Bush worst president in 100 years.

[Vigilante]

I imagine Dud2three is having a grand old time refuting all those video's. Pictures and sound make an argument so much easier to control!

 

[Dad2three]

Why, because your links say something different than mine?

My links show the subprime crisis started much earlier, and I should believe yours?

So Bush was in charge then, and Obuma has been in charge since 2008 and the democraps haven't learned shit!....Obama Administration Pushing Banks to Offer Sub-prime Mortgages again… And When It Implodes Again….

http://pamelageller.com/2011/05/oba...tgages-again-and-when-it-implodes-again.html/

Weird you give an OPINION piece with a bunch of unrelated CRAP blaming the Dems (who had ZERO power as regulator of F/F, THAT WAS THE EXECUTIVE BRANCH, DUBYA) AND IT WASN'T A CRISIS CREATED BY F/F (THOUGH DUBYA HOSED THEM BY HIS POLICIES)

Let me know IF 'subprimes' Obama is pushing come ANYWHERE near what happened in the WORLD WIDE BANKSTER CREDIT BUBBLE. Grow up and grow a brain!

No, the GSEs Did Not Cause the Financial Meltdown (but thats just according to the data)

1. Private markets caused the shady mortgage boom: The first thing to point out is that the both the subprime mortgage boom and the subsequent crash are very much concentrated in the private market, especially the private label securitization channel (PLS) market. The Government-Sponsored Entities (GSEs, or Fannie and Freddie) were not behind them. The fly-by-night lending boom, slicing and dicing mortgage bonds, derivatives and CDOs, and all the other shadiness of the mortgage market in the 2000s were Wall Street creations, and they drove all those risky mortgages.

Here’s some data to back that up: “More than 84 percent of the subprime mortgages in 2006 were issued by private lending institutions… Private firms made nearly 83 percent of the subprime loans to low- and moderate-income borrowers that year.”


2. The government’s affordability mission didn’t cause the crisis:




4. Conservatives sang a different tune before the crash: Conservative think tanks spent the 2000s saying the exact opposite of what they are saying now

MY FAV, THE INFO YOUR LINK GOT HIS 'DATA' FROM (PETER WALLISON/ED PINTO/AEI TALKING POINTS)


AEI'S Peter Wallison in 2004: “In recent years, study after study has shown that Fannie Mae and Freddie Mac are failing to do even as much as banks and S&Ls in providing financing for affordable housing, including minority and low income housing.”


Hey Mayor Bloomberg! No, the GSEs Did Not Cause the Financial Meltdown (but thats just according to the data) | The Big Picture



HE'S THE ONLY DISSENTING MEMBER OF THE FCIC's CONCLUSIONS THAT GOV'T POLICY DIDN'T CAUSE THE BANKSTER MELTDOWN. 3 GOPers said he was full of it

Oh Please! You are getting redundant, and boring with your bullshit!

[ame=http://www.youtube.com/watch?v=Lr1M1T2Y314]How The Democrats Caused The Financial Crisis: Starring Bill Clinton's HUD Secretary Andrew Cuomo And Barack Obama; With Special Guest Appearances By Bill Clinton And Jimmy Carter - YouTube[/ame]

Got it, you like out of context vids

CONTEXT

HOW DID A LAW PASSED IN 1977 CAUSE DUBYA'S SUBPRIME CRISIS?

"Since 1995 there has been essentially no change in the basic CRA rules or enforcement process that can be reasonably linked to the subprime lending activity. This fact weakens the link between the CRA and the current crisis since the crisis is rooted in poor performance of mortgage loans made between 2004 and 2007. "

http://www.federalreserve.gov/newsevents/speech/20081203_analysis.pdf



CLINTON?


From Bush’s President’s Working Group on Financial Markets October 2008

“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.”



"HUD Secretary Andrew Cuomo "

LOL,



Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse






"(In 2000, CLINTON) 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, (BUSH), the 2000 rules were dropped and high‐risk loans were again counted toward affordable housing goals."

http://www.prmia.org/sites/default/files/references/Fannie_Mae_and_Freddie_Mac_090911_v2.pdf


June 17, 2004

Builders to fight Bush's low-income plan
Groups ask HUD to rethink plan that would increase financing of homes to low-income people.


Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.


Home builders fight Bush's low-income housing - Jun. 17, 2004


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


2004 Republican Convention:

Another priority for a new term is to build an ownership society, because ownership brings security and dignity and independence.
...

Thanks to our policies, home ownership in America is at an all- time high.

(APPLAUSE)

Tonight we set a new goal: 7 million more affordable homes in the next 10 years, so more American families will be able to open the door and say, "Welcome to my home."




Lower lending standards started in late 2004 which caused the Bush Mortgage Bubble.

Q Why would Bush’s regulators let banks lower their lending standards?

A. Federal regulators at the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision work for Bush and he was pushing his “Ownership Society” programs that was a major and successful part of his re election campaign in 2004. And Bush’s regulators not only let banks do this, they attacked state regulators trying to do their jobs. Bush’s documented policies and statements in timeframe leading up to the start of the Bush Mortgage Bubble include (but not limited to)



Wanting 5.5 million more minority homeowners
Tells congress there is nothing wrong with GSEs
Pledging to use federal policy to increase home ownership
Routinely taking credit for the housing market
Forcing GSEs to buy more low income home loans by raising their Housing Goals
Lowering Invesntment bank’s capital requirements, Net Capital rule
Reversing the Clinton rule that restricted GSEs purchases of subprime loans
Lowering down payment requirements to 0%
Forcing GSEs to spend an additional $440 billion in the secondary markets
Giving away 40,000 free down payments

PREEMPTING ALL STATE LAWS AGAINST PREDATORY LENDING


But the biggest policy was regulators not enforcing lending standards.



EVEN BARNEY FRANK WARNED DUBYA ON HIS GSE FOLLY



JUNE 17, 2004

Fannie, Freddie to Suffer Under New Rule, Frank Says

Fannie Mae and Freddie Mac would suffer financially under a Bush administration requirement that they channel more mortgage financing to people with low incomes, said the senior Democrat on a congressional panel that sets regulations for the companies.


So if your narrative is "GSEs are to blame" then you have to blame bush


http://democrats.financialservices....s/112/06-17-04-new-Fannie-goals-Bloomberg.pdf


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!



Thanks again to the Bush administrations allowing the greedy & unethical brokers to operate at their will.

 

[Dad2three]

I imagine Dud2three is having a grand old time refuting all those video's. Pictures and sound make an argument so much easier to control!

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



November 27, 2007

A Snapshot of the Subprime Market

Dollar amount of subprime loans outstanding:

2007 $1.3 trillion

Dollar amount of subprime loans outstanding in 2003: $332 billion

Percentage increase from 2003: 292%


Number of subprime mortgages made in 2005-2006 projected to end in foreclosure:

1 in 5



Proportion of subprime mortgages made from 2004 to 2006 that come with "exploding" adjustable interest rates: 89-93%


Proportion approved without fully documented income: 43-50%


Proportion with no escrow for taxes and insurance: 75%



Proportion of completed foreclosures attributable to adjustable rate loans out of all loans made in 2006 and bundled in subprime mortgage backed securities: 93%


Subprime share of all mortgage originations in 2006: 28%


Subprime share of all mortgage origination in 2003: 8%



Subprime share of all home loans outstanding:
14%


Subprime share of foreclosure filings in the 12 months ending June 30, 2007: 64%


The negative effects of subprime foreclosures are spreading.

Nearly 45 million homes NOT facing foreclosure will decline in value by an estimated $233 billion with most of the decline hitting in 2008 and 2009 as subprime foreclosures lower the prices of surrounding homes

A Snapshot of the Subprime Market



From 2001 to 2005, the dollar volume of subprime mortgages increased from $100 billion to $600 billion, while Alt - A mortgages grew from $25 billion to $400 billion over roughly the same period

WORLD WIDE CREDIT BUBBLE AND BUST? Just once, get honest!!!



Regulators and policymakers enabled this process at virtually every turn. Part of the reason they failed to understand the housing bubble was willful ignorance: they bought into the argument that the market would equilibrate itself. In particular, financial actors and regulatory officials both believed that secondary and tertiary markets could effectively control risk through pricing.

http://www.tobinproject.org/sites/tobinproject.org/files/assets/Fligstein_Catalyst of Disaster_0.pdf

A McKinsey Global Institute report noted “from 2000 through 2007, a remarkable run-up in global home prices occurred.” It is highly unlikely that a simultaneous boom and bust everywhere else in the world was caused by one set of factors (ultra-low rates, securitized AAA-rated subprime, derivatives) but had a different set of causes in the United States



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

 

[Listening]

Survey says:

Obama is worst in past 100 years.

Why am I not surprized.

 

[Dad2three]

Oh My.....ONCE MORE WITH FEELING!!!

Democrats Responsible for the Financial Crisis - YouTube

Home Ownership and President Bush


[ame="https://www.youtube.com/watch?v=kNqQx7sjoS8"]https://www.youtube.com/watch?v=kNqQx7sjoS8[/ame]



George W. Bush was a major proponent of the kind of mortgages that banks had started making under the CRA. He urged low-to-no doc mortgages and the elimination of downpayments, just like the CRA regulators had long done. “We certainly don't want there to be a fine print preventing people from owning their home,” the President said in a 2002 speech. “We can change the print, and we've got to.”


American Dream Downpayment Initiative
Summary

The American Dream Downpayment Initiative (ADDI) was signed into law on December 16, 2003. The American Dream Downpayment Assistance Act authorized up to $200 million annually.



American Dream Downpayment Initiative - Affordable Housing - CPD - HUD


July 8, 2004



HUD DATA SHOWS FANNIE MAE AND FREDDIE MAC HAVE TRAILED THE INDUSTRY IN PROVIDING AFFORDABLE HOUSING IN 44 STATES

New regulations will increase mortgage financing for homebuyers and underserved communities




This data covering 1999-2002 shows that combined, the GSEs have lagged behind the primary market in 44 states in their commitment to provide affordable housing opportunities for low- and moderate-income families.


HUD Archives: HUD DATA SHOWS FANNIE MAE AND FREDDIE MAC HAVE TRAILED THE INDUSTRY IN PROVIDING AFFORDABLE HOUSING IN 44 STATES


AEI’s Peter Wallison, the only inquiry commission member to insist that Fannie had blood on her hands:

By Peter J. Wallison | House Subcommittee on Capital Markets

(September 06, 2000)

The GSE form–at least as it is embodied in Fannie Mae and Freddie Mac–contains an inherent contradiction. It is a shareholder-owned company, with the fiduciary obligation to maximize profits, and a government-chartered and empowered agency with a public mission. It should be obvious that it cannot achieve both objectives. If it maximizes profits, it will fail to perform its government mission to its full potential. If it performs its government mission fully, it will fail to maximize profits.

[T]he incentives of their managements [are] to increase their own compensation. This has direct consequences in the real world. Since 1992, Fannie and Freddie have had an obligation to assist in financing affordable and low income housing. Obviously, doing so would be costly, and would thus reduce their profitability. Studies now show that their performance in financing low income housing-especially in minority areas- is far worse than that of ordinary banks. In other words, despite the fact that Fannie and Freddie receive subsidies to perform a government mission-in this case support of low income housing-their need for and incentives to retain a high level of profitability is an obstacle to their performance.


lol

Hahahahaha. Fannie did too little. Until it did too much



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.


Nonbank mortgage underwriting exploded from 2001 to 2007, along with the private label securitization market, which eclipsed Fannie and Freddie during the boom.

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


Nobody forced the big five investment banks to do what they did; they were not subject to CRA or other regulations common to depository banks. In fact, they mainly bought and sold loans rather than originate them. They did it because they thought they would make money.

 

[Vigilante]

Survey says:

Obama is worst in past 100 years.

Why am I not surprized.

I have to laugh at this. The polls show Obuma is the worst, and this OBSESSIVE COMPULSIVE BEHAVIOR of the Dud, has probably cost him a few hours of looking this shit up, getting it in some semblance of order and then producing it here, as if anyone cares about his OCD on this subject!

WE already know it was Clinton and Cuomo in HUD that started the ball rolling, have video evidence of such, and he can post whatever he believes in. Perhaps I should hit him with a few more video's on the subject.... keep him up until 3 AM.... Perhaps tomorrow!

 

[Vigilante]

Oh My.....ONCE MORE WITH FEELING!!!

Democrats Responsible for the Financial Crisis - YouTube

Home Ownership and President Bush






George W. Bush was a major proponent of the kind of mortgages that banks had started making under the CRA. He urged low-to-no doc mortgages and the elimination of downpayments, just like the CRA regulators had long done. “We certainly don't want there to be a fine print preventing people from owning their home,” the President said in a 2002 speech. “We can change the print, and we've got to.”


American Dream Downpayment Initiative
Summary

The American Dream Downpayment Initiative (ADDI) was signed into law on December 16, 2003. The American Dream Downpayment Assistance Act authorized up to $200 million annually.



American Dream Downpayment Initiative - Affordable Housing - CPD - HUD


July 8, 2004



HUD DATA SHOWS FANNIE MAE AND FREDDIE MAC HAVE TRAILED THE INDUSTRY IN PROVIDING AFFORDABLE HOUSING IN 44 STATES

New regulations will increase mortgage financing for homebuyers and underserved communities




This data covering 1999-2002 shows that combined, the GSEs have lagged behind the primary market in 44 states in their commitment to provide affordable housing opportunities for low- and moderate-income families.


HUD Archives: HUD DATA SHOWS FANNIE MAE AND FREDDIE MAC HAVE TRAILED THE INDUSTRY IN PROVIDING AFFORDABLE HOUSING IN 44 STATES


AEI’s Peter Wallison, the only inquiry commission member to insist that Fannie had blood on her hands:

By Peter J. Wallison | House Subcommittee on Capital Markets

(September 06, 2000)

The GSE form–at least as it is embodied in Fannie Mae and Freddie Mac–contains an inherent contradiction. It is a shareholder-owned company, with the fiduciary obligation to maximize profits, and a government-chartered and empowered agency with a public mission. It should be obvious that it cannot achieve both objectives. If it maximizes profits, it will fail to perform its government mission to its full potential. If it performs its government mission fully, it will fail to maximize profits.

[T]he incentives of their managements [are] to increase their own compensation. This has direct consequences in the real world. Since 1992, Fannie and Freddie have had an obligation to assist in financing affordable and low income housing. Obviously, doing so would be costly, and would thus reduce their profitability. Studies now show that their performance in financing low income housing-especially in minority areas- is far worse than that of ordinary banks. In other words, despite the fact that Fannie and Freddie receive subsidies to perform a government mission-in this case support of low income housing-their need for and incentives to retain a high level of profitability is an obstacle to their performance.


lol

Hahahahaha. Fannie did too little. Until it did too much



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.


Nonbank mortgage underwriting exploded from 2001 to 2007, along with the private label securitization market, which eclipsed Fannie and Freddie during the boom.

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


Nobody forced the big five investment banks to do what they did; they were not subject to CRA or other regulations common to depository banks. In fact, they mainly bought and sold loans rather than originate them. They did it because they thought they would make money.

Fault him for trying to help poor blacks and other minorities...how very LIBERAL of you.... sort of like when you assholes start calling conservatives queers and fags, when you pond scum are supposed to be champions of their cause.... HYPOCRISY is just another name for liberal!

 

[Dad2three]

Why, because your links say something different than mine?

My links show the subprime crisis started much earlier, and I should believe yours?

So Bush was in charge then, and Obuma has been in charge since 2008 and the democraps haven't learned shit!....Obama Administration Pushing Banks to Offer Sub-prime Mortgages again… And When It Implodes Again….

http://pamelageller.com/2011/05/oba...tgages-again-and-when-it-implodes-again.html/

" My links show the subprime crisis started much earlier, and I should believe yours? "



PLEASE SHOW ME WHERE IT DOES THAT?



Your link to the hate lady, is about REDLINING, NOT SUBPRIME LOANS. Know the difference? lol

An official government report was produced in April 2011 by the Senate Permanent Subcommittee on Investigations, led by Chairman Carl Levin (D-MI) and Ranking Member Tom Coburn (R-OK), titled Wall Street and the Financial Crisis: Anatomy of a Financial Collapse. The “Levin-Coburn Report,” a 639-page document, including 2,849 footnotes unanimously and unambiguously concluded that “the [2008] crisis was not a natural disaster, but the result of high risk, complex financial products; undisclosed conflicts of interest; and the failure of regulators, the credit rating agencies, and the market itself to rein in the excesses of Wall Street.”



This myth got traction in January 2011, when after conducting over five hundred interviews and holding twelve days of hearings, the Financial Crisis Inquiry Commission (FCIC) failed to produce a unified report. The 545-page book the panel did publish, titled The Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States, had three sections. The first part was a lengthy majority report endorsed by the six Democratic appointees. This was followed by two much shorter dissents. Reading the three parts together, it is clear that all ten commissioners agreed that the collapse of the U.S. housing bubble was the proximate cause of the crisis.


In addition, there was substantial consensus among nine of the commissioners. For these nine—including three of the four Republican appointees—the centerpiece of the consensus was that poor risk management at U.S. financial institutions was a chief contributor to the crisis. For example, all nine agreed that risk management failures at financial institutions led to insufficient capital and a reliance on short-term borrowing.


Toxic bankers, captive regulators: Everything you think about the housing market is wrong - Salon.com

A 2011 Senate panel headed by DEMOCRAT LEVIN who had previously covered up the involvement of Dodd and Frank in their Fannie Mae affair and the head of it Franklin Raines!

Concluding a two-year bipartisan investigation, Senator Carl Levin, D-Mich., and Senator Tom Coburn M.D., R-Okla., Chairman and Ranking Republican on the Senate Permanent Subcommittee on Investigations

"The free market has helped make America great, but it only functions when people deal with each other honestly and transparently. At the heart of the financial crisis were unresolved, and often undisclosed, conflicts of interest," said Dr. Coburn (R) . "Blame for this mess lies everywhere from federal regulators who cast a blind eye, Wall Street bankers who let greed run wild, and members of Congress who failed to provide oversight."


Carl Levin - United States Senator for Michigan: Newsroom - Press Releases

 

[The2ndAmendment]

The article disproves it's own claim...

Yet it is Obama who was chosen by 33 per cent of those surveyed as the worst president of the modern era, while Bush came second, chosen as worst by 28 per cent.

 

[Dad2three]

Oh My.....ONCE MORE WITH FEELING!!!

Democrats Responsible for the Financial Crisis - YouTube

Home Ownership and President Bush






George W. Bush was a major proponent of the kind of mortgages that banks had started making under the CRA. He urged low-to-no doc mortgages and the elimination of downpayments, just like the CRA regulators had long done. “We certainly don't want there to be a fine print preventing people from owning their home,” the President said in a 2002 speech. “We can change the print, and we've got to.”


American Dream Downpayment Initiative
Summary

The American Dream Downpayment Initiative (ADDI) was signed into law on December 16, 2003. The American Dream Downpayment Assistance Act authorized up to $200 million annually.



American Dream Downpayment Initiative - Affordable Housing - CPD - HUD


July 8, 2004



HUD DATA SHOWS FANNIE MAE AND FREDDIE MAC HAVE TRAILED THE INDUSTRY IN PROVIDING AFFORDABLE HOUSING IN 44 STATES

New regulations will increase mortgage financing for homebuyers and underserved communities




This data covering 1999-2002 shows that combined, the GSEs have lagged behind the primary market in 44 states in their commitment to provide affordable housing opportunities for low- and moderate-income families.


HUD Archives: HUD DATA SHOWS FANNIE MAE AND FREDDIE MAC HAVE TRAILED THE INDUSTRY IN PROVIDING AFFORDABLE HOUSING IN 44 STATES


AEI’s Peter Wallison, the only inquiry commission member to insist that Fannie had blood on her hands:

By Peter J. Wallison | House Subcommittee on Capital Markets

(September 06, 2000)

The GSE form–at least as it is embodied in Fannie Mae and Freddie Mac–contains an inherent contradiction. It is a shareholder-owned company, with the fiduciary obligation to maximize profits, and a government-chartered and empowered agency with a public mission. It should be obvious that it cannot achieve both objectives. If it maximizes profits, it will fail to perform its government mission to its full potential. If it performs its government mission fully, it will fail to maximize profits.

[T]he incentives of their managements [are] to increase their own compensation. This has direct consequences in the real world. Since 1992, Fannie and Freddie have had an obligation to assist in financing affordable and low income housing. Obviously, doing so would be costly, and would thus reduce their profitability. Studies now show that their performance in financing low income housing-especially in minority areas- is far worse than that of ordinary banks. In other words, despite the fact that Fannie and Freddie receive subsidies to perform a government mission-in this case support of low income housing-their need for and incentives to retain a high level of profitability is an obstacle to their performance.


lol

Hahahahaha. Fannie did too little. Until it did too much



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.


Nonbank mortgage underwriting exploded from 2001 to 2007, along with the private label securitization market, which eclipsed Fannie and Freddie during the boom.

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


Nobody forced the big five investment banks to do what they did; they were not subject to CRA or other regulations common to depository banks. In fact, they mainly bought and sold loans rather than originate them. They did it because they thought they would make money.

Fault him for trying to help poor blacks and other minorities...how very LIBERAL of you.... sort of like you assholes start calling conservatives queers and fags, when you pond scum are supposed to be champions of their cause.... HYPOCRISY is just another name for liberal!

Yeah, THAT' was his 'goal' lol


Predatory Lenders' Partner in Crime

Predatory lending was widely understood to present a looming national crisis.

What did the Bush administration do in response? Did it reverse course and decide to take action to halt this burgeoning scourge?

Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye

In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative


Eliot Spitzer - Predatory Lenders' Partner in Crime



FBI saw threat of loan crisis


"It has the potential to be an epidemic,"

A top official warned of widening mortgage fraud in 2004, but the agency focused its resources elsewhere

"We think we can prevent a problem that could have as much impact as the S&L crisis,"

They ended up with fewer resources, rather than more.

FBI saw threat of loan crisis - Los Angeles Times


Later in 2004 Dubya allowed the leverage rules to go from 12-1 to 35+-1 which flooded the market with cheap money!


The SEC Rule That Broke Wall Street



Bush drive for home ownership fueled housing bubble



He insisted that Fannie Mae and Freddie Mac meet ambitious new goals for low-income lending.

Concerned that down payments were a barrier, Bush persuaded Congress to spend as much as $200 million a year to help first-time buyers with down payments and closing costs.

And he pushed to allow first-time buyers to qualify for government insured mortgages with no money down


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

 

[The2ndAmendment]

The article disproves it's own claim...

Yet it is Obama who was chosen by 33 per cent of those surveyed as the worst president of the modern era, while Bush came second, chosen as worst by 28 per cent.

Nice try at trying to "drown me out" via spam.

 

[Vigilante]

" My links show the subprime crisis started much earlier, and I should believe yours? "



PLEASE SHOW ME WHERE IT DOES THAT?



Your link to the hate lady, is about REDLINING, NOT SUBPRIME LOANS. Know the difference? lol

An official government report was produced in April 2011 by the Senate Permanent Subcommittee on Investigations, led by Chairman Carl Levin (D-MI) and Ranking Member Tom Coburn (R-OK), titled Wall Street and the Financial Crisis: Anatomy of a Financial Collapse. The “Levin-Coburn Report,” a 639-page document, including 2,849 footnotes unanimously and unambiguously concluded that “the [2008] crisis was not a natural disaster, but the result of high risk, complex financial products; undisclosed conflicts of interest; and the failure of regulators, the credit rating agencies, and the market itself to rein in the excesses of Wall Street.”



This myth got traction in January 2011, when after conducting over five hundred interviews and holding twelve days of hearings, the Financial Crisis Inquiry Commission (FCIC) failed to produce a unified report. The 545-page book the panel did publish, titled The Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States, had three sections. The first part was a lengthy majority report endorsed by the six Democratic appointees. This was followed by two much shorter dissents. Reading the three parts together, it is clear that all ten commissioners agreed that the collapse of the U.S. housing bubble was the proximate cause of the crisis.


In addition, there was substantial consensus among nine of the commissioners. For these nine—including three of the four Republican appointees—the centerpiece of the consensus was that poor risk management at U.S. financial institutions was a chief contributor to the crisis. For example, all nine agreed that risk management failures at financial institutions led to insufficient capital and a reliance on short-term borrowing.


Toxic bankers, captive regulators: Everything you think about the housing market is wrong - Salon.com

A 2011 Senate panel headed by DEMOCRAT LEVIN who had previously covered up the involvement of Dodd and Frank in their Fannie Mae affair and the head of it Franklin Raines!

Concluding a two-year bipartisan investigation, Senator Carl Levin, D-Mich., and Senator Tom Coburn M.D., R-Okla., Chairman and Ranking Republican on the Senate Permanent Subcommittee on Investigations

"The free market has helped make America great, but it only functions when people deal with each other honestly and transparently. At the heart of the financial crisis were unresolved, and often undisclosed, conflicts of interest," said Dr. Coburn (R) . "Blame for this mess lies everywhere from federal regulators who cast a blind eye, Wall Street bankers who let greed run wild, and members of Congress who failed to provide oversight."


Carl Levin - United States Senator for Michigan: Newsroom - Press Releases

"Blame for this mess lies everywhere from federal regulators who cast a blind eye, Wall Street bankers who let greed run wild, and members of Congress who failed to provide oversight."

Even your own article claims that "BLAME IS EVERYWHERE", NOT JUST ON BUSH AS YOU TRIED TO SHOVE DOWN OUR THROATS....THANKS FOR BITCH SLAPPING YOURSELF!

 

[The2ndAmendment]

[MENTION=49669]Dad2three[/MENTION]

I find it alarming that you've made more than 1/6 of my total posts in less than 1/36th the total time I've been on these forums, and I post A LOT for a person that works two jobs and owns a house and has a fiance.

Who is paying you full-time to post on these boards?

 

[Dad2three]

Oh My.....

Democrats were WARNED of Financial crisis and did NOTHING - YouTube

Barney Frank? Oh right minority member of the GOP majority House 1995-Jan 2007 had super powers

lol

The Myth of Fannie Mae, Freddie Mac, Barney Frank, the Housing Bubble and the Recession


Start with the most basic fact of all: virtually none of the $1.5 trillion of cratering subprime mortgages were backed by Fannie or Freddie. That’s right — most subprime mortgages did not meet Fannie or Freddie’s strict lending standards. All those no money down, no interest for a year, low teaser rate loans? All the loans made without checking a borrower’s income or employment history? All made in the private sector, without any support from Fannie and Freddie.

The Myth of Fannie Mae, Freddie Mac, Barney Frank, the Housing Bubble and the Recession | The Long Goodbye



“The idea that they were leading this charge is just absurd,” said Guy Cecala, publisher of Inside Mortgage Finance, an authoritative trade publication. “Fannie and Freddie have always had the tightest underwriting on earth…They were opposite of subprime.”

Wall Street, Not Fannie and Freddie, Led Mortgage Meltdown - The Daily Beast




In an op-ed piece in the Wall Street Journal, Lawrence B. Lindsey, a former economic adviser to President George W. Bush, wrote that Frank "is the only politician I know who has argued that we needed tighter rules that intentionally produce fewer homeowners and more renters."

 

[Vigilante]

@Dad2three

I find it alarming that you've made more than 1/6 of my total posts in less than 1/36th the total time I've been on these forums, and I post A LOT for a person that works two jobs and owns a house and has a fiance.

Who is paying you full-time to post on these boards?

When he, and a few others that get PAID by the DNC to come on websites and spew propaganda, he can afford to be here!

 

[Dad2three]

[MENTION=49669]Dad2three[/MENTION]

I find it alarming that you've made more than 1/6 of my total posts in less than 1/36th the total time I've been on these forums, and I post A LOT for a person that works two jobs and owns a house and has a fiance.

Who is paying you full-time to post on these boards?

Got it, you can't refute my FACTS so therefore I must be paid, lol

 

[Dad2three]

@Dad2three

I find it alarming that you've made more than 1/6 of my total posts in less than 1/36th the total time I've been on these forums, and I post A LOT for a person that works two jobs and owns a house and has a fiance.

Who is paying you full-time to post on these boards?

When he, and a few others that get PAID by the DNC to come on websites and spew propaganda, he can afford to be here!

Are Right-Wing Libertarian Internet Trolls Getting Paid to Dumb Down Online Conversations?

Are Right-Wing Libertarian Internet Trolls Getting Paid to Dumb Down Online Conversations? | Alternet


The second pattern is the strong association between this tactic and a certain set of views: pro-corporate, anti-tax, anti-regulation. Both traditional conservatives and traditional progressives tend be more willing to discuss an issue than these right-wing libertarians, many of whom seek instead to shut down debate.



For his film (Astro)Turf Wars, Taki Oldham secretly recorded a training session organized by a rightwing libertarian group called American Majority. The trainer, Austin James, was instructing Tea Party members on how to “manipulate the medium”. This is what he told them:

“Here’s what I do. I get on Amazon; I type in “Liberal Books”. I go through and I say “one star, one star, one star”. The flipside is you go to a conservative/ libertarian whatever, go to their products and give them five stars. … This is where your kids get information: Rotten Tomatoes, Flixster. These are places where you can rate movies. So when you type in “Movies on Healthcare”, I don’t want Michael Moore’s to come up, so I always give it bad ratings. I spend about 30 minutes a day, just click, click, click, click. … If there’s a place to comment, a place to rate, a place to share information, you have to do it. That’s how you control the online dialogue and give our ideas a fighting chance.”

lol

 

[Vigilante]

@Dad2three

I find it alarming that you've made more than 1/6 of my total posts in less than 1/36th the total time I've been on these forums, and I post A LOT for a person that works two jobs and owns a house and has a fiance.

Who is paying you full-time to post on these boards?

Got it, you can't refute my FACTS so therefore I must be paid, lol

Hell, I'm retired and can spend as much time as I like on here and the subversives complain about my 53 post per day, you have over 60 son. You retired gov't worker?

 

[The2ndAmendment]

[MENTION=49669]Dad2three[/MENTION]
The only fact that matters is the cited article in the OP refutes its own claim, and thus refutes the very premise of this thread.

From the article:

Yet it is Obama who was chosen by 33 per cent of those surveyed as the worst president of the modern era, while Bush came second, chosen as worst by 28 per cent.

 

[Dad2three]

@Dad2three

I find it alarming that you've made more than 1/6 of my total posts in less than 1/36th the total time I've been on these forums, and I post A LOT for a person that works two jobs and owns a house and has a fiance.

Who is paying you full-time to post on these boards?

When he, and a few others that get PAID by the DNC to come on websites and spew propaganda, he can afford to be here!

NO MORE OUT OF CONTEXT VIDS? I'm shocked


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



Given CEOs' proclivity for government bashing, any lenders being driven to write bad loans by the CRA would have been on CNBC screaming at the top of their lungs.

But that dog that didn't bark.


Private sector loans, not Fannie or Freddie, triggered crisis



Subprime lending offered high-cost loans to the weakest borrowers during the housing boom that lasted from 2001 to 2007. Subprime lending was at its height from 2004 to 2006.

Federal Reserve Board data show that:

More than 84 percent of the subprime mortgages in 2006 were issued by private lending institutions.

Private firms made nearly 83 percent of the subprime loans to low- and moderate-income borrowers that year.

Only one of the top 25 subprime lenders in 2006 was directly subject to the housing law that's being lambasted by conservative critics.

Private sector loans, not Fannie or Freddie, triggered crisis | Economics | McClatchy DC