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10 years after the Bush Mortgage Bubble, mortgage defaults finally back to normal


YOU are the LAST person to talk about the bubble and crash. You've had your ass handed to you on this issue over and over, yet you never learn.. And oh, BTW the very 1st time you and I discussed this was because YOU mentioned and blamed Bill Clinton for the crash because he signed Gramm-Leach-Bliley. I then pointed out it was a Republican bill, then you changed your tune to now say GS had little to do with the fiasco? LOL

Like I said, you of all people here can not be taken seriously. Your partisan blinders render all your statements on this subject useless.

Have a nice day.

As for the rest here, this issue has been done to death. And I'm not going to rehash it yet again. If the Republicans here believe it was all the Dems fault, then believe it. Stay ignorant about what went on, and because of politics let YOUR GOP politicians who **** on you skate yet again. They took Wall Streets side before during and after the crash. But keep defending them, WS is putting more money in their pockets anyway. So keep excusing them them and keep voting for them. I no longer care.

Impending elections of Dems caused it??? It was a liberal idea so that excuses the GOP? Unbelievable!! Sometimes you guys deserve to be **** on.
 
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Kobie said:
It was the Republican-led Congress, with a veto-proof majority.



Both parties were to blame.
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And this has what to do with Bush? He wasn't in Congress. He wasn't the President. How is this the *BUSH* Bubble? He had nothing whatsoever to do with starting it.
 
Yet another one of these threads with the same 3 points being raised and the same baseless accusation being hurled?

:roll:

I'd have thought that a single thread would have been more than sufficient.

I propose that the 2 thread be merged.

:inandout:
 

2nd the motion....
 

How would you know if Ive had my ass handed to me ? You have no idea what you're talking about to begin with
 

what a genius narrative JC "it looks a like librul thing". Er uh if a democrat implements health care mandates should conservatives accept complete responsibility for that? Anyhoo, back here in reality, you hold people responsible for their actions instead of posting silly and tortured narratives to not hold them responsible for their actions. And Bush's policies and regulation caused the Bush Mortgage Bubble.
 
TurtleDude said:
it was sort of set up like a t-ball. it was the lib idea to give loans to people who objectively didn't qualify for the loans. More "fairness" nonsense. Economic reality generally prevails over Emoto-babbling pandering for votes
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jaeger19 said:
Anyone with any objectivity understands that the underpinnings of the mortgage crisis started well before Bush. And Bush had little to do with it.
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Hey guys, whining about me calling the Bush Mortgage Bubble the Bush Mortgage Bubble doesn’t change the facts. Read this very slowly. Saying 'Bush Mortgage Bubble' and 'Great Bush Recession' meets all applicable conservative standards: it happened on Bush’s watch. It also meets all honest and intelligent standards because they were Bush’s policies that caused them. Please post the facts that show it didn’t start late 2004 exactly as stated by the Bush working group.

“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”

BONUS FACT

"Subprime loans originated in late 2005 and 2006 are playing a major role in recent defaults and foreclosures."

U.S. GAO - Information on Recent Default and Foreclosure Trends for Home Mortgages and Associated Economic and Market Developments
 

Your opinion is noted.... As is it's over simplistic and flawed look at the the problem.
 

I think it is more than a little disingenuous to call it the Bush Mortgage Bubble.
 

Yeah no on many levels.

One.. So your argument is "well they do it so its okay for me"? Please..

Two.: If it did in fact start in 2004 which is not really true since the underpinnings of the Crisis start back before Clinton even. But even if its true in 2004.. its irrelevant. The question is whether Bush's direct actions caused the bubble and crisis. And clearly they did not.

Please produce evidence that Bush forced people to take loans they could not afford.

Please produce evidence that Bush forced mortgage companies to loan money to people that could not afford it.

Please produce evidence that Bush forced investment companies to hide bad loans in investments and peddle them to investors.
 

are you really that dishonest to blame the entire mortgage crisis on one party, and one president?

you dont think the other side had any culpability?
 
Does anyone know what is our quota of stupid, useless, deceitful threads dedicated to the non-existent "Bush Mortgage Bubble"? Hopefully we're at quota.
 
tres borrachos said:
Does anyone know what is our quota of stupid, useless, deceitful threads dedicated to the non-existent "Bush Mortgage Bubble"? Hopefully we're at quota.
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I believe we should now all get bonuses for being over quota.
 



Bull****.

Every economist in the world marks the beginning in the Carter administration, where someone got the weird idea if everyone owned their own home, we'd all be rich.

The Reagan administration ignored it, the Clinton administration expanded it 200 fold, and both Clinton and Bush ignored the warnings from independent economists.

The cause of the mortgage bubble was good old American greed mixed with leftist voodoo economics.
 

GW Bush was a liberal? Those bad loans were made to make money for the banks and they did not care if the were paid off. They got their money up front and sold those loans to unsuspecting investors who thought they were getting AAA mortgage backed securities.

Fannie and Freddie were just another investor for the banks to swindle. GW Bush himself turned bankers shill and boasted that he got Fannie to commit to 440 Billion $ to buy the new subprimes in his 2002 "Minority Housing Initiative Program." He even evoked 911 and promised that the plan would "turn incredible evil into incredible good," I swear, I'm not making that up. Heres the bit about Fannie in 2002



Read the whole thing and tell me that this wasn't Bush kicking off the housing bubble.
HUD Archives: President George W. Bush Speaks to HUD Employees on National Homeownership Month (6/18/02)

Can you believe he actually said "It's in their charter, it NOW needs to be implemented"? If you know why?, it all will make sense. Anyway there's plenty more, but I fear your brain might explode.
 
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2006...
Fannie Mae pays 400 Million dollar fine
https://www.sec.gov/news/press/2006/2006-80.htm

2011....
Fannie and Freddie ommit hundreds of Billions of dollars in worthless debt from their 2004-2008 SEC quarterly filings
https://www.sec.gov/news/press/2011/2011-267.htm

Fannie Mae was Country Wide's single largest customer
Countrywide Was Fannie Mae?s Top Customer | The Truth About Mortgage.com

" The GSEs, another investor swindled by the Banks "....Lol
 

What would you call it then? They bought $440 Billion of worthless subprime garbage because Bush told them it was "in their charter". Like I said the banks made their money up front and the more bad mortgages they could unload the more they could write. Who owns Countrywide's mortgages now? Skank of America that's who.

 
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Countrywide Was Fannie Mae?s Top Customer | The Truth About Mortgage.com
 

I don't mean to interrupt your chat room-esque rant but besides the fact that you only assure me I'm wrong, you also ignore the facts I've posted. Explain how the economists on Bush's Working Group came to the conclusion that it started late 2004.

The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007

oops, there goes your "Every economist in the world" narrative. I'm sorry I shredded that. I know how much it meant to you.
 
Fledermaus said:
Your opinion is noted.... As is it's over simplistic and flawed look at the the problem.
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er uh Fled, did you think you were responding to the post that literally said "giving out loans to anybody regardless of ability to pay sounds like something liberals would do so therefore its their fault." Yea, simplistic and flawed would be a complement to that narrative. You couldn't be responding to my post because I've posted Bush's Working Group telling you it started late 2004 (practically at the start of Bush's second term) and I posted Bush's policy of preempting all state laws against predatory lending for the explicitly stated purpose of increasing subprime lending. just take a quick gander at posts 9 and 10. Just based on those two posts, simplistic and flawed doesn't apply to my opinion.
 

One cannot lay the blame for what happened on Bush alone...

Did he write, sign or somehow influence the laws leading to the debacle that were in effect long before he took office?

No.

Did he force any bank to take sub-prime loans?

No.

And there is a whole hell of a lot more nos to the story...
 

I was referring to your rather ignorant take on who was to blame.
 
iguanaman said:
What would you call it then? They bought $440 Billion of worthless subprime garbage because Bush told them it was "in their charter".
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1993..
James Johnson, FNMA CEO commits GSEs to 1 Trillion dollars in Subprime purchases
Congressional Record - 103rd Congress (1993-1994) - THOMAS (Library of Congress)

2000
Franklin Raines announces Fannie reached 1 Trillion dollar goal early
Fannie Mae to Meet $1 Trillion Goal Early; CEO Raines Launches Ten-Year $2 Trillion ?American Dream

1999
Andrew Cuomo 2.4 Trillion dollar GSE Subprime Commitment
HUD Archives: Cuomo Announces Action to Provide $2.4 Trillion in Mortgages for Affordable Housing for 28.1 Million Families

2003
Bush calls for 3rd party GSE regulator
New Agency Proposed to Oversee Freddie Mac and Fannie Mae - NYTimes.com

2004
Fannie Mae SEC investigation begins
https://www.sec.gov/news/press/2004-172.htm
 
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