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Obama government already repeating housing loan calamity that got us meltdown in 2008

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Guest


Guest

http://www.washingtontimes.com/news/2013/mar/3/wallison-and-pinto-new-qualified-mortgage-rule-set/?page=all#pagebreak

WALLISON AND PINTO: New Qualified Mortgage rule setting us up for another meltdown

Despite the claim that it is “protecting consumers from irresponsible mortgage lenders,” the new Qualified Mortgage rule finalized in January by the Consumer Financial Protection Bureau turns out to be simply another and more direct way for the government to keep mortgage underwriting standards low. This sets the country up for a repetition of the mortgage meltdown of 2007 and 2008.

Simply put, government housing policies, implemented by the Department of Housing and Urban Development (HUD), caused the 2008 financial crisis. Before 1992, the vast majority of mortgages in the United States were prime loans. Yet a 1992(READ DURING THE CLINTON ADMINISTRATION) Fannie Mae and Freddie Mac—then the dominant players in the U.S. mortgage market—to purchase an increasing quota of loans that were made to borrowers at or below the median income in their communities.

Yep, loan out money to those who cannot pay, but by gosh refuse to refinance loans for those of us who CAN pay. WTH is wrong with this administration and their thinking processes?

Margin Call

Margin Call

The underwriting criteria for low-income home loans was far more rigid than traditional bank financing was during the bubble. Thus, the delinquency and default rates were lower.

I believe you can see this data for Florida at the state housing agency's (Florida Housing Finance Corporation) website.

Margin Call

Margin Call

PACEDOG#1 wrote:

Simply put, government housing policies, implemented by the Department of Housing and Urban Development (HUD), caused the 2008 financial crisis.


Fucking nonsense.

Guest


Guest

Margin Call wrote:
PACEDOG#1 wrote:

Simply put, government housing policies, implemented by the Department of Housing and Urban Development (HUD), caused the 2008 financial crisis.


Fucking nonsense.

That's all PD posts.

2seaoat



That's all PD posts.

I disagree....but on this subject he has not gotten his arms around the concepts which really caused the mortgage crisis. He repeatedly rants about things which are simply wrong. I understand that some of fannie and freddie underwriting guidelines may have contributed to the collapse.....but from my experience this would be less than 10% of the cause of the collapse. I think that 20-25% could be allocated to congress putting incentives in real estate ownership in the tax code, 20-25% to very poor fed policy on interest rates which compounded the problems, and at least 40% of the problem with the banksters and wall street knowingly pumping garbage into a normally conservative mortgage market and then making a profit on the fact it was garbage. The biggest single cause of the collapse was Wall Street and banksters knowingly taking advantage of a non regulated area which turned our economy into a carnival game where the American taxpayers keep paying for the prize, but never seem to win the game.......hucksters.

knothead

knothead

2seaoat wrote:That's all PD posts.

I disagree....but on this subject he has not gotten his arms around the concepts which really caused the mortgage crisis. He repeatedly rants about things which are simply wrong. I understand that some of fannie and freddie underwriting guidelines may have contributed to the collapse.....but from my experience this would be less than 10% of the cause of the collapse. I think that 20-25% could be allocated to congress putting incentives in real estate ownership in the tax code, 20-25% to very poor fed policy on interest rates which compounded the problems, and at least 40% of the problem with the banksters and wall street knowingly pumping garbage into a normally conservative mortgage market and then making a profit on the fact it was garbage. The biggest single cause of the collapse was Wall Street and banksters knowingly taking advantage of a non regulated area which turned our economy into a carnival game where the American taxpayers keep paying for the prize, but never seem to win the game.......hucksters.

******************************************************

Absolutely Mr. Oats . . . . . . absolutely. Wall Street mentality . . . . . greed is good . . . . . this mindset is alive and well.

ZVUGKTUBM

ZVUGKTUBM

Then why do folks like PaceDog and Markle keep harping on the notion that the housing crisis was abetted by the Democrats, and in particular, Chris Dodd and Barney Frank? I mean, Markle has been relentless with this idea, and repeated it with countless posts and his famous cut-and-pastes.

http://www.best-electric-barbecue-grills.com

Guest


Guest

Margin Call wrote:
PACEDOG#1 wrote:

Simply put, government housing policies, implemented by the Department of Housing and Urban Development (HUD), caused the 2008 financial crisis.


Fucking nonsense.

About like your right to breathe air...

2seaoat



Then why do folks like PaceDog and Markle keep harping on the notion that the housing crisis was abetted by the Democrats, and in particular, Chris Dodd and Barney Frank? I mean, Markle has been relentless with this idea, and repeated it with countless posts and his famous cut-and-pastes.




I think that for some people blaming the victims of the crime is a natural instinct.........America got raped because........a lot of Americans could not afford to live in a house.........how about another approach.....America got raped because..........a criminal group ran rampant and raped our citizens and their equity in their homes.....at least some kept their homes.....nope those Americans should have known better....it was a shell game.....silly victims.

Guest


Guest

ZVUGKTUBM wrote:Then why do folks like PaceDog and Markle keep harping on the notion that the housing crisis was abetted by the Democrats, and in particular, Chris Dodd and Barney Frank? I mean, Markle has been relentless with this idea, and repeated it with countless posts and his famous cut-and-pastes.

Frank and Dodd were the architects of the laws that FORCED banks to give out subprime loans, that is why. DO your homework. Once it was written in that the loans were guaranteed by the government, of course the banks went ballistic writing them as they had nothing to lose.

2seaoat



Frank and Dodd were the architects of the laws that FORCED banks to give out subprime loans, that is why. DO your homework. Once it was written in that the loans were guaranteed by the government, of course the banks went ballistic writing them as they had nothing to lose.


There is some truth in what you are saying. However, it is like saying that the titanic sunk because there were not enough lifeboats........That may have added to the deaths after the sinking, but what caused the sinking was an iceberg.....not the lack of lifeboats. You simply do not get this concept.....the money which flooded the mortgage market in 2003-2007 was not coming from banks and was not being guaranteed from freddie or fannie.....I was there.....it was new money from wall street which was not part of the fannie or freddie underwriting guidelines. So this idea that somebody forced somebody to do something is categorically wrong, and again my work with the title company only saw new money and a sudden influx of mortgage brokers as opposed to the traditional brick and mortar banks originating the loans and freddie and fannie giving the underwriting guidelines to sell those loans in the secondary market.....nope......you are talking about things you do not understand, are factually incorrect not as to the absolute, but to the proportion.......again dodd is not a good guy in this mess but his contribution and fannie and freddie was less than 10% of the mess, and like the iceberg.....it is not what sunk the ship.

Margin Call

Margin Call

At this point in history, if you solely blame Frank and Dodd for the housing meltdown, you have been reduced to the ignoramus grouping of political punditry. Seriously, you seem to be very dense.... unbelievably so.

Guest


Guest

Margin Call wrote:At this point in history, if you solely blame Frank and Dodd for the housing meltdown, you have been reduced to the ignoramus grouping of political punditry. Seriously, you seem to be very dense.... unbelievably so.

I give them a lot of the blame because they were the leadership that pushed this situation and put political pressure on major financial institutions that would have never made these loans without that duress. They even orchestrated, with the Senate Dems, a filibuster that pushed this through the Congress.

Markle

Markle

ZVUGKTUBM wrote:Then why do folks like PaceDog and Markle keep harping on the notion that the housing crisis was abetted by the Democrats, and in particular, Chris Dodd and Barney Frank? I mean, Markle has been relentless with this idea, and repeated it with countless posts and his famous cut-and-pastes.

Because I never tire of posting the TRUTH and FACTS allowing the chips to fall where they may. I fully realize how much pain and suffering my disclosues inflict on the Progressives but you do make a great foil. I appeciate your friendly help.

The housing bubble is what led to the downfall and that was driven by Democrats, starting with Jimmy Carter and hugely expanded by Bill Clinton. Here are the facts, once again, for you to ignore, put your fingers in your ears and scream la la la la la as loud as you can like screaming little girls.

The responsibility for the housing/mortgage/financial meltdown lies with Jimmy Carter, Bill Clinton, Barney Frank and Chris Dodd. AND with REPUBLICANS for backing off every time Chris Dodd, Barney Frank and his cronies played…THE RACE CARD!

HUD TO FIGHT DISCRIMINATION, BOOST MINORITY HOMEOWNERSHIP AND WORK WITH URBAN LEAGUE TO FURTHER GOALS
August 5, 1997 (President Clinton)
http://archives.hud.gov/news/1997/pr97-135.cfm

New York Times - 1999 (President Clinton)
Fannie Mae Eases Credit To Aid Mortgage Lending -
http://tinyurl.com/ce7hh3

President Bush’s and the Administrations Unheeded Warnings About the Systemic Risk Posed by the GSEs – Fannie and Freddie dating back to 2001
http://tinyurl.com/yyd3uey
http://georgewbush-whitehouse.archives.gov/news/releases/2008/09/20080919-15.html

From the New York Times
New Agency Proposed to Oversee Freddie Mac and Fannie Mae
By STEPHEN LABATON
Published: September 11, 2003 WASHINGTON,
Sept. 10— The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
http://www.nytimes.com/2003/09/11/business/new-agency-proposed-to-oversee-freddie-mac-and-fannie-mae.html?sec=&spon=&pagewanted=1

Sept 11, 2003
''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.'' http://tinyurl.com/75yoa89

Maxine Waters & Barney Frank - Then Vs. Now
Mid 2004
http://tinyurl.com/ykcjm4a

Democrats in their own words covering up the Fannie Mae, Freddie Mac
Late 2004
http://tinyurl.com/3nkrp7

Barney Frank in 2005: What Housing Bubble?
http://tinyurl.com/djqmnc

By Elliot Blair Smith,
USA TODAY5/25/2006
Fannie Mae to pay $400 million fine (Franklin Raines CEO and Obama adviser)
http://tinyurl.com/nmmns

Bloomberg News – September 22, 2008
How the Democrats Created the Financial Crisis -
http://tinyurl.com/4u9rnk

Timeline shows Bush, McCain warning Democrats of Financial Crisis September 24, 2008
http://tinyurl.com/4rj9nn

September 28, 2008
Wall Street Journal Barney’s Rubble
http://tinyurl.com/44pet5

Steve Kroft On Credit Default Swaps And Their Central Role In The
Unfolding Economic Crisis -
http://tinyurl.com/yk8etks

All this, in addition to the repeal of the Glass-Steagall Act signed by President William Jefferson Clinton caused the meltdown. It COULD have been stopped. Democrats fought that every step of the way and the Republicans wilted under the barrage of being called racist and worse.

ZVUGKTUBM

ZVUGKTUBM

Margin Call wrote:At this point in history, if you solely blame Frank and Dodd for the housing meltdown, you have been reduced to the ignoramus grouping of political punditry. Seriously, you seem to be very dense.... unbelievably so.

As you said.....

http://www.best-electric-barbecue-grills.com

Margin Call

Margin Call

PACEDOG#1 wrote:
Margin Call wrote:At this point in history, if you solely blame Frank and Dodd for the housing meltdown, you have been reduced to the ignoramus grouping of political punditry. Seriously, you seem to be very dense.... unbelievably so.

I give them a lot of the blame because they were the leadership that pushed this situation and put political pressure on major financial institutions that would have never made these loans without that duress. They even orchestrated, with the Senate Dems, a filibuster that pushed this through the Congress.

We've been over this for several years now. This is your time to pay attention. This is as simple as I can make it.

What caused the financial crisis?

-Deregulation (bipartisan support)
-Low rates (Fed)
-Leverage rule changes (SEC)
-Derivatives (investor demand)

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