No One Has Ever Fallen Faster

[Vigilante]

The only way this would be a problem was if Sarah gave a single fuck about what Progressives think of her.

Since her reality shows have failed, selling her books and personal appearance fees are her only income. Progressives are far to smart to buy her idiocy.

Fortunately, the lovely Sarah, doesn't have the Moooch's problem!

 

[MarcATL]

#LOLGOP

 

[AvgGuyIA]

BUT ANDY SAID WHAT WAS GOING ON BEFORE BUSH WAS EVEN PRESIDENT....ANDY AND BLOW JOB OWN THE HOUSING BUBBLE COLLAPSE!!!

No he didn't, lol LYING POS


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.”


“But from 2002-2005, [GSEs] saw a fairly precipitous drop in market share, going from about 50% to just under 30% of all mortgage originations. Conversely, private label securitization [PLS] shot up from about 10% to about 40% over the same period. This is, to state the obvious, a very radical shift in mortgage originations that overlapped neatly with the origination of the most toxic home loans.”


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


3. There is a lot of research to back this up and little against it: This is not exactly an obscure corner of the wonk world — it is one of the most studied capital markets in the world.


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


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



In 2004, as regulators warned that subprime lenders were saddling borrowers with mortgages they could not afford, the U.S. Department of Housing and Urban Development helped fuel more of that risky lending.


...In 1995, President Bill Clinton's HUD agreed to let Fannie and Freddie get affordable-housing credit for buying subprime securities that included loans to low-income borrowers. The idea was that subprime lending benefited many borrowers who did not qualify for conventional loans. HUD expected that Freddie and Fannie would impose their high lending standards on subprime lenders.


In 2000 (CLINTON), as HUD revisited its affordable-housing goals, the housing market had shifted. With escalating home prices, subprime loans were more popular. Consumer advocates warned that lenders were trapping borrowers with low "teaser" interest rates and ignoring borrowers' qualifications.

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. Freddie and Fannie adopted policies not to buy some high-cost loans.

That year, Freddie bought $18.6 billion in subprime loans; Fannie did not disclose its number.


In 2001, HUD researchers warned of high foreclosure rates among subprime loans.

"Given the very high concentration of these loans in low-income and African American neighborhoods, the growth in subprime lending and resulting very high levels of foreclosure is a real cause for concern," an agency report said.

But by 2004, (DUBYA) when HUD next revised the goals, Freddie and Fannie's purchases of subprime-backed securities had risen tenfold. Foreclosure rates also were rising.

That year, President Bush's HUD ratcheted up the main affordable-housing goal over the next four years, from 50 percent to 56 percent. John C. Weicher, then an assistant HUD secretary, said the institutions lagged behind even the private market and "must do more."

In 2003, the two bought $81 billion in subprime securities. In 2004, they purchased $175 billion -- 44 percent of the market. In 2005, they bought $169 billion, or 33 percent. In 2006, they cut back to $90 billion, or 20 percent. Generally, Freddie purchased more than Fannie and relied more heavily on the securities to meet goals.

"The market knew we needed those loans," said Sharon McHale, a spokeswoman for Freddie Mac. The higher goals (BY DUBYA, 2004, LOL) "forced us to go into that market to serve the targeted populations that HUD wanted us to serve," she said.


How HUD Mortgage Policy Fed The Crisis


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

You are becoming the copy and paste queen of the board, Dad2three. Don't you have anything original to say? Democrat congressmen and that ugly bitch, Watters, caused the housing crises. They demanded the banks to give loans to people out of work.

Yeah, sorry, how rude of me to pop the right wing bubble, lol'


It was poor people who caused the subprime bubble, NOT the Banktsers creating a world wide credit bubble and bust in DOZENS OF NATIONS, cheered on by Dubya in the USA. I forgot it was poor areas that received loans during Dubya's bubble, NOT middle class areas that Banksters flooded with money


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

Repeating for the hard if hearing like dad2three: THE FUCKING CONGRESSMEN IN THE DEMOCRAT PARTY CAUSED THE HOUSING CRISIS, WE HAVE VIDEO.

 

[AvgGuyIA]

Sarah Palin hasn't fallen evidently that you all need to post about her. she does live in your wee heads 24/7 though. and she's thinking FREE Advertising for her.

She's not going anywhere no matter how many times you losers claim SHE HAS FALLEN

Sarah Palin will be declared the goddess of the liberals someday. They will be forced to worship her.

Sarah Palin is pure tea party. Willfully ignorant and damn proud of it.

TEA Party members are more educated than the Democrats. Fact!

 

[OnePercenter]

TEA Party members are more educated than the Democrats. Fact!

The Bundy Bunch?

 

[AvgGuyIA]

You have a vid? Like Barney Franks out of context vid? lol

direct congressional testimony pre-speeches and questioning.

Here's an unrelated gem: "we're all about socializing ....um... The oil industry". - Maxine. Watters.

 

[Kondor3]

...Fortunately, the lovely Sarah, doesn't have the Moooch's problem!...

It is unfair to place Mickey Obumble next to Carla Bruni.

Rather like comparing a Franklin Stove to Aphrodite.

 

[guno]

It doesn't matter.

Obumble is now a Lame Duck.

He lost both chambers of Congress.

Congress has turned its back on him.

The Failed Messiah has failed himself, his country, and his party - many of whom are running from him at the speed of light.

Prospects for a Democrat in the White House anytime soon after 2016 continue to dwindle.

I have no clue which of a hundred-and-one losers that the Pubs will put-up for election.

But they'd have to phukk-up pretty badly now, not to kick the ass of the Dems' choice.

Those were regional elections, come national elections the slack jawed mouth drooling bible thumpers from the white christian party don't have a change in the educated parts of the country . That Low IQ stuff dosen't play outside of jesusland

 

[JoeNormal]

Sarah Palin hasn't fallen evidently that you all need to post about her. she does live in your wee heads 24/7 though. and she's thinking FREE Advertising for her.

She's not going anywhere no matter how many times you losers claim SHE HAS FALLEN

Sarah Palin will be declared the goddess of the liberals someday. They will be forced to worship her.

Sarah Palin is pure tea party. Willfully ignorant and damn proud of it.

TEA Party members are more educated than the Democrats. Fact!

Then why do you highly educated Tea Partiers adore this ignorant twit? Puppy love?

 

[AvgGuyIA]

This is why we need to get rid of Public Sector Unions.

What dimocrap filth are too stupid to understand is this -- The entire Civil Service has been infiltrated by liberal scumbags. Top to bottom, inside and out.

It's what they do. A dimocrap scumbag's fondest wish, their heart's desire is to get goobermint job. That's just the way it is.

Is that to mean that ALL Civil Servants are scumof the earht dimocraps? No, but most are.

And that's is why the EPA is the way it is, why the IRS is the way it is, why the VA is the way its and why REGULATORS are they way they are.

And that's who/what caused this shit -- Regulation. The regulators took on a life of their own, they became Judge, Jury and Executioner to Banks and loan originators. Fannie and Freddie (under Franklin Raines and Jamie Gore-Lick [both of whom should be executed for treason] who both got rich) was also a big contributor. Big time

The CRA didn't directly CAUSE the meltdown.... No one thing did.

But the CRA lit the fuse.

I know. I was knee-deep in it. I saw it coming. I tried to advise my friends and people I knew and worked with to be careful. Very careful.

Some were, most weren't.

I survived. The ones that didn't listen -- Not so much.

The CRA was the root cause of the problem.

Period.

As usual, right wingers NEVER let something as small as FACTS get in the way of their beliefs



Q When did the Bush Mortgage Bubble start?

A The general timeframe is it started late 2004.

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.”



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


Fannie & Freddie Mac & CRA didn’t cause the Mortgage Crisis




A study by the Joint Center for Housing Studies Harvard University on the Subprime Lending and the Community Reinvestment Act concluded that: data provided by the Home Mortgage Disclosure Act (HMDA) reveal that loans covered by the CRA accounted for only a fraction of mortgage lending to lower-income borrowers and neighborhood

Read entire article here (PDF)

Their data clearly shows that the vast majority of subprime lending was conducted by lenders outside of CRA scrutiny, and therefore under no government ‘coercion’ to lend to lower income and/or higher risk borrowers.

Fannie Freddie Mac CRA didn 8217 t cause the Mortgage Crisis Fact and Myth


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


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.

(Fun fact: These same conservatives sang a different tune before the crash. They argued that the CRA and the GSEs were getting in the way of getting risky subprime mortgages to risky subprime borrowers. See Should CRA Stand for 'Community Redundancy Act? from Cato in 2000 or AEI's Peter Wallison in 2004 arguing "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.")

No Marco Rubio government did not cause the housing crisis - The Washington Post



Fed Study Debunks Conservative Myth That Affordable Housing Policies Caused Subprime Crisis


One would think that understanding that loans made by CRA banks in CRA areas reached their height in 1994 and steadily decreased right through the bubble would convince even the most stubborn ideologue to look elsewhere.

http://www.jchs.harvard.edu/publications/governmentprograms/n08-2_park.pdf

But like the 40% loss of market share of the GSEs during the bubble, the almost equal market share loss of CRA banks means nothing. Instead, we have to listen to people talking about a bubble caused by banks that were losing business, and in the case of CRA banks, steadily losing business over a ten year period.


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

But that dog that didn't bark.

You can cut and paste the liberal encyclopedia. It ain't gonna change the facts that democrats are behind the meltdown by threatening banks to make loans or "else".

 

[Dad2three]

BUT ANDY SAID WHAT WAS GOING ON BEFORE BUSH WAS EVEN PRESIDENT....ANDY AND BLOW JOB OWN THE HOUSING BUBBLE COLLAPSE!!!

No he didn't, lol LYING POS


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.”


“But from 2002-2005, [GSEs] saw a fairly precipitous drop in market share, going from about 50% to just under 30% of all mortgage originations. Conversely, private label securitization [PLS] shot up from about 10% to about 40% over the same period. This is, to state the obvious, a very radical shift in mortgage originations that overlapped neatly with the origination of the most toxic home loans.”


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


3. There is a lot of research to back this up and little against it: This is not exactly an obscure corner of the wonk world — it is one of the most studied capital markets in the world.


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


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



In 2004, as regulators warned that subprime lenders were saddling borrowers with mortgages they could not afford, the U.S. Department of Housing and Urban Development helped fuel more of that risky lending.


...In 1995, President Bill Clinton's HUD agreed to let Fannie and Freddie get affordable-housing credit for buying subprime securities that included loans to low-income borrowers. The idea was that subprime lending benefited many borrowers who did not qualify for conventional loans. HUD expected that Freddie and Fannie would impose their high lending standards on subprime lenders.


In 2000 (CLINTON), as HUD revisited its affordable-housing goals, the housing market had shifted. With escalating home prices, subprime loans were more popular. Consumer advocates warned that lenders were trapping borrowers with low "teaser" interest rates and ignoring borrowers' qualifications.

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. Freddie and Fannie adopted policies not to buy some high-cost loans.

That year, Freddie bought $18.6 billion in subprime loans; Fannie did not disclose its number.


In 2001, HUD researchers warned of high foreclosure rates among subprime loans.

"Given the very high concentration of these loans in low-income and African American neighborhoods, the growth in subprime lending and resulting very high levels of foreclosure is a real cause for concern," an agency report said.

But by 2004, (DUBYA) when HUD next revised the goals, Freddie and Fannie's purchases of subprime-backed securities had risen tenfold. Foreclosure rates also were rising.

That year, President Bush's HUD ratcheted up the main affordable-housing goal over the next four years, from 50 percent to 56 percent. John C. Weicher, then an assistant HUD secretary, said the institutions lagged behind even the private market and "must do more."

In 2003, the two bought $81 billion in subprime securities. In 2004, they purchased $175 billion -- 44 percent of the market. In 2005, they bought $169 billion, or 33 percent. In 2006, they cut back to $90 billion, or 20 percent. Generally, Freddie purchased more than Fannie and relied more heavily on the securities to meet goals.

"The market knew we needed those loans," said Sharon McHale, a spokeswoman for Freddie Mac. The higher goals (BY DUBYA, 2004, LOL) "forced us to go into that market to serve the targeted populations that HUD wanted us to serve," she said.


How HUD Mortgage Policy Fed The Crisis


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

You are becoming the copy and paste queen of the board, Dad2three. Don't you have anything original to say? Democrat congressmen and that ugly bitch, Watters, caused the housing crises. They demanded the banks to give loans to people out of work.

Yeah, sorry, how rude of me to pop the right wing bubble, lol'


It was poor people who caused the subprime bubble, NOT the Banktsers creating a world wide credit bubble and bust in DOZENS OF NATIONS, cheered on by Dubya in the USA. I forgot it was poor areas that received loans during Dubya's bubble, NOT middle class areas that Banksters flooded with money


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

Repeating for the hard if hearing like dad2three: THE FUCKING CONGRESSMEN IN THE DEMOCRAT PARTY CAUSED THE HOUSING CRISIS, WE HAVE VIDEO.

Yeah, the Dems had super powers in the GOP majority House whee simple majority ruled 1995-Jan 2007 with the GOP right?

According to the conservatives, Dems in hearing in 2003-2004 ACCOUNTING scandals had something to do with Dubya's allowing and cheering on the Banksters credit bubble, lol


Q When did the Bush Mortgage Bubble start?

A The general timeframe is it started late 2004.

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.”


lol


FACTS on Dubya s great recession US Message Board - Political Discussion Forum

 

[Dad2three]

You have a vid? Like Barney Franks out of context vid? lol

direct congressional testimony pre-speeches and questioning.

Here's an unrelated gem: "we're all about socializing ....um... The oil industry". - Maxine. Watters.

Pretty boilerplate conservative, always blubbering excuses about how conservatives aren't responsible for the complete and utter failure of their policies


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. Who bought these high risk loans? Mostly pension funds and Insurances seeking higher returns who lost almost half of the pension funds value and the public that depended on those funds for retirement.


The historical "originate and hold" mortgage model was replaced with the "originate and distribute" model. Incentives were such that you could get paid just to originate and sell the mortgages down the pipeline, passing the risk along. The big investment banks simply connected the investors to the originators, helped by the AAA ratings.

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.



FACTS on Dubya s great recession US Message Board - Political Discussion Forum

 

[Dad2three]

This is why we need to get rid of Public Sector Unions.

What dimocrap filth are too stupid to understand is this -- The entire Civil Service has been infiltrated by liberal scumbags. Top to bottom, inside and out.

It's what they do. A dimocrap scumbag's fondest wish, their heart's desire is to get goobermint job. That's just the way it is.

Is that to mean that ALL Civil Servants are scumof the earht dimocraps? No, but most are.

And that's is why the EPA is the way it is, why the IRS is the way it is, why the VA is the way its and why REGULATORS are they way they are.

And that's who/what caused this shit -- Regulation. The regulators took on a life of their own, they became Judge, Jury and Executioner to Banks and loan originators. Fannie and Freddie (under Franklin Raines and Jamie Gore-Lick [both of whom should be executed for treason] who both got rich) was also a big contributor. Big time

The CRA didn't directly CAUSE the meltdown.... No one thing did.

But the CRA lit the fuse.

I know. I was knee-deep in it. I saw it coming. I tried to advise my friends and people I knew and worked with to be careful. Very careful.

Some were, most weren't.

I survived. The ones that didn't listen -- Not so much.

The CRA was the root cause of the problem.

Period.

As usual, right wingers NEVER let something as small as FACTS get in the way of their beliefs



Q When did the Bush Mortgage Bubble start?

A The general timeframe is it started late 2004.

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.”



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


Fannie & Freddie Mac & CRA didn’t cause the Mortgage Crisis




A study by the Joint Center for Housing Studies Harvard University on the Subprime Lending and the Community Reinvestment Act concluded that: data provided by the Home Mortgage Disclosure Act (HMDA) reveal that loans covered by the CRA accounted for only a fraction of mortgage lending to lower-income borrowers and neighborhood

Read entire article here (PDF)

Their data clearly shows that the vast majority of subprime lending was conducted by lenders outside of CRA scrutiny, and therefore under no government ‘coercion’ to lend to lower income and/or higher risk borrowers.

Fannie Freddie Mac CRA didn 8217 t cause the Mortgage Crisis Fact and Myth


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


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.

(Fun fact: These same conservatives sang a different tune before the crash. They argued that the CRA and the GSEs were getting in the way of getting risky subprime mortgages to risky subprime borrowers. See Should CRA Stand for 'Community Redundancy Act? from Cato in 2000 or AEI's Peter Wallison in 2004 arguing "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.")

No Marco Rubio government did not cause the housing crisis - The Washington Post



Fed Study Debunks Conservative Myth That Affordable Housing Policies Caused Subprime Crisis


One would think that understanding that loans made by CRA banks in CRA areas reached their height in 1994 and steadily decreased right through the bubble would convince even the most stubborn ideologue to look elsewhere.

http://www.jchs.harvard.edu/publications/governmentprograms/n08-2_park.pdf

But like the 40% loss of market share of the GSEs during the bubble, the almost equal market share loss of CRA banks means nothing. Instead, we have to listen to people talking about a bubble caused by banks that were losing business, and in the case of CRA banks, steadily losing business over a ten year period.


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

But that dog that didn't bark.

You can cut and paste the liberal encyclopedia. It ain't gonna change the facts that democrats are behind the meltdown by threatening banks to make loans or "else".

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

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 banks 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.


FACTS on Dubya s great recession US Message Board - Political Discussion Forum

 

[Vigilante]

Andrew Cuomo ADMITTED he and Blow Job Clinton STARTED the Housing bubble collapse!

 

[AvgGuyIA]

Sarah Palin hasn't fallen evidently that you all need to post about her. she does live in your wee heads 24/7 though. and she's thinking FREE Advertising for her.

She's not going anywhere no matter how many times you losers claim SHE HAS FALLEN

Sarah Palin will be declared the goddess of the liberals someday. They will be forced to worship her.

Sarah Palin is pure tea party. Willfully ignorant and damn proud of it.

TEA Party members are more educated than the Democrats. Fact!

Then why do you highly educated Tea Partiers adore this ignorant twit? Puppy love?

Sarah speaks the Truth.

 

[AvgGuyIA]

This is why we need to get rid of Public Sector Unions.

What dimocrap filth are too stupid to understand is this -- The entire Civil Service has been infiltrated by liberal scumbags. Top to bottom, inside and out.

It's what they do. A dimocrap scumbag's fondest wish, their heart's desire is to get goobermint job. That's just the way it is.

Is that to mean that ALL Civil Servants are scumof the earht dimocraps? No, but most are.

And that's is why the EPA is the way it is, why the IRS is the way it is, why the VA is the way its and why REGULATORS are they way they are.

And that's who/what caused this shit -- Regulation. The regulators took on a life of their own, they became Judge, Jury and Executioner to Banks and loan originators. Fannie and Freddie (under Franklin Raines and Jamie Gore-Lick [both of whom should be executed for treason] who both got rich) was also a big contributor. Big time

The CRA didn't directly CAUSE the meltdown.... No one thing did.

But the CRA lit the fuse.

I know. I was knee-deep in it. I saw it coming. I tried to advise my friends and people I knew and worked with to be careful. Very careful.

Some were, most weren't.

I survived. The ones that didn't listen -- Not so much.

The CRA was the root cause of the problem.

Period.

As usual, right wingers NEVER let something as small as FACTS get in the way of their beliefs



Q When did the Bush Mortgage Bubble start?

A The general timeframe is it started late 2004.

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.”



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


Fannie & Freddie Mac & CRA didn’t cause the Mortgage Crisis




A study by the Joint Center for Housing Studies Harvard University on the Subprime Lending and the Community Reinvestment Act concluded that: data provided by the Home Mortgage Disclosure Act (HMDA) reveal that loans covered by the CRA accounted for only a fraction of mortgage lending to lower-income borrowers and neighborhood

Read entire article here (PDF)

Their data clearly shows that the vast majority of subprime lending was conducted by lenders outside of CRA scrutiny, and therefore under no government ‘coercion’ to lend to lower income and/or higher risk borrowers.

Fannie Freddie Mac CRA didn 8217 t cause the Mortgage Crisis Fact and Myth


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


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.

(Fun fact: These same conservatives sang a different tune before the crash. They argued that the CRA and the GSEs were getting in the way of getting risky subprime mortgages to risky subprime borrowers. See Should CRA Stand for 'Community Redundancy Act? from Cato in 2000 or AEI's Peter Wallison in 2004 arguing "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.")

No Marco Rubio government did not cause the housing crisis - The Washington Post



Fed Study Debunks Conservative Myth That Affordable Housing Policies Caused Subprime Crisis


One would think that understanding that loans made by CRA banks in CRA areas reached their height in 1994 and steadily decreased right through the bubble would convince even the most stubborn ideologue to look elsewhere.

http://www.jchs.harvard.edu/publications/governmentprograms/n08-2_park.pdf

But like the 40% loss of market share of the GSEs during the bubble, the almost equal market share loss of CRA banks means nothing. Instead, we have to listen to people talking about a bubble caused by banks that were losing business, and in the case of CRA banks, steadily losing business over a ten year period.


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

But that dog that didn't bark.

You can cut and paste the liberal encyclopedia. It ain't gonna change the facts that democrats are behind the meltdown by threatening banks to make loans or "else".

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

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 banks 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.


FACTS on Dubya s great recession US Message Board - Political Discussion Forum

Will you please quit quoting every damn post you've made in this thread.

 

[AvgGuyIA]

Andrew Cuomo ADMITTED he and Blow Job Clinton STARTED the Housing bubble collapse!

I declare victory. That libs acts like the democrats had no part in the housing crises. Bush tried to get the regulators back on the job but the democrats cried racism and wouldn't allow it.

 

[Vigilante]

Andrew Cuomo ADMITTED he and Blow Job Clinton STARTED the Housing bubble collapse!

I declare victory. That libs acts like the democrats had no part in the housing crises. Bush tried to get the regulators back on the job but the democrats cried racism and wouldn't allow it.

Don't ever believe the TRUTH means a fucking thing to these Commie, subversives, the more they post, the more you hit them with the same TRUTHS, they can't answer! Just remember, and keep repeating....

Andrew Cuomo ADMITTED he and Blow Job Clinton STARTED the Housing bubble collapse!

 

[OnePercenter]

Andrew Cuomo ADMITTED he and Blow Job Clinton STARTED the Housing bubble collapse!

It wasn't a political opponent? Perhaps Carl Paladino?

 

[Vigilante]

Andrew Cuomo ADMITTED he and Blow Job Clinton STARTED the Housing bubble collapse!

It wasn't a political opponent? Perhaps Carl Paladino?

You are almost a dumb as the dudette of 2 is!