?
Correct. The other poster is in total denial of what REALLY happened.
The poster to which you refer seems to be acting very much like a guilty party would when confronted with the devastation they had a hand in causing.
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