Boss
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BZZ wrong Bubba, yes Dubya changed Clinton RULES that disallowed SUBPRIME LOANS QUALIFYING FOR THE AFFORDABLE HOUSING GOALS, but ZERO to do with Dubya FORCING F/F TO PURCHASE THE $440 BILLION IN MBS'S FROM THE BANKSTERS IN THEIR WORLD WIDE CREDIT BUBBLE BUBBA!1!
BZZZ.. I've already corrected your stupidity regarding this. The actual problem started with the introduction of ARMs back in 1980, something that Carter did.... surprise, surprise! Then repealing Glass-Steagall in 1999, something Clinton did...surprise, surprise! Then you get to Dubya's non-conservative compassionism to make it easy for low-income families to purchase homes. When the bottom fell out on home prices, ALL OF THESE POLICIES resulted in a collapse of the financial sector. To try and blame it all on Bush is typical of the lying piece of shit hack you are.
Sure Bubba, sure YOU keep "believing" that nonsense
Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse
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."
Q When did the Bush Mortgage Bubble start?
A The general timeframe is it started late 2004.
From Bushs Presidents Working Group on Financial Markets October 2008
The Presidents Working Groups 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.
Q Did the Community Reinvestment Act under Carter/Clinton caused it?
A "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
Q Why is it commonly called the subprime bubble ?
A Because the Bush Mortgage Bubble coincided with the explosive growth of Subprime mortgage and politics. Also the subprime MBS market was the first to collapse in late 2006. In 2003, 10 % of all mortgages were subprime. In 2006, 40 % were subprime. This is a 300 % increase in subprime lending. (and notice it coincides with the dates of the Bush Mortgage bubble that Bush and the Fed said)
Some 80 percent of outstanding U.S. mortgages are prime, while 14 percent are subprime and 6 percent fall into the near-prime category. These numbers, however, mask the explosive growth of nonprime mortgages. Subprime and near-prime loans shot up from 9 percent of newly originated securitized mortgages in 2001 to 40 percent in 2006
https://www.dallasfed.org/assets/documents/research/eclett/2007/el0711.pdf
Q. Er uh, didnt you notice your link said the explosive growth of subprime mortgages started in 2001?
A. It did kinda say that didnt it? However, the link below clearly states subprime was 10 % in 2003. 9% in 2001 to 10% in 2003 is only a 1% increase. A 1 % increase over 3 years is flat not explosive. 10 % in 2003 to 40% in 2006 is explosive. So the explosive growth started in 2004 which lines up pretty good but not exactly with the timeframe of the Bush Mortgage Bubble.
In dollar terms, nonprime mortgages represented 32 percent of all mortgage originations in 2005, more than triple their 10 percent share only two years earlier
FRB: Finance and Economics Discussion Series: Screen Reader Version - 200899
The banks have known for 30 years the risks involved on the loan products they sold. This is why they lobbied so hard to allow them to sell the bad products to investors so they would not be holding the bad paper or the risks. The developed the products like stated income stated assets then bundled them to make it appear they were blended risks and then sold them to multiple investors.
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 (2004)
Lowering Investment banks capital requirements, Net Capital rule (2004)
Reversing the Clinton rule that restricted GSEs purchases of subprime loans (2004)
Lowering down payment requirements to 0% (2004)
Forcing GSEs to spend an additional $440 billion in the secondary markets (2004)
Giving away 40,000 free down payments PER YEAR (2004-2007)
PREEMPTING ALL STATE LAWS AGAINST PREDATORY LENDING (2003)
But the biggest policy was regulators not enforcing lending standards.
FACTS on Dubya's great recession | US Message Board - Political Discussion Forum
It's a shame you can't make your font size any bigger. I clearly laid some of the blame on Bush's policies. I guess you missed that while you were digging up more propaganda from thinkprogress?