Obama Repeats the Policies of Clinton' Sub-Prime Push..

[Hamster Buddha]

Re: Housing Crisis Time Line Part 4 of 4

HOW did the G/S 'repeal', You know the GOP BILL, do ANYTHING to effect Bush's regulator failure?

If you tally the institutions that ran into severe problems in 2008-09, the list includes Bear Stearns, Lehman Brothers, Merrill Lynch, AIG, and Fannie Mae and Freddie Mac, none of which would have come under Glass-Steagall’s restrictions.

As for the FDIC-insured commercial banks that ran into trouble, the record is also clear: what got them into trouble were not activities restricted by Glass-Steagall. Their problems arose from investments in residential mortgages and residential mortgage-backed securities—investments they had always been free to engage in.

Why The Glass-Steagall Myth Persists - Forbes


CLINTON HUH?

LOL

The "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," the President's Working Group on Financial Markets OCT 2008


"Commodity Futures Modernization Act"

Yes, bad. Too bad Bush ignored regulator warnings though!

Examining the big lie: How the facts of the economic crisis stack up

The boom and bust was global. Proponents of the Big Lie ignore the worldwide nature of the housing boom and bust

Private lenders not subject to congressional regulations collapsed lending standards.

Examining the big lie: How the facts of the economic crisis stack up | The Big Picture

Still not sure why you don't see Clinton removing regulatory apparatus from the acts I mentioned, doesn't constitute in less of a regulatory environment? Face it, you just want to blame bush for everything, and I get that, your liberal after all.

 

[Hamster Buddha]

Re: Housing Crisis Time Line Part 4 of 4

Please explain the connection to the Bush Mortgage Bubble that started in late 2004 when banks lowered lending standards and explain how they prevented Bush's regulators from doing their job.

No, he changed the way CRA was counted at the request of the banks. But again explain the connection to the Bush Mortgage Bubble that started in late 2004 when banks lowered lending standards and explain how it prevented Bush's regulators from doing their job.

are you going to back up "“Clinton forced banks to take on unpayable loans" anytime soon? wait, you're not posting silly hyperbole to avoid backing that up are you?

Read the above response, as it applies here.

 

[Fenton]

More projection, distortion and lies.
I'm shocked. Next you'll tell me the super, duper powers Barney Frank had in the GOP majority House 1995-2007, or he was 'in charge' of F/F. Lol

Barney Frank recieved documents in 2004 from the OFHEO that reported the GSEs were UNDER-Capitalized AND Fannie Mae was going to declare a 9 BILLION dollar loss.

His reaction ? Go on to lie that the two GSEs were healthy financially.

I have a document HE signed where he brings up the FACT that the GSEs now hold or guarantee ( 2008 ) 85% of all US Mortgages ....

But no no no, the GSEs "had nothing to do with the Sub-Prime Bubble "....LOL !!

He Criticize Republican efforts to appoint a new third party Regulator.

And then he criticized Republican efforts in HR1461 to restrict advocacy ( lobbies ) groups from having access that led to kick backs totaling into the Billions.

AND the Republicans had NO power in 2007 when s.109 was pushed back through a Democrat chaired sub-comittee as " S.1100 ".

Where was B. Frank then ?

In his own law he removed all of his prior objections to increasing the lending standards that were lowered in the 90s based on the false narrative of discrimination.

Because he put them BACK in as part of Farnk Dodd.

Tell me...( I ask this of every Lib I run accross )......if there were ACTUALLY real discrimination in lending, that is, people were being DENIED credit based on the color of their skin, WHY did they have to LOWER lending standards to fight it ??

 

[dad2three2001]

Barney Frank recieved documents in 2004 from the OFHEO that reported the GSEs were UNDER-Capitalized AND Fannie Mae was going to declare a 9 BILLION dollar loss.

His reaction ? Go on to lie that the two GSEs were healthy financially.

I have a document HE signed where he brings up the FACT that the GSEs now hold or guarantee ( 2008 ) 85% of all US Mortgages ....

But no no no, the GSEs "had nothing to do with the Sub-Prime Bubble "....LOL !!

He Criticize Republican efforts to appoint a new third party Regulator.

And then he criticized Republican efforts in HR1461 to restrict advocacy ( lobbies ) groups from having access that led to kick backs totaling into the Billions.

AND the Republicans had NO power in 2007 when s.109 was pushed back through a Democrat chaired sub-comittee as " S.1100 ".

Where was B. Frank then ?

In his own law he removed all of his prior objections to increasing the lending standards that were lowered in the 90s based on the false narrative of discrimination.

Because he put them BACK in as part of Farnk Dodd.

Tell me...( I ask this of every Lib I run accross )......if there were ACTUALLY real discrimination in lending, that is, people were being DENIED credit based on the color of their skin, WHY did they have to LOWER lending standards to fight it ??

"Barney Frank recieved documents in 2004 from the OFHEO that reported the GSEs were UNDER-Capitalized AND Fannie Mae was going to declare a 9 BILLION dollar loss.

His reaction ? Go on to lie that the two GSEs were healthy financially."

YOU SAYING HE WAS IN CAHOOTS WITH THE BUSH ADMIN?


Testimony from Treasury Secretary John Snow to the REPUBLICAN CONGRESS concerning the 'regulation’ of the GSE’s

Mr. Frank: ...Are we in a crisis now with these entities?

Secretary Snow. No, that is a fair characterization, Congressman Frank, of our position. We are not putting this proposal before you because of some concern over some imminent danger to the financial system for housing; FAR FROM IT


Weird how you give the minority member of the GOP House, like today's House, ANY power? We know how much power they had right? ZERO


"I have a document HE signed where he brings up the FACT that the GSEs now hold or guarantee ( 2008 ) 85% of all US Mortgages ...."

YEAH, HOW MUCH OF THE MARKET FROM SUBPRIMES LOANS UNDER BUSH'S BUBBLE, 2004-2007? LOL

"And then he criticized Republican efforts in HR1461 to restrict advocacy ( lobbies ) groups from having access that led to kick backs totaling into the Billions."

YES, HE WORKED WITH OXLEY TO GET REFORMS IN PLACE, THEN WHEN THE GOP GUTTED SOME THINGS, HE WITHDREW THE SUPPORT, BUT DIDN'T IT PASS WITH 100+ DEMS SUPPORTING IT? DIDN'T BUSH THREATEN THE VETO ON HR1461? LOL

"AND the Republicans had NO power in 2007 when s.109 was pushed back through a Democrat chaired sub-comittee as " S.1100 ".

Where was B. Frank then ?"

SUPPORTING PELOSI'S BILL?


" Tell me...( I ask this of every Lib I run accross )......if there were ACTUALLY real discrimination in lending, that is, people were being DENIED credit based on the color of their skin, WHY did they have to LOWER lending standards to fight it ?? "

MORE R/W GARBAGE. I'm shocked. Shocked I tell you.


I get it Bubba, CONservativers on the wrong side of history since they stood with King George in 1776!

 

[dad2three2001]

Re: Housing Crisis Time Line Part 4 of 4

Still not sure why you don't see Clinton removing regulatory apparatus from the acts I mentioned, doesn't constitute in less of a regulatory environment? Face it, you just want to blame bush for everything, and I get that, your liberal after all.

Less regulatory environment? Oh like the CONservatives wanted right? What happened again?


BUSH ignored regulator warning, pulled 1,800+ agents from FBI white collar division,. fought all 50 states saying FEDS RULE ON PREDATORY LENDERS, allowed the leverage rule to more than triple for the five investment banks, but NO, IT WASN'T ANYTHING BUSH DID RIGHT?
LOL

DUBYA FOUGHT ALL 50 STATE AG'S IN 2003, INVOKING A CIVIL WAR ERA RULE SAYING FEDS RULE ON "PREDATORY" LENDERS!

Dubya was warned by the FBI of an "epidemic" of mortgage fraud in 2004. He gave them less resources. Later in 2004 Dubya allowed the leverage rules to go from 12-1 to 33-1 which flooded the market with cheap money!


The FBI correctly identified the epidemic of mortgage control fraud at such an early point that the financial crisis could have been averted had the Bush administration acted with even minimal competence.

William K. Black: The Two Documents Everyone Should Read to Better Understand the Crisis


The "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," the President's Working Group on Financial Markets OCT 2008

 

[dad2three2001]

Re: Housing Crisis Time Line Part 4 of 4

Still not sure why you don't see Clinton removing regulatory apparatus from the acts I mentioned, doesn't constitute in less of a regulatory environment? Face it, you just want to blame bush for everything, and I get that, your liberal after all.

Conservatives Can’t Escape Blame for the Financial Crisis

The onset of the recent financial crisis in late 2007 created an intellectual crisis for conservatives, who had been touting for decades the benefits of a hands-off approach to financial market regulation. As the crisis quickly spiraled out of control, it quickly became apparent that the massive credit bubble of the mid-2000s, followed by the inevitable bust that culminated with the financial markets freeze in the fall of 2008, occurred predominantly among those parts of the financial system that were least regulated, or where regulations existed but were largely unenforced.

Predictably, many conservatives sought to blame the bogeymen they always blamed. In March of 2008, Sen. Jon Kyl (R-AZ) blamed loans “to the minorities, to the poor, to the young” as causing foreclosures. Not long after, conservative commentator Michele Malkin went so far as to claim that illegal immigration caused the crisis.

This tendency to shift blame to minorities and poor people for the financial crisis soon developed into a well-honed narrative on the right

Politics Most Blatant | Center for American Progress



“Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity, myself included, are in a state of shocked disbelief,” ALLAN GREENSPAN

 

[Fenton]

Conservatives Can’t Escape
Blame for the Financial Crisis

The onset of the recent financial crisis in late 2007 created an intellectual crisis for conservatives, who had been touting for decades the benefits of a hands-off approach to financial market regulation. As the crisis quickly spiraled out of control, it quickly became apparent that the massive credit bubble of the mid-2000s, followed by the inevitable bust that culminated with the financial markets freeze in the fall of 2008, occurred predominantly among those parts of the financial system that were least regulated, or where regulations existed but were largely unenforced.

Predictably, many conservatives sought to blame the bogeymen they always blamed. In March of 2008, Sen. Jon Kyl (R-AZ) blamed loans “to the minorities, to the poor, to the young” as causing foreclosures. Not long after, conservative commentator Michele Malkin went so far as to claim that illegal immigration caused the crisis.

This tendency to shift blame to minorities and poor people for the financial crisis soon developed into a well-honed narrative on the right

Politics Most Blatant | Center for American Progress



“Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity, myself included, are in a state of shocked disbelief,” ALLAN GREENSPAN

Typical thoughtless Lib drek.

No one "blames the minorities ", what we blame ( and rightly so ) are the Democrats policies that appealed to low income buyers.

Those same policies that are responsible for millions of minorities and Americans losing their homes.

Try again and do you have any thoughts of your own or have you always been this intellectually lazy ??

 

[dad2three2001]

Typical thoughtless Lib drek.

No one "blames the minorities ", what we blame ( and rightly so ) are the Democrats policies that appealed to low income buyers.

Those same policies that are responsible for millions of minorities and Americans losing their homes.

Try again and do you have any thoughts of your own or have you always been this intellectually lazy ??

Lots of programs have always been in place to encourage home ownership, etc, but the absolutely insane stuff came when the banks basically gave up on lending standards.


The Bush Mortgage Bubble started in late 2004. that was the same year bush implemented his toxic housing policies

"Instead, provisions of H.R. 1461 that expand mortgage purchasing authority WOULD LESSEN the housing GSEs' commitment to low-income homebuyers. "

George W. Bush: Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005

This is Bush after the signing where he proclaimed himself "The Homeownership President"

http://img.photobucket.com/albums/v410/JohnnyRingo2U/21admin_600.jpg


I'm starting to believe that the chief qualification to be a Republican besides incompetence is the ability to mis-inform, distort, and out and out lie.

 

[Fenton]

Lots of programs have always been in place to encourage home ownership,
etc, but the absolutely insane stuff came when the banks basically gave up on lending standards.


The Bush Mortgage Bubble started in late 2004. that was the same year bush implemented his toxic housing policies

"Instead, provisions of H.R. 1461 that expand mortgage purchasing authority WOULD LESSEN the housing GSEs' commitment to low-income homebuyers. "

George W. Bush: Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005

This is Bush after the signing where he proclaimed himself "The Homeownership President"

http://img.photobucket.com/albums/v410/JohnnyRingo2U/21admin_600.jpg


I'm starting to believe that the chief qualification to be a Republican besides incompetence is the ability to mis-inform, distort, and out and out lie.

LOL !!!

HR 1461 added a GSE slush fund for low income loans thanks to Barney Frank......your'e so misinformed its funny.

Go ahead, brag about the 2000 HUD rules changes that "stopped" the GSEs from taking affordable lending credit for sub-prime loans.

But be sure to contradict yourself when you claim banks lowered standards in 2004.

I would bring up s.190 again but you'll go all tin foil hat on me and start posting Conspiratorial BS.

 

[dad2three2001]

LOL !!!

HR 1461 added a GSE slush fund for low income loans thanks to Barney Frank......your'e so misinformed its funny.

Go ahead, brag about the 2000 HUD rules changes that "stopped" the GSEs from taking affordable lending credit for sub-prime loans.

But be sure to contradict yourself when you claim banks lowered standards in 2004.

I would bring up s.190 again but you'll go all tin foil hat on me and start posting Conspiratorial BS.

Weird how the GOP wanted to have HR1461 stop non profits from lobbying and advocacy right?

Weird how it passed a majority GOP House (with 120+ Dems supporting it) and BUSH THREATENED A VETO ON THE ONLY GSE REFORM TO PASS EITHER HOUSE 2001-2007. He must have REALLY wanted reform right? lol

BTW, AFFORDABLE HOUSING ISN'T A SLUSH FUND



The critics have forgotten that the House passed a GSE reform bill in 2005 that could well have prevented the current crisis, says Mr Oxley, (R) now vice-chairman of Nasdaq.”

“What did we get from the White House? We got a one-finger salute.”

 

[dad2three2001]

LOL !!!

HR 1461 added a GSE slush fund for low income loans thanks to Barney Frank......your'e so misinformed its funny.

Go ahead, brag about the 2000 HUD rules changes that "stopped" the GSEs from taking affordable lending credit for sub-prime loans.

But be sure to contradict yourself when you claim banks lowered standards in 2004.

I would bring up s.190 again but you'll go all tin foil hat on me and start posting Conspiratorial BS.

Bush forced Freddie and Fannie to purchase more low income home loans, $440 billion in MBSs and then reversed the Clinton rule that actually reigned in Freddie and Fannie

"(In 2000) HUD restricted Freddie and Fannie, saying it would not credit them for loans they purchased that had abusively high costs or that were granted without regard to the borrower's ability to repay."

How HUD Mortgage Policy Fed The Crisis

"In 2004, the 2000 rules were dropped and high‐risk loans were again counted toward affordable housing goals."
http://www.prmia.org/pdf/Case_Studie..._090911_v2.pdf

We want more people owning their own home in America," Bush said. His goal is to have 5.5 million minority homeowners in the country by the end of the decade.

March 26, 2004

Bush Ties Policy to Record Home Ownership

Bush Ties Policy to Record Home Ownership | Fox News



Mr. Frank: ...Are we in a crisis now with these entities?

Secretary Snow. No, that is a fair characterization, Congressman Frank, of our position. We are not putting this proposal before you because of some concern over some imminent danger to the financial system for housing; far from it.
“

- THE TREASURY DEPARTMENT'S VIEWS ON THE REGULATION OF GOVERNMENT SPONSORED ENTERPRISES

or this one

"Instead, provisions of H.R. 1461 that expand mortgage purchasing authority WOULD LESSEN the housing GSEs' commitment to low-income homebuyers. "

George W. Bush: Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005

 

[Fenton]

Weird how the GOP wanted to have HR1461 stop non profits from
lobbying and advocacy right?

Weird how it passed a majority GOP House (with 120+ Dems supporting it) and BUSH THREATENED A VETO ON THE ONLY GSE REFORM TO PASS EITHER HOUSE 2001-2007. He must have REALLY wanted reform right? lol

BTW, AFFORDABLE HOUSING ISN'T A SLUSH FUND



The critics have forgotten that the House passed a GSE reform bill in 2005 that could well have prevented the current crisis, says Mr Oxley, (R) now vice-chairman of Nasdaq.”

“What did we get from the White House? We got a one-finger salute.”

Affordable housing as defined by the Democrats is exactly a slush fund.

And you usually blame BUSH not the GOP. Bush knew Frank perverted HR 1461 to the extent of it being useless.

It deserved the middle finger after Frank got done with it because it put off a new regulator for a year and it did NOT lower the CAPs on the Biggest loans FnF could purchase......and the Slush fund of-course

So, he stood behind s.190, that turned into s.1100 that of-course never made it through a Democrat chaired comitee.......here comes the tin foil hat crap. Cmon...

You have exclusive knowlede to a " SECRET " deal about pay-offs on s.190....blah blah bla.

Save it for your book club.

 

[dad2three2001]

Affordable housing as defined by the Democrats is exactly a slush fund.

And you usually blame BUSH not the GOP. Bush knew Frank perverted HR 1461 to the extent of it being useless.

It deserved the middle finger after Frank got done with it because it put off a new regulator for a year and it did NOT lower the CAPs on the Biggest loans FnF could purchase......and the Slush fund of-course

So, he stood behind s.190, that turned into s.1100 that of-course never made it through a Democrat chaired comitee.......here comes the tin foil hat crap. Cmon...

You have exclusive knowlede to a " SECRET " deal about pay-offs on s.190....blah blah bla.

Save it for your book club.

"Affordable housing as defined by the Democrats is exactly a slush fund."

THANKS FOR DEFINING IT FOR ME, AS AN INDEPENDENT I DIDN'T KNOW THAT, GUESS LIKE OLD DITTOHEAD DOES, CONS READ MINDS!

 

[Fenton]

"Affordable housing as defined by the Democrats is exactly a slush fund."


THANKS FOR DEFINING IT FOR ME, AS AN INDEPENDENT I DIDN'T KNOW THAT, GUESS LIKE OLD DITTOHEAD DOES, CONS READ MINDS!

LOL !!!

NO ONE, believes that your'e anything but a hard core and highly misinformed Liberal.

Lol....."Independent".....Wow. When did you switch over ? After a week of education on your first political forum ?

After I showed you time and time again just how blatantly corrupt the Democrat party was....IS ?

VERN started out as " Liberal" and then after getting corrected by ME post after post after post turned into " Slightly Liberal "

Neither of you two are very honest, I mean you can't even be honest with yourself.

 

[dad2three2001]

LOL !!!

NO ONE, believes that your'e anything but a hard core and highly misinformed Liberal.

Lol....."Independent".....Wow. When did you switch over ? After a week of education on your first political forum ?

After I showed you time and time again just how blatantly corrupt the Democrat party was....IS ?

VERN started out as " Liberal" and then after getting corrected by ME post after post after post turned into " Slightly Liberal "

Neither of you two are very honest, I mean you can't even be honest with yourself.

Been a Ind since 96, after the best Conservative Prez since Ike ran for his second term.

^^^^Talking about not being honest^^^^


I'LL GET THAT LINK FOR F/F HAVING $5+ IN 'SUBPRIMES' ANY DAY NOW RIGHT? lol

 

[Fenton]

Been a Ind since 96, after the best Conservative Prez since Ike ran for his second term.

^^^^Talking about not being honest^^^^


I'LL GET THAT LINK FOR F/F HAVING $5+ IN 'SUBPRIMES' ANY DAY NOW RIGHT? lol

Secretary's Snows comments from April 2005....

" Treasury Secretary John Snow repeats his call for GSE reform, saying “Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system.” (Secretary John W. Snow, “Testimony Before The U.S. House Financial Services Committee,” 4/13/05)

5 TRILLION ?? It's old news that in 2008 the two GSEs held or guaranteed more than 5 Trillion in mortgages and Mortgage backed Securities.

Fannie and Freddie, the $5 Trillion Gorillas the U.S. Just Can't Kill - The Market Now

5 Trillion MORE Dollars To Fix Fannie Mae And Freddie Mac???

Fannie Mae, Freddie Mac: The $5 trillion mess - Jul. 11, 2008

Senators Propose Effort To Kill Fannie Mae And Freddie Mac


Country Wide's involvement in the Sub-prime Collapse is easily traceable..

Bullet Points from a internal Fannie Mae memo concerning Country Wide titled “Fannie Mae’s Top Strategic Business Objectives With Lender.”

“Deepen relationship at all levels throughout CHL and Fannie Mae to foster alignment and collaboration between our companies at every opportunity.” ( CL = CountryWide )
“Create barriers to exit partnership.”
“Disciplined Risk/Servicing Management”
“Achieve Fannie Mae Profitability Goals.”

The plan also recommends ways that Fannie executives should mingle with Countrywide’s top management, because “fostering more direct senior level engagements with key influencers throughout their organization will be beneficial in ensuring strategic alignment and building organizational loyalty.”

-------------------------------------------------------------------------------------------------------------


A Statement made by the FANNIE AND FREDDIE FOUNDATION

"Countrywide tends to follow the most flexible underwriting criteria permitted under GSE and FHA guidelines. Because Fannie Mae and Freddie Mac tend to give their best lenders access to the most flexible underwriting criteria, Countrywide benefits from its status as one of the largest originators of mortgage loans and one of the largest participants in the GSE programs. …
When necessary—in cases where applicants have no established credit history, for example—Countrywide uses nontraditional credit, a practice now accepted by the GSEs"


House over site committee on Country Wide and Fannie Mae's corruption..
http://oversight.house.gov/wp-content/uploads/2012/02/20090319FriendsofAngelo.pdf

Countrywide Used Loan Discounts To Buy Congress, Fannie Mae Execs, Other Government Officials: Report

WASHINGTON — The former Countrywide Financial Corp., whose subprime loans helped start the nation's foreclosure crisis, made hundreds of discount loans to buy influence with members of Congress, congressional staff, top government officials and executives of troubled mortgage giant Fannie Mae, according to a House report.

The report, obtained by The Associated Press, said that the discounts – from January 1996 to June 2008, were not only aimed at gaining influence for the company but to help mortgage giant Fannie Mae. Countrywide's business depended largely on Fannie, which at the time was trying to fend off more government regulation but eventually had to come under government control.

Fannie was responsible for purchasing a large volume of Countrywide's subprime mortgages. Countrywide was taken over by Bank of America in January 2008, relieving the financial services industry and regulators from the messy task of cleaning up the bankruptcy of a company that was servicing 9 million U.S. home loans worth $1.5 trillion at a time when the nation faced a widening credit crisis, massive foreclosures and an economic downturn."



So there it is, and you have no excuse now for your ridiculous Bush Blame, and you can stop posting your silly McClatchy article that uses CountryWides massive amounts of sub-prime loans to refute the Conservative position. Fannie Mae purchased most of their crap.

 

[dad2three2001]

Secretary's Snows comments from April 2005....

" Treasury Secretary John Snow repeats his call for GSE reform, saying “Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system.” (Secretary John W. Snow, “Testimony Before The U.S. House Financial Services Committee,” 4/13/05)

5 TRILLION ?? It's old news that in 2008 the two GSEs held or guaranteed more than 5 Trillion in mortgages and Mortgage backed Securities.

Fannie and Freddie, the $5 Trillion Gorillas the U.S. Just Can't Kill - The Market Now

5 Trillion MORE Dollars To Fix Fannie Mae And Freddie Mac???

Fannie Mae, Freddie Mac: The $5 trillion mess - Jul. 11, 2008

Senators Propose Effort To Kill Fannie Mae And Freddie Mac


Country Wide's involvement in the Sub-prime Collapse is easily traceable..

Bullet Points from a internal Fannie Mae memo concerning Country Wide titled “Fannie Mae’s Top Strategic Business Objectives With Lender.”

“Deepen relationship at all levels throughout CHL and Fannie Mae to foster alignment and collaboration between our companies at every opportunity.” ( CL = CountryWide )
“Create barriers to exit partnership.”
“Disciplined Risk/Servicing Management”
“Achieve Fannie Mae Profitability Goals.”

The plan also recommends ways that Fannie executives should mingle with Countrywide’s top management, because “fostering more direct senior level engagements with key influencers throughout their organization will be beneficial in ensuring strategic alignment and building organizational loyalty.”

-------------------------------------------------------------------------------------------------------------


A Statement made by the FANNIE AND FREDDIE FOUNDATION

"Countrywide tends to follow the most flexible underwriting criteria permitted under GSE and FHA guidelines. Because Fannie Mae and Freddie Mac tend to give their best lenders access to the most flexible underwriting criteria, Countrywide benefits from its status as one of the largest originators of mortgage loans and one of the largest participants in the GSE programs. …
When necessary—in cases where applicants have no established credit history, for example—Countrywide uses nontraditional credit, a practice now accepted by the GSEs"


House over site committee on Country Wide and Fannie Mae's corruption..
http://oversight.house.gov/wp-content/uploads/2012/02/20090319FriendsofAngelo.pdf

Countrywide Used Loan Discounts To Buy Congress, Fannie Mae Execs, Other Government Officials: Report

WASHINGTON — The former Countrywide Financial Corp., whose subprime loans helped start the nation's foreclosure crisis, made hundreds of discount loans to buy influence with members of Congress, congressional staff, top government officials and executives of troubled mortgage giant Fannie Mae, according to a House report.

The report, obtained by The Associated Press, said that the discounts – from January 1996 to June 2008, were not only aimed at gaining influence for the company but to help mortgage giant Fannie Mae. Countrywide's business depended largely on Fannie, which at the time was trying to fend off more government regulation but eventually had to come under government control.

Fannie was responsible for purchasing a large volume of Countrywide's subprime mortgages. Countrywide was taken over by Bank of America in January 2008, relieving the financial services industry and regulators from the messy task of cleaning up the bankruptcy of a company that was servicing 9 million U.S. home loans worth $1.5 trillion at a time when the nation faced a widening credit crisis, massive foreclosures and an economic downturn."



So there it is, and you have no excuse now for your ridiculous Bush Blame, and you can stop posting your silly McClatchy article that uses CountryWides massive amounts of sub-prime loans to refute the Conservative position. Fannie Mae purchased most of their crap.

Got it, you lied when you said, REPEATEDLY F/F had $5+ trillion in subprime loans!

$5 trillion in MBS's and $5 trillion in subprimes, HUGE difference

EVERYTHING ELSE:


The "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," the President's Working Group on Financial Markets OCT 2008

 

[ludin]

Got it, you lied when you said, REPEATEDLY F/F had $5+ trillion in subprime loans!

$5 trillion in MBS's and $5 trillion in subprimes, HUGE difference

EVERYTHING ELSE:


The "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," the President's Working Group on Financial Markets OCT 2008

ok i am going to assume that you don't know what you are talking about. a sub-prime loan is a backed security although a very risky backed security.
as it is suppose to deal with people with questionable credit ratings.

there is no difference between a MBS and a SPMBS they are the same. the only real differnce is the the terms and rates.

the problem is that these lenders were given sub-primes on 300k-400k homes that people couldn't afford and that was the only way to get them into the home.
fannie and freddie bought these loans. they were then packaged with normal securities given AAA ratings and sold on the market to investment firms.

given that the housing market was hot they were a good reason to invest in. the problem was that people that bought them didn't realize that they were toxic.
no sound investor invests in something that is toxic. if they know about it.

Yep that is why bush tried from 2001-2006 and even finally in 2008 to get freddie and fannie under control it is all documented and have been posted on this thread.
the fact that you continue to ingore it only show that you are troll and nothing more.

also obama has lead one of the weakest recoveries ever of a recession. he has doubled the amount of debt in 2 term that it took bush 4 years.
the projections are still that by the end of obama's term the national debt will be 20m dollars or more.

He has had some of the crappiest gdp growth ever besides the great depression.
the unemployment rate continues to drop not because of jobs created but because people stop looking for work and leave the work force.

can we say jimmy carter 2.0? yep and we have economic stagnation and once inflation starts to hit with all the government spending we will have stagflation 2.0.

 

[Fenton]

Got it, you lied when you said,
REPEATEDLY F/F had $5+ trillion in subprime loans!

$5 trillion in MBS's and $5 trillion in subprimes, HUGE difference

EVERYTHING ELSE:


The "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," the President's Working Group on Financial Markets OCT 2008

LOL !!!

NO its NOT.

Whether its the actual loans or securities BACKED by loans they still PURCHASED it, driving the market as they ran from a new regulator and were defended by DEMOCRATS.

Your Sub-Prime argument has been absolutley crushed so the best you have NOW is to make subtle and irrelevent distintions ??

LOL !!

And your McClathky article that uses CountryWide as the primary evidence that the private sector is to blame, and not Fannie Mae has been debunked to.

Lets seebif you possess the integrity needed to stop posting it.


You sound like VERN more and more everyday. Are you two related ?

 

[dad2three2001]

LOL !!!

NO its NOT.

Whether its the actual loans or securities BACKED by loans they still PURCHASED it, driving the market as they ran from a new regulator and were defended by DEMOCRATS.

Your Sub-Prime argument has been absolutley crushed so the best you have NOW is to make subtle and irrelevent distintions ??

LOL !!

And your McClathky article that uses CountryWide as the primary evidence that the private sector is to blame, and not Fannie Mae has been debunked to.

Lets seebif you possess the integrity needed to stop posting it.


You sound like VERN more and more everyday. Are you two related ?

Just MORE R/W CRAP. I'm shocked. Weird how Bush was REGULATOR during the time period F/F got in trouble, AND he forced Fannie into $440 billion in MBS's AND allowed them to drop their standards in 2005 TO CHASE THE PRIVATE MARKETS TO THE BOTTOM

Defended by Dems? Oh right, during the 2003-2004 ACCOUNTING SCANDALS, pre Bush subprime crisis!

NO, YOU HAVEN'T DEBUNKED ANYTHING BUBBA

4. Conservatives arguments tend to blur the definition of subprime. Some, such as Ed Pinto of AEI, argue that the GSEs had huge subprime exposure if you create a new category that represents the risks of subprime more accurately...

Even this new "high risk" category, introduced by AEI to supposedly show what the GSEs were taking on, shows that it isn't anything like subprime and is instead comparable to the national average. If you then take the logical step and divide it by private label, the numbers are even worse. Private label loans "have defaulted at over 6x the rate of GSE loans, as well as the fact that private label securitization is responsible for 42 percent of all delinquencies despite accounting for only 13 percent of all outstanding loans (as compared to the GSEs being responsible for 22 percent of all delinquencies despite accounting for 57 percent of all outstanding loans)." The issue isn't this fake "high risk" category, it is subprime and private label origination.

The Financial Crisis Inquiry Commission (FCIC) panel looked carefully at this argument and also ended up finding it doesn't work. So those who blame the GSEs can't get the numbers to work when they make up categories.

No, Marco Rubio, government did not cause the housing crisis

Vern's a very smart and honest guy, you should learn something from him