Dad2three
Gold Member
Eat my shit Leroy,You just think it's nonsense because you're clueless.Actually there were laws in force since the Carter Administration, in the 70s."Another form of easing facilitated the rapid rise of mortgages that didn't require borrowers to fully document their incomes. In 2006, these low- or no-doc loans comprised 81 percent of near-prime, 55 percent of jumbo, 50 percent of subprime and 36 percent of prime securitized mortgages."
Q HOLY JESUS! DID YOU JUST PROVE THAT OVER 50 % OF ALL MORTGAGES IN 2006 DIDN'T REQUIRE BORROWERS TO DOCUMENT THEIR INCOME?!?!?!?
A Yes.
PLEASE NAME THE LAW REQUIRING OVER HALF OF MORTGAGES TO BE SUBPRIME/LOW DOC LOANS IN 2006? PRETTY PLEASE?
Q WHO THE HELL LOANS HUNDREDS OF THOUSANDS OF DOLLARS TO PEOPLE WITHOUT CHECKING THEIR INCOMES?!?!?
A Banks.
Q WHY??!?!!!?!
A Two reasons, greed and Bush's regulators let them. And then they sold the loan and risk to investors and GSEs clamoring for the loans. Actually banks, pension funds, investment banks and other investors clamored for them. Bush forced Freddie and Fannie to buy an additional $440 billion in mortgages in the secondary market.
June 17, 2004
Builders to fight Bush's low-income plan
NEW YORK (CNN/Money) - 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
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
In practice, they gave the 3 most powerful (but non-productive) credit rating corporations free reign over the US economy.
Basically, via federal law, all of the 3 major credit reporting agencies decided who was credit-worthy enough to get a loan to buy real estate. Any bank was allowed to give someone a loan, and any insurance company was disallowed from saying, "Hey! this is bullshit!" to those people who obviously can't afford the payments to buy that house.
Didn't matter to the loan company salesmen because they are paid by commission. The more loans they approve, the more moola they get. And the insurance agents had the same motivation. Greed. The more insurance policies they sell, the more money they get paid.
Hell at least you get points for originality Bubba, lol
Hint NO FEDERAL LAW GAVE ANY COMP (MUCH LESS THE CREDIT RATING AGENCIES) " all of the 3 major credit reporting agencies decided who was credit-worthy enough to get a loan to buy real estate"
THAT'S NONSENSE
Right Bubba
The main reason why people like you stay stupid is not merely your genetics, It's because you cannot admit when you are wrong.
Your projection noted Bubs, as well as ZERO attempt to back up YOUR nonsense