POLL: How Bout An Official Gesture Of Atonement For Past Sins Against African Americans?...

[Ray From Cleveland]

The GOP is always trying to end F+F so their pals in private lending get the market. Worked GREAT LOL...

And they lost--F and F won. How did that work out for us?

 

[francoHFW]

Great propaganda point, but that wasn't needed. He was bragging about the most home ownership ever, and most of that was private lending of Booosh cronies...

Nope, wrong as usual:

Some have argued that unregulated groups such as mortgage brokers and bankers, working with subprime lenders such as Countrywide Financial, supplied both the easier credit and the lower loan standards, but the facts belie this.

From 1995 until 2004, subprime loans by the traditional subprime lenders like Countrywide averaged slightly more than 5% of all mortgages, far too few to account for the growth in either homeownership or the housing bubble. CRA loans, totaling 3% of originations, were also too few. Where, then, did all the low-quality loans come from?

From 1994 to 2003, Fannie and Freddie’s purchases of mortgages, as a percentage of all mortgage originations, increased from 37% to an all-time high of 57%, effectively cornering the conventional conforming market. With leverage ratios that averaged 75-to-1, and funds raised with implicit government backing, the GSEs were pouring money into the housing market. This in itself would have driven the housing bubble.

A Government-Mandated Housing Bubble - Forbes

Yup, and starting in 2003 private lenders and toxic loans wrecked the world, while F+F's share of the market went from 75% to 25%. Cut the double talk.

 

[francoHFW]

ACTUALLY, the GOP hijacked the bill, and never brought it up for a vote.

That was 6 minutes of crap I'll never get back...

 

[Ray From Cleveland]

And you think it's there to screw the people and help the rich. Not surprising after the last 30 years...see sig. All FACT. Thanks GOP and silly dupes...

The rich don't need any help. It's those lowlife welfare people that need the help because they are irresponsible people.

 

[francoHFW]

The GOP is always trying to end F+F so their pals in private lending get the market. Worked GREAT LOL...

And they lost--F and F won. How did that work out for us?

F+F won after the corrupt GOP world depression wiped out all the corrupt toxic private lenders. You're off the wall, dupe.

 

[francoHFW]

And you think it's there to screw the people and help the rich. Not surprising after the last 30 years...see sig. All FACT. Thanks GOP and silly dupes...

The rich don't need any help. It's those lowlife welfare people that need the help because they are irresponsible people.

Yup, everyone magically became irresponsible when the GOP cut taxes on the rich and opportunity for everyone else, dupe.
After 30 years of Voodoo: worst min. wage, work conditions, illegal work safeguards, vacations, work week, college costs, rich/poor gap, upward social mobility, % homeless and in prison EVAH, and in the modern world!! And you complain about the victims? Are you an idiot or an A-hole?

 

[Ray From Cleveland]

That was 6 minutes of crap I'll never get back...

Right, and I would be willing to bet you couldn't tell me one thing in the video. But since you didn't watch it........

Democrats fought against an oversight committee for F and F which would have at the very least pulled back the massive lending that created the bubble. It may have even avoided the collapse entirely. But Democrats knew well in advance that F and F were paving the way to bad loans for minorities and the poor--both huge Democrat voting bases. Putting that to a stop would have stopped the minority lending and lax regulations set by HUD and F and F.

 

[bripat9643]

ACTUALLY, the GOP hijacked the bill, and never brought it up for a vote.

The GOP is always trying to end F+F so their pals in private lending get the market. Worked GREAT LOL...

Do you view private enterprise as the enemy?

Don't lie, now.

 

[francoHFW]

That was 6 minutes of crap I'll never get back...

Right, and I would be willing to bet you couldn't tell me one thing in the video. But since you didn't watch it........

Democrats fought against an oversight committee for F and F which would have at the very least pulled back the massive lending that created the bubble. It may have even avoided the collapse entirely. But Democrats knew well in advance that F and F were paving the way to bad loans for minorities and the poor--both huge Democrat voting bases. Putting that to a stop would have stopped the minority lending and lax regulations set by HUD and F and F.

I told you everything in it. How many times do I have to say F+F's share of the market dived during this period...The GOP was in charge and feqqed the world. Give it up.

 

[francoHFW]

ACTUALLY, the GOP hijacked the bill, and never brought it up for a vote.

The GOP is always trying to end F+F so their pals in private lending get the market. Worked GREAT LOL...

Do you view private enterprise as the enemy?

Don't lie, now.

Corrupt GOP crony underregulated out of control bubble/bust/DEPRESSION private enterprise, yes.

 

[francoHFW]

That was 6 minutes of crap I'll never get back...

Right, and I would be willing to bet you couldn't tell me one thing in the video. But since you didn't watch it........

Democrats fought against an oversight committee for F and F which would have at the very least pulled back the massive lending that created the bubble. It may have even avoided the collapse entirely. But Democrats knew well in advance that F and F were paving the way to bad loans for minorities and the poor--both huge Democrat voting bases. Putting that to a stop would have stopped the minority lending and lax regulations set by HUD and F and F.

During the September 24 edition of Fox News' Special Report, host Brit Hume said, "Many financial analysts are saying that if mortgage giants Fannie Mae and Freddie Mac had been effectively regulated years ago, the supercharged subprime mortgage meltdown that led to the current financial mess would either never have happened or would have been nowhere near as severe." Purporting to, "examine the timeline. What were those warning signs? Who raised them? And who disputed them?" chief White House correspondent Bret Baier then falsely suggested that Rep. Barney Frank opposed stricter oversight of Fannie Mae and Freddie Mac. Baier aired two comments Frank made in 2003 expressing confidence in Fannie Mae and Freddie Mac and asserted that oversight legislation "was blocked," while omitting entirely any mention of Frank's support for a bill in 2005 and, as chair of the committee, his spearheading legislation in 2007 to strengthen oversight of Fannie Mae and Freddie Mac.

Contrary to Hume's suggestion that Fannie Mae and Freddie Mac are largely responsible for the "current financial mess," economist Dean Baker recently reported that the accusation that "the financial crisis is attributable to the close government relationship with Fannie Mae and Freddie Mac" is "obviously not true." He wrote: "Fannie and Freddie got into subprime junk and helped fuel the housing bubble, but they were trailing the irrational exuberance of the private sector. They lost market share in the years 2002-2007, as the volume of private issue mortgage backed securities exploded."

Indeed, in a 2006 Securities and Exchange Commission filing covering its activities in 2004, Fannie Mae stated (report available here): "We did not participate in large amounts of these non-traditional mortgages in 2004 and 2005." In the report, Fannie Mae also noted the growth of subprime lending and reported, "These trends and our decision not to participate in large amounts of these non-traditional mortgages contributed to a significant loss in our share of new single-family mortgage-related securities issuances to private-label issuers during this period." In a 2006 Federal Reserve analysis, Souphala Chomsisengphet, a financial economist at the Office of the Comptroller of the Currency, and Anthony Pennington-Cross, a senior economist at the Federal Reserve Bank of St. Louis, reported that the value of the subprime market had increased from $65 billion in 1995 originations to $332 billion in 2003.

Moreover, Baier and Hume completely omitted any mention of Frank's efforts in passing legislation providing greater oversight of Fannie and Freddie. In 2005, Frank, then the ranking Democrat on the House Financial Services Committee, worked with committee chairman Rep. Michael Oxley (R-OH) on the Federal Housing Finance Reform Act of 2005, which would have established the Federal Housing Finance Agency (FHFA) to oversee the activities of Fannie Mae and Freddie Mac. After voting for the bill in committee, Frank votedagainst final passage of the bill on the House floor, stating that he was doing so because an amendment to the bill on the House floor imposed certain restrictions on the kinds of nonprofit organizations that could receive funding under the bill.

Special Report falsely suggested Fannie and Freddie chief perpetrators of "financial mess," Rep. Frank opposed stricter oversight

 

[Ray From Cleveland]

That was 6 minutes of crap I'll never get back...

Right, and I would be willing to bet you couldn't tell me one thing in the video. But since you didn't watch it........

Democrats fought against an oversight committee for F and F which would have at the very least pulled back the massive lending that created the bubble. It may have even avoided the collapse entirely. But Democrats knew well in advance that F and F were paving the way to bad loans for minorities and the poor--both huge Democrat voting bases. Putting that to a stop would have stopped the minority lending and lax regulations set by HUD and F and F.

During the September 24 edition of Fox News' Special Report, host Brit Hume said, "Many financial analysts are saying that if mortgage giants Fannie Mae and Freddie Mac had been effectively regulated years ago, the supercharged subprime mortgage meltdown that led to the current financial mess would either never have happened or would have been nowhere near as severe." Purporting to, "examine the timeline. What were those warning signs? Who raised them? And who disputed them?" chief White House correspondent Bret Baier then falsely suggested that Rep. Barney Frank opposed stricter oversight of Fannie Mae and Freddie Mac. Baier aired two comments Frank made in 2003 expressing confidence in Fannie Mae and Freddie Mac and asserted that oversight legislation "was blocked," while omitting entirely any mention of Frank's support for a bill in 2005 and, as chair of the committee, his spearheading legislation in 2007 to strengthen oversight of Fannie Mae and Freddie Mac.

Contrary to Hume's suggestion that Fannie Mae and Freddie Mac are largely responsible for the "current financial mess," economist Dean Baker recently reported that the accusation that "the financial crisis is attributable to the close government relationship with Fannie Mae and Freddie Mac" is "obviously not true." He wrote: "Fannie and Freddie got into subprime junk and helped fuel the housing bubble, but they were trailing the irrational exuberance of the private sector. They lost market share in the years 2002-2007, as the volume of private issue mortgage backed securities exploded."

Indeed, in a 2006 Securities and Exchange Commission filing covering its activities in 2004, Fannie Mae stated (report available here): "We did not participate in large amounts of these non-traditional mortgages in 2004 and 2005." In the report, Fannie Mae also noted the growth of subprime lending and reported, "These trends and our decision not to participate in large amounts of these non-traditional mortgages contributed to a significant loss in our share of new single-family mortgage-related securities issuances to private-label issuers during this period." In a 2006 Federal Reserve analysis, Souphala Chomsisengphet, a financial economist at the Office of the Comptroller of the Currency, and Anthony Pennington-Cross, a senior economist at the Federal Reserve Bank of St. Louis, reported that the value of the subprime market had increased from $65 billion in 1995 originations to $332 billion in 2003.

Moreover, Baier and Hume completely omitted any mention of Frank's efforts in passing legislation providing greater oversight of Fannie and Freddie. In 2005, Frank, then the ranking Democrat on the House Financial Services Committee, worked with committee chairman Rep. Michael Oxley (R-OH) on the Federal Housing Finance Reform Act of 2005, which would have established the Federal Housing Finance Agency (FHFA) to oversee the activities of Fannie Mae and Freddie Mac. After voting for the bill in committee, Frank votedagainst final passage of the bill on the House floor, stating that he was doing so because an amendment to the bill on the House floor imposed certain restrictions on the kinds of nonprofit organizations that could receive funding under the bill.

Special Report falsely suggested Fannie and Freddie chief perpetrators of "financial mess," Rep. Frank opposed stricter oversight

Yep, nothing but a dog an pony show. Frank voted against his own bill. Thanks for admitting that.

 

[francoHFW]

That was 6 minutes of crap I'll never get back...

Right, and I would be willing to bet you couldn't tell me one thing in the video. But since you didn't watch it........

Democrats fought against an oversight committee for F and F which would have at the very least pulled back the massive lending that created the bubble. It may have even avoided the collapse entirely. But Democrats knew well in advance that F and F were paving the way to bad loans for minorities and the poor--both huge Democrat voting bases. Putting that to a stop would have stopped the minority lending and lax regulations set by HUD and F and F.

During the September 24 edition of Fox News' Special Report, host Brit Hume said, "Many financial analysts are saying that if mortgage giants Fannie Mae and Freddie Mac had been effectively regulated years ago, the supercharged subprime mortgage meltdown that led to the current financial mess would either never have happened or would have been nowhere near as severe." Purporting to, "examine the timeline. What were those warning signs? Who raised them? And who disputed them?" chief White House correspondent Bret Baier then falsely suggested that Rep. Barney Frank opposed stricter oversight of Fannie Mae and Freddie Mac. Baier aired two comments Frank made in 2003 expressing confidence in Fannie Mae and Freddie Mac and asserted that oversight legislation "was blocked," while omitting entirely any mention of Frank's support for a bill in 2005 and, as chair of the committee, his spearheading legislation in 2007 to strengthen oversight of Fannie Mae and Freddie Mac.

Contrary to Hume's suggestion that Fannie Mae and Freddie Mac are largely responsible for the "current financial mess," economist Dean Baker recently reported that the accusation that "the financial crisis is attributable to the close government relationship with Fannie Mae and Freddie Mac" is "obviously not true." He wrote: "Fannie and Freddie got into subprime junk and helped fuel the housing bubble, but they were trailing the irrational exuberance of the private sector. They lost market share in the years 2002-2007, as the volume of private issue mortgage backed securities exploded."

Indeed, in a 2006 Securities and Exchange Commission filing covering its activities in 2004, Fannie Mae stated (report available here): "We did not participate in large amounts of these non-traditional mortgages in 2004 and 2005." In the report, Fannie Mae also noted the growth of subprime lending and reported, "These trends and our decision not to participate in large amounts of these non-traditional mortgages contributed to a significant loss in our share of new single-family mortgage-related securities issuances to private-label issuers during this period." In a 2006 Federal Reserve analysis, Souphala Chomsisengphet, a financial economist at the Office of the Comptroller of the Currency, and Anthony Pennington-Cross, a senior economist at the Federal Reserve Bank of St. Louis, reported that the value of the subprime market had increased from $65 billion in 1995 originations to $332 billion in 2003.

Moreover, Baier and Hume completely omitted any mention of Frank's efforts in passing legislation providing greater oversight of Fannie and Freddie. In 2005, Frank, then the ranking Democrat on the House Financial Services Committee, worked with committee chairman Rep. Michael Oxley (R-OH) on the Federal Housing Finance Reform Act of 2005, which would have established the Federal Housing Finance Agency (FHFA) to oversee the activities of Fannie Mae and Freddie Mac. After voting for the bill in committee, Frank votedagainst final passage of the bill on the House floor, stating that he was doing so because an amendment to the bill on the House floor imposed certain restrictions on the kinds of nonprofit organizations that could receive funding under the bill.

Special Report falsely suggested Fannie and Freddie chief perpetrators of "financial mess," Rep. Frank opposed stricter oversight

Yep, nothing but a dog an pony show. Frank voted against his own bill. Thanks for admitting that.

His own bill with a ridiculous GOP amendment. So really you're a liar.

 

[Iceweasel]

That was 6 minutes of crap I'll never get back...

Right, and I would be willing to bet you couldn't tell me one thing in the video. But since you didn't watch it........

Democrats fought against an oversight committee for F and F which would have at the very least pulled back the massive lending that created the bubble. It may have even avoided the collapse entirely. But Democrats knew well in advance that F and F were paving the way to bad loans for minorities and the poor--both huge Democrat voting bases. Putting that to a stop would have stopped the minority lending and lax regulations set by HUD and F and F.

I told you everything in it. How many times do I have to say F+F's share of the market dived during this period...The GOP was in charge and feqqed the world. Give it up.

The GOP was in charge of Freddy and Fanny? Keep proving your mind is wasted.

 

[thereisnospoon]

Help from the government?
What type of help?...
It is not the job of government to "help' people.

Shhhhh. Don't tell Franko that. He thinks that's why government was formed.

And you think it's there to screw the people and help the rich. Not surprising after the last 30 years...see sig. All FACT. Thanks GOP and silly dupes...

Nope....You may believe the federal government is your personal ATM, but it isn't.

 

[thereisnospoon]

That was 6 minutes of crap I'll never get back...

Right, and I would be willing to bet you couldn't tell me one thing in the video. But since you didn't watch it........

Democrats fought against an oversight committee for F and F which would have at the very least pulled back the massive lending that created the bubble. It may have even avoided the collapse entirely. But Democrats knew well in advance that F and F were paving the way to bad loans for minorities and the poor--both huge Democrat voting bases. Putting that to a stop would have stopped the minority lending and lax regulations set by HUD and F and F.

During the September 24 edition of Fox News' Special Report, host Brit Hume said, "Many financial analysts are saying that if mortgage giants Fannie Mae and Freddie Mac had been effectively regulated years ago, the supercharged subprime mortgage meltdown that led to the current financial mess would either never have happened or would have been nowhere near as severe." Purporting to, "examine the timeline. What were those warning signs? Who raised them? And who disputed them?" chief White House correspondent Bret Baier then falsely suggested that Rep. Barney Frank opposed stricter oversight of Fannie Mae and Freddie Mac. Baier aired two comments Frank made in 2003 expressing confidence in Fannie Mae and Freddie Mac and asserted that oversight legislation "was blocked," while omitting entirely any mention of Frank's support for a bill in 2005 and, as chair of the committee, his spearheading legislation in 2007 to strengthen oversight of Fannie Mae and Freddie Mac.

Contrary to Hume's suggestion that Fannie Mae and Freddie Mac are largely responsible for the "current financial mess," economist Dean Baker recently reported that the accusation that "the financial crisis is attributable to the close government relationship with Fannie Mae and Freddie Mac" is "obviously not true." He wrote: "Fannie and Freddie got into subprime junk and helped fuel the housing bubble, but they were trailing the irrational exuberance of the private sector. They lost market share in the years 2002-2007, as the volume of private issue mortgage backed securities exploded."

Indeed, in a 2006 Securities and Exchange Commission filing covering its activities in 2004, Fannie Mae stated (report available here): "We did not participate in large amounts of these non-traditional mortgages in 2004 and 2005." In the report, Fannie Mae also noted the growth of subprime lending and reported, "These trends and our decision not to participate in large amounts of these non-traditional mortgages contributed to a significant loss in our share of new single-family mortgage-related securities issuances to private-label issuers during this period." In a 2006 Federal Reserve analysis, Souphala Chomsisengphet, a financial economist at the Office of the Comptroller of the Currency, and Anthony Pennington-Cross, a senior economist at the Federal Reserve Bank of St. Louis, reported that the value of the subprime market had increased from $65 billion in 1995 originations to $332 billion in 2003.

Moreover, Baier and Hume completely omitted any mention of Frank's efforts in passing legislation providing greater oversight of Fannie and Freddie. In 2005, Frank, then the ranking Democrat on the House Financial Services Committee, worked with committee chairman Rep. Michael Oxley (R-OH) on the Federal Housing Finance Reform Act of 2005, which would have established the Federal Housing Finance Agency (FHFA) to oversee the activities of Fannie Mae and Freddie Mac. After voting for the bill in committee, Frank votedagainst final passage of the bill on the House floor, stating that he was doing so because an amendment to the bill on the House floor imposed certain restrictions on the kinds of nonprofit organizations that could receive funding under the bill.

Special Report falsely suggested Fannie and Freddie chief perpetrators of "financial mess," Rep. Frank opposed stricter oversight

Yep, nothing but a dog an pony show. Frank voted against his own bill. Thanks for admitting that.

His own bill with a ridiculous GOP amendment. So really you're a liar.

The liar card....Prescious