Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature may not be available in some browsers.
Unlock unbeatable offers today. Shop here: https://amzn.to/4cEkqYs 🎁
Guess what, it is 2017 and GSEs are here with us to stay, can you point to the "reform" that is supposed to save us now?
As you know, EVERYTHING in my post is 100% true. Each provided the date and who was quoted.
As you know too, Fannie and Freddie followed the rules placed on them by congress. At the time, specifically by Barney Frank and Chris Dodd. Frank's lover was on the board of directors of Freddie Mac and received bonuses based on the number of subprime loans they were forced to buy.
He's been watching Fox or whatever even worse, wayyy too much...like all the dupes. It's all the GOP HAS, and seems enough...Poor America...Frank and Dodd were fully supported by the Republican President and Congress, so Markle is loose as a goose with the facts.
No, the problem was Fannie and Freddie buying 12 million crap loans and guaranteeing their $1.8 trillion value. They were then packaged and sold as a safe investment because they were guaranteed.So republicans forced all those people to default on the loans Bill Clinton insisted banks make? Sure thing.The Clinton internet bubble was bad, but completely expected. Mostly private. The real estate, government created bubble, was completely avoidable. Bill Clinton had a major hand in it. He threatened banks if they refused to make insane loans. But it was good for "progress" and the bankers, so he did as was told.GOP obstructionists? At least we had no corrupt GOP bubble...
Bullshit. It was Republican gutting of 1930's banking regulations put in place after the Great Depression late in Clinton's presidency which allowed banks to package subprime mortgages into high yield junk bonds which set the housing bubble into motion
If people have easy access to credit they will use it wether or not they can pay it back. It's up to the creditors and regulators to manage the risk and set unwriting standards.
Problem was that real estate pricing collapse was so unprecedented in modern history that it was thought of as fail proof assets. Risk on them was grossly underestimated by institutions on just about every level.
If people have easy access to credit they will use it wether or not they can pay it back. It's up to the creditors and regulators to manage the risk and set unwriting standards.
Problem was that real estate pricing collapse was so unprecedented in modern history that it was thought of as fail proof assets. Risk on them was grossly underestimated by institutions on just about every level.
Fannie and Freddie were mandated, by congress to make a higher percentage of their portfolio up of subprime loans.
That is ridiculous first of all get his name right it's Reagan you dweeb. And the economy was roaring during Reagan's presidency. He saved the middle class in the 80's. The middle class was nearly destroyed by Carter's ruination. You guys use to be better at rewriting history, now you all just make shit up. Removing nonsensical regulations always leads to a better economy. We just had the best jobs month in 7 years by telling businesses the regulations are going away and you completely over look that fact and then you go and post the stupidest post of the week. Too bad for the dems the people have wised up...well some have.The middle class has eroded because of the actions of regeans policies and deregulation.
and always will be.Just so all those on the alt-right will realize, this all rides on the backs of the regean administration for their voodoo economics and 4 decades of trickle down economics.
The middle class has eroded because of the actions of regeans policies and deregulation.
Frank and Dodd were fully supported by the Republican President and Congress, so Markle is loose as a goose with the facts.
Just to remind all our FRIENDS from the far left, the responsibility for this mess lies with Jimmy Carter, Bill Clinton, Barney Frank and Chris Dodd. AND WITH REPUBLICANS for backing off every time Barney Frank and his cronies played…THE RACE CARD! The housing bubble is what led to the downfall and that was driven by Democrats, starting with Jimmy Carter and hugely expanded by Bill Clinton. Here are the facts, once again, for you to ignore….
HUD TO FIGHT DISCRIMINATION, BOOST MINORITY HOMEOWNERSHIP AND WORK WITH URBAN LEAGUE TO FURTHER GOALS
August 5, 1997
http://www.thefreelibrary.com/HUD+to+Fight+Discrimination,+Boost+Minority+Homeownership+and+Work...-a019650647
New York Times - 1999
Fannie Mae Eases Credit To Aid Mortgage Lending -
Fannie Mae Eases Credit To Aid Mortgage Lending
President Bush’s and the Administrations Unheeded Warnings About the Systemic Risk Posed by the GSEs – Fannie and Freddie dating back to 2001
Just the Facts: The Administration’s Unheeded Warnings About the Systemic Risk Posed by the GSEs
By Elliot Blair Smith,
USA TODAY
Fannie Mae to pay $400 million fine
http://www.bloomberg.com/apps/news?pid=newsarchive&refer=columnist_hassett&sid=aSKSoiNbnQY0
Franklin Raines was Director of the Office of Management and Budget under Clinton and returned to Fannie Mae as its CEO in 1999. Raines is not a “chief” economic adviser for President Barack Hussein Obama but has advised the administration on mortgage and housing matters. Obama had hired another former Fannie CEO, Jim Johnson as a member of Obama’s V.P. search committee and who was forced to quit under fire.
Bloomberg News -
How the Democrats Created the Financial Crisis -
http://www.bloomberg.com/apps/news?pid=newsarchive&refer=columnist_hassett&sid=aSKSoiNbnQY0
Democrats in their own words covering up the Fannie Mae, Freddie Mac
Timeline shows Bush, McCain warning Democrats of Financial Crisis
From the New York Times
New Agency Proposed to Oversee Freddie Mac and Fannie Mae
By STEPHEN LABATON
Published: September 11, 2003 WASHINGTON,
Sept. 10— The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.
The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.
Read more: New Agency Proposed to Oversee Freddie Mac and Fannie Mae
[…]
###
From USNews and World Report
Barney Frank's Fannie and Freddie Muddle
By Sam Dealey
September 10, 2008
[…]
So five years ago, there was one of those rare moments in Washington when the branches and personalities of government—in this case, the Bush administration—are less interested in protecting or expanding their turf than in fixing a looming catastrophe. What was Frank's response to the proposal?
''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''
[…]
http://www.usnews.com/opinion/blogs/sam-dealey/2008/09/10/barney-franks-fannie-and-freddie-muddle
Wall Street Journal Barney’s Rubble – September 17, 2008
Barney's Rubble
Barney Frank in 2005: What Housing Bubble?
Maxine Waters & Barney Frank - Then Vs. Now -
Embedded media from this media site is no longer available
Steve Kroft On Credit Default Swaps And Their Central Role In The Unfolding Economic Crisis -
The Bet That Blew Up Wall Street
All this, in addition to the repeal of the Glass-Steagall Act by President William Jefferson Clinton caused the meltdown.
It COULD have been stopped or greatly reduced. Democrats fought that every step of the way and the Republicans wilted under the barrage of being called racist and worse.
It has nothing to do with Reagan and everything to do with Clinton rewriting the CRA which would punish banks if they did not loan enough to people that had no means to repay the loan.
I offer that asshole no respect at all so I purposely spell his name wrong butt face.
You have your facts...I have mine,
regean was the worst thing to happen to the working class.
A a recession is going to occur, probably in the next four years
so it's a sure thing but when it will happen is not known?
Sorry Jake it just strikes me as funny whenever economic doom is predicted and the predictor can't tell you when such doom will ascend upon us. Sounds like a guess at best and a wish at worst. Re portable violation BuuuuAAAAHAHAHAHA!Rambunctious ^^ slices my posts out of context (a reportable violation) because he can't answer them otherwise. Here is the full comment. You can see has failed again.
The economy grew magnificently during Obama's terms, as evidenced by UE rates, the stock market, and wage growth.
As a recession is going to occur, probably in the next four years, because of the no-limit print money scam of Congress and the Fed at almost 0% interest for the last ten years, that will rival the Great Depression.
R is absolutely lost when it comes to economics and finance.
Your arguments LAUGHABLE, what I know of your post is that is almost entirely false as far as it's relevancy in establishing Bush's admin foresight into the real estate collapse or what they advocated being at all able to prevent it.
The economy grew magnificently during Obama's terms, as evidenced by UE rates, the stock market, and wage growth.
He wins the nomination & then the presidency and the economy crashes.
He resides over the worst growth in my lifetime.
He exits the office & the economy once again booms.
Interesting timeline no?
The timeline I outlined is not disputable. Add to that the immediate boost to the economy when he left and the results speak for themselvesHe wins the nomination & then the presidency and the economy crashes.
He resides over the worst growth in my lifetime.
He exits the office & the economy once again booms.
Interesting timeline no?
The economy was crashing before he entered office.
It improved while he was in office.
He left office with the economy and unemployment rates much BETTER than they were when he entered office.
He wins the nomination & then the presidency and the economy crashes.
He resides over the worst growth in my lifetime.
He exits the office & the economy once again booms.
Interesting timeline no?
The debt was 11 trillion dollars when Obama took office. 11 x 3 = 33. The national debt is about 19 trillion dollars. It didn't even double.And Obama made it worse... And made the debt triple... factThe economy was disintegrating long before Obama got into office.
