Andylusion
Platinum Member
And yet where did the crash happen? In regulated mortgage backed securities.
Actually, they were "regulated," but not really regulated.
They were regulated, period.
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And yet where did the crash happen? In regulated mortgage backed securities.
Actually, they were "regulated," but not really regulated.
Bill Black is currently an Associate Professor of Economics and Law who was litigation director for the Federal Home Loan Bank Board from '84-'86. The tile of his best known book says it all: The Best Way to Rob a Bank is to Own One: How Corporate Executives and Politicians Looted the S&L Industry.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.
The Two Documents Everyone Should Read to Better Understand the Crisis William K. Black
And yet where did the crash happen? In regulated mortgage backed securities.
Actually, they were "regulated," but not really regulated.
They were regulated, period.
The epidemic of mortgage fraud (80% of which was initiated by lenders) that the FBI warned about in 2004 "clearly didn't cause the 2008 crash?" Is that your claim?I'm not even sure what the point of this post is. No one has denied any of this, yet clearly it didn't cause the 2008 crash.
The epidemic of mortgage fraud (80% of which was initiated by lenders) that the FBI warned about in 2004 "clearly didn't cause the 2008 crash?" Is that your claim?I'm not even sure what the point of this post is. No one has denied any of this, yet clearly it didn't cause the 2008 crash.
The epidemic of mortgage fraud (80% of which was initiated by lenders) that the FBI warned about in 2004 "clearly didn't cause the 2008 crash?" Is that your claim?I'm not even sure what the point of this post is. No one has denied any of this, yet clearly it didn't cause the 2008 crash.
Yes. That is exactly my claim. Clear fraudulent mortgages were a fraction of the mortgages that failed. Most were simply sub-prime mortgages, that should have never been made, but were pushed by the Federal government.
What percentage of all mortgage origination between 2005 had "reckless or toxic" features?Yes. That is exactly my claim. Clear fraudulent mortgages were a fraction of the mortgages that failed. Most were simply sub-prime mortgages, that should have never been made, but were pushed by the Federal government.
Let's assume you are correct about the Federal government pushing sub-prime mortgages. Was it the richest 1% of Americans pushing Republicans AND Democrats to engage in this behavior, or was it the millions of productive Americans who lost their homes, businesses, and retirements as a consequence of Wall Street's influence on government?Most were simply sub-prime mortgages, that should have never been made, but were pushed by the Federal government.
What percentage of all mortgage origination between 2005 had "reckless or toxic" features?Yes. That is exactly my claim. Clear fraudulent mortgages were a fraction of the mortgages that failed. Most were simply sub-prime mortgages, that should have never been made, but were pushed by the Federal government.
http://www.ft.com/cms/s/0/4d19518c-df0d-11dc-91d4-0000779fd2ac.html#axzz3X75DZJRh
And yet where did the crash happen? In regulated mortgage backed securities.
Actually, they were "regulated," but not really regulated.
They were regulated, period.
Let's assume you are correct about the Federal government pushing sub-prime mortgages. Was it the richest 1% of Americans pushing Republicans AND Democrats to engage in this behavior, or was it the millions of productive Americans who lost their homes, businesses, and retirements as a consequence of Wall Street's influence on government?Most were simply sub-prime mortgages, that should have never been made, but were pushed by the Federal government.
And yet where did the crash happen? In regulated mortgage backed securities.
Actually, they were "regulated," but not really regulated.
They were regulated, period.
You are a moron, period.
And yet where did the crash happen? In regulated mortgage backed securities.
Actually, they were "regulated," but not really regulated.
They were regulated, period.
You are a moron, period.
As expected. My expectations of you were low, and you managed to meet them directly.
And yet where did the crash happen? In regulated mortgage backed securities.
Actually, they were "regulated," but not really regulated.
They were regulated, period.
You are a moron, period.
As expected. My expectations of you were low, and you managed to meet them directly.
That's what happens when you're gripped with delusions.
What percentage of all mortgage origination between 2005 had "reckless or toxic" features?Yes. That is exactly my claim. Clear fraudulent mortgages were a fraction of the mortgages that failed. Most were simply sub-prime mortgages, that should have never been made, but were pushed by the Federal government.
http://www.ft.com/cms/s/0/4d19518c-df0d-11dc-91d4-0000779fd2ac.html#axzz3X75DZJRh
Two different things.
Fraudulent loans, were loans made with fabricated documentation. Sub-prime loans, which were reckless and toxic, were openly pushed by government. The fact the borrowers were not qualified for a conventional mortgage was well known and accepted.
Andrew Cuomo openly said that they were pushing loans to people who absolutely did not qualify, and that they would have a higher default rate.
It was exactly these loans, that later were categorized as "toxic".
How is fraud determined without reviewing a sample of loan files BEFORE giving AAA ratings to non-prime mortgage financial derivatives? Do you blame the FBI for revealing the epidemic of mortgage fraud in 2004 or the corporate rating agencies who assigned AAA ratings WITHOUT reviewing loan file tapes on the underlying securities?Fraudulent loans, were loans made with fabricated documentation
You are confused.I'm a bit confused how you can lose your home, business, retirement over this. I had money in the stock market, and I made more money during the 2007 to 2010 time frame, than I have since. Similarly, if the bank fails, that doesn't stop you from paying your mortgage. What stops you from paying your mortgage, borrowing too much money, and you can't pay it back. Businesses don't fail because the bank changes hands. Businesses fail because you are not putting out a good product, or you are mishandling the business.
, but Wall Street lost least.
-"GSE mortgages perform exponentially better than the rest of the market,