Trump blames Obama for doubling the debt

[Toddsterpatriot]

Because he was not able to change them he was obstructed

Obama had huge majorities in House and Senate in 2009-2010. Duh!

He had 60 votes for about 30 days in session all given over to passing ACA and of course a terrible time to raise taxes on anyone in the middle of a disaster. So dumb...

Democrats controlled the House and Senate during Bush's last 2 years and Obama's 1st 2 years.

Don't start trying to re-write history ... AGAIN.

List the bills the Democrats passed in the first 8 months that created the recession.2007.

there was no recession in 07 and 08. There was a market correction brought by the collapse of the mortgage market. That collapse was caused when the government forced lenders to give mortgages to people who had no ability to make the payments. It was a liberal ideology failure brought on by both parties.

The government never forced banks to loan money to people who could not pay it back.

You are referring to the CRA from the days of Jimmie Carter & we are to believe that the program sat idled for 30 years & then jumped up & destroyed our economy on 2007.

The CRA said thast banks in their neighborhoods had to help people who could not quite meet the standards for a mortgage by reducing the down payment or the interest rate. That was it. They never said the banks had to loan money to people who still could not qualify under that reductions.

This is a lie perpetrated by the ignorant.

The recession officially started 4th quarter of 2007.

The CRA had nothing to do with the housing collapse.

You are referring to the CRA from the days of Jimmie Carter & we are to believe that the program sat idled for 30 years & then jumped up & destroyed our economy on 2007.


The seeds of the mortgage meltdown were planted during Bill Clinton's presidency.

Under Clinton's Housing and Urban Development (HUD) secretary, Andrew Cuomo, Community Reinvestment Act regulators gave banks higher ratings for home loans made in "credit-deprived" areas. Banks were effectively rewarded for throwing out sound underwriting standards and writing loans to those who were at high risk of defaulting. If banks didn't comply with these rules, regulators reined in their ability to expand lending and deposits.

These new HUD rules lowered down payments from the traditional 20 percent to 3 percent by 1995 and zero down-payments by 2000. What's more, in the Clinton push to issue home loans to lower income borrowers, Fannie Mae and Freddie Mac made a common practice to virtually end credit documentation, low credit scores were disregarded, and income and job history was also thrown aside. The phrase "subprime" became commonplace. What an understatement.

Next, the Clinton administration's rules ordered the taxpayer-backed Fannie and Freddie to expand their quotas of risky loans from 30 percent of portfolio to 50 percent as part of a big push to expand home ownership.

Fannie and Freddie were securitizing these home loans and offering 100 percent taxpayer guarantees of repayment. So now taxpayers were on the hook for these risky, low down-payment loans.

Kudlow: Are the Clintons the real housing crash villains?

 

[AntonToo]

Those black refugees coming through Libya are from sub-Saharan Africa dimwit. Your hero Putin and his scumbag dictator and Isis ruined Syria. And of course bush's longest stupidest War ever wreck the whole area...

Now that Obama fucked up Libya, the African refugees have a clear path to Europe.

Great job!

I know how you asswipes love brutal dictators as you worship Putin & Duterte, so you loved Khadafi especially as he slaughtered his own people.

I know how you asswipes love brutal dictators as you worship Putin & Duterte,

It's a good thing Obama was so flexible with Putin, eh?

Dummy, there is no context for "flexible" comment in 2012, but we KNOW that in 2014 Obama put a boot up Putin's ass and sent Russian economy into a recession as soon as he ventured into Ukraine.

Compare that to

80 times Trump talked about Putin

Here is a gem:

Sept. 13, 2013
Trump praises Putin for his criticism of the term “American exceptionalism:”

“You think of the term as being fine, but all of sudden you say, what if you’re in Germany or Japan or any one of 100 different countries? You’re not going to like that term,” Trump told CNN. “It’s very insulting and Putin really put it to him (Obama) about that.”

there is no context for "flexible" comment in 2012

So why did Obama laugh when Romney said Russia was a threat?
And what do you think Obama was going to be flexible about?

1. You are misrepresenting what Mitt said, because he did not say that Russia was merely a threat, but a TOP foe.

Actual quote: "This [Russia] is without question our No. 1 geopolitical foe."

2. in 2014, 2 years after "flexible" comments, Russia took on a far more aggressive stance toward US after we smashed their economy for the Ukrainian mis-adventures.

 

[Camp]

Lets not leave out the elephant in the room. We are still paying interest on the two unfunded wars from the Bush administration. Obama inherited that bill and now trump has inherited it.

 

[Camp]

Now that Obama fucked up Libya, the African refugees have a clear path to Europe.

Great job!

I know how you asswipes love brutal dictators as you worship Putin & Duterte, so you loved Khadafi especially as he slaughtered his own people.

I know how you asswipes love brutal dictators as you worship Putin & Duterte,

It's a good thing Obama was so flexible with Putin, eh?

Dummy, there is no context for "flexible" comment in 2012, but we KNOW that in 2014 Obama put a boot up Putin's ass and sent Russian economy into a recession as soon as he ventured into Ukraine.

Compare that to

80 times Trump talked about Putin

Here is a gem:

Sept. 13, 2013
Trump praises Putin for his criticism of the term “American exceptionalism:”

“You think of the term as being fine, but all of sudden you say, what if you’re in Germany or Japan or any one of 100 different countries? You’re not going to like that term,” Trump told CNN. “It’s very insulting and Putin really put it to him (Obama) about that.”

there is no context for "flexible" comment in 2012

So why did Obama laugh when Romney said Russia was a threat?
And what do you think Obama was going to be flexible about?

1. You are misrepresenting what Mitt said, because he did not say that Russia was merely a threat, but a TOP foe.

Actual quote: "This [Russia] is without question our No. 1 geopolitical foe."

2. in 2014, 2 years after "flexible" comments, Russia took on a far more aggressive stance toward US after we smashed their economy for the Ukrainian mis-adventures.

Obama said he "could be" more flexible. History and facts show he had extreme limits to his flexibility if any flexibility at all.

 

[Redfish]

Lets not leave out the elephant in the room. We are still paying interest on the two unfunded wars from the Bush administration. Obama inherited that bill and now trump has inherited it.

the democrats in congress authorized and funded those fiascos, both parties are to blame. deal with reality and stop the partisan bullshit

 

[RealDave]

Lets not leave out the elephant in the room. We are still paying interest on the two unfunded wars from the Bush administration. Obama inherited that bill and now trump has inherited it.

the democrats in congress authorized and funded those fiascos, both parties are to blame. deal with reality and stop the partisan bullshit

Funded? How were they funded?

The vote was the Iraq resolution which said Bush would use all other options prior to invasion. The majority of Democrats in the House voted no while nearly every Republican aid yes. Nearly all the no votes in the Senate were Democrat.

Furthermore their vote was based on the Bush Administration assessment which said the Iran could shortly have a nuke & sell it to terrorists. I think it was " The smoking gun might be in the form of a mushroom cloud.

Blaming Congress for believing the White House lies is chickenshit.

 

[RealDave]

He had 60 votes for about 30 days in session all given over to passing ACA and of course a terrible time to raise taxes on anyone in the middle of a disaster. So dumb...

Democrats controlled the House and Senate during Bush's last 2 years and Obama's 1st 2 years.

Don't start trying to re-write history ... AGAIN.

List the bills the Democrats passed in the first 8 months that created the recession.2007.

there was no recession in 07 and 08. There was a market correction brought by the collapse of the mortgage market. That collapse was caused when the government forced lenders to give mortgages to people who had no ability to make the payments. It was a liberal ideology failure brought on by both parties.

The government never forced banks to loan money to people who could not pay it back.

You are referring to the CRA from the days of Jimmie Carter & we are to believe that the program sat idled for 30 years & then jumped up & destroyed our economy on 2007.

The CRA said thast banks in their neighborhoods had to help people who could not quite meet the standards for a mortgage by reducing the down payment or the interest rate. That was it. They never said the banks had to loan money to people who still could not qualify under that reductions.

This is a lie perpetrated by the ignorant.

The recession officially started 4th quarter of 2007.

The CRA had nothing to do with the housing collapse.

You are referring to the CRA from the days of Jimmie Carter & we are to believe that the program sat idled for 30 years & then jumped up & destroyed our economy on 2007.


The seeds of the mortgage meltdown were planted during Bill Clinton's presidency.

Under Clinton's Housing and Urban Development (HUD) secretary, Andrew Cuomo, Community Reinvestment Act regulators gave banks higher ratings for home loans made in "credit-deprived" areas. Banks were effectively rewarded for throwing out sound underwriting standards and writing loans to those who were at high risk of defaulting. If banks didn't comply with these rules, regulators reined in their ability to expand lending and deposits.

These new HUD rules lowered down payments from the traditional 20 percent to 3 percent by 1995 and zero down-payments by 2000. What's more, in the Clinton push to issue home loans to lower income borrowers, Fannie Mae and Freddie Mac made a common practice to virtually end credit documentation, low credit scores were disregarded, and income and job history was also thrown aside. The phrase "subprime" became commonplace. What an understatement.

Next, the Clinton administration's rules ordered the taxpayer-backed Fannie and Freddie to expand their quotas of risky loans from 30 percent of portfolio to 50 percent as part of a big push to expand home ownership.

Fannie and Freddie were securitizing these home loans and offering 100 percent taxpayer guarantees of repayment. So now taxpayers were on the hook for these risky, low down-payment loans.

Kudlow: Are the Clintons the real housing crash villains?

Lowering rates had nothing to do with the concept with a buyer proving they could meet payments. That as a bank decision.

Housing values were climbing. Mortgage sellers were selling $450K mortgages to people making $70K. They used no interest / balloon payment mortgages (non traditional) as a gimmick. Some buyers knew they could afford these initial lower payments but were concerned about that balloon payment. The mortgage sellers told them to just refinance when the time came. Unfortunately, House values started to decline & when those buyers went to remortgage, they couldn't & ended up defaulting.

That mortgage seller did not give a rat's ass about the validity of that mortgage he sold because he sold to investment companies who wrapped them up into Mortgage Based Securities, bought AAA ratings, & sold them to unknowing buyers.

That is what caused the problems.

I thought a self proclaimed economics expert like you would have known this.

This went back to years of banking & wall street deregulation pushed by Republicans.

If you think you are right then you an find proof the these CRA traditional, long term mortgages were prevalent in the default mortgages at a rate higher than their percentage of all mortgages.

Don't bother to look, because they weren't

'This " OMG OMG OMG CRA CRA CRA" crap pedaled by the moronic right is yet another attempt to hide the fact that Republicans just plain can not govern.

 

[Johann]

maybe the liberals should stop blowing all their money on Shaniqua and her 13 kids, then maybe we wouldn't have so much fucking debt.

 

[RealDave]

maybe the liberals should stop blowing all their money on Shaniqua and her 13 kids, then maybe we wouldn't have so much fucking debt.

Well ain;'t you the racist fuck.

 

[Johann]

maybe the liberals should stop blowing all their money on Shaniqua and her 13 kids, then maybe we wouldn't have so much fucking debt.

Well ain;'t you the racist fuck.

it's not racist just because i don't want to pay for shaniqua's kids.

 

[RealDave]

maybe the liberals should stop blowing all their money on Shaniqua and her 13 kids, then maybe we wouldn't have so much fucking debt.

Well ain;'t you the racist fuck.

it's not racist just because i don't want to pay for shaniqua's kids.

Oh please, you purposefully chose a name most likely associated with a black person as if black people are the only ones on government assistance.

Fuck you you racist POS. If you don't know that was a racist post then your racism is so inbred to yourevery being that you don;t even know how racist you are.

 

[Johann]

maybe the liberals should stop blowing all their money on Shaniqua and her 13 kids, then maybe we wouldn't have so much fucking debt.

Well ain;'t you the racist fuck.

it's not racist just because i don't want to pay for shaniqua's kids.

Oh please, you purposefully chose a name most likely associated with a black person as if black people are the only ones on government assistance.

Fuck you you racist POS. If you don't know that was a racist post then your racism is so inbred to yourevery being that you don;t even know how racist you are.

why you gotta be racist, just because her name is shaniqua doesn't mean she's black.

i see a lot of black ppl with white names, too.

 

[RealDave]

maybe the liberals should stop blowing all their money on Shaniqua and her 13 kids, then maybe we wouldn't have so much fucking debt.

Well ain;'t you the racist fuck.

it's not racist just because i don't want to pay for shaniqua's kids.

Oh please, you purposefully chose a name most likely associated with a black person as if black people are the only ones on government assistance.

Fuck you you racist POS. If you don't know that was a racist post then your racism is so inbred to yourevery being that you don;t even know how racist you are.

why you gotta be racist, just because her name is shaniqua doesn't mean she's black.

i see a lot of black ppl with white names, too.

Oh please, I love it when you racist fucks make a racist post &then try to run away when caught.

 

[Johann]

maybe the liberals should stop blowing all their money on Shaniqua and her 13 kids, then maybe we wouldn't have so much fucking debt.

Well ain;'t you the racist fuck.

it's not racist just because i don't want to pay for shaniqua's kids.

Oh please, you purposefully chose a name most likely associated with a black person as if black people are the only ones on government assistance.

Fuck you you racist POS. If you don't know that was a racist post then your racism is so inbred to yourevery being that you don;t even know how racist you are.

why you gotta be racist, just because her name is shaniqua doesn't mean she's black.

i see a lot of black ppl with white names, too.

Oh please, I love it when you racist fucks make a racist post &then try to run away when caught.

i'll leave the running to Walter Scott.

He's not very good at it, but he makes the attempt.

 

[AntonToo]

Democrats controlled the House and Senate during Bush's last 2 years and Obama's 1st 2 years.

Don't start trying to re-write history ... AGAIN.

List the bills the Democrats passed in the first 8 months that created the recession.2007.

there was no recession in 07 and 08. There was a market correction brought by the collapse of the mortgage market. That collapse was caused when the government forced lenders to give mortgages to people who had no ability to make the payments. It was a liberal ideology failure brought on by both parties.

The government never forced banks to loan money to people who could not pay it back.

You are referring to the CRA from the days of Jimmie Carter & we are to believe that the program sat idled for 30 years & then jumped up & destroyed our economy on 2007.

The CRA said thast banks in their neighborhoods had to help people who could not quite meet the standards for a mortgage by reducing the down payment or the interest rate. That was it. They never said the banks had to loan money to people who still could not qualify under that reductions.

This is a lie perpetrated by the ignorant.

The recession officially started 4th quarter of 2007.

The CRA had nothing to do with the housing collapse.

You are referring to the CRA from the days of Jimmie Carter & we are to believe that the program sat idled for 30 years & then jumped up & destroyed our economy on 2007.


The seeds of the mortgage meltdown were planted during Bill Clinton's presidency.

Under Clinton's Housing and Urban Development (HUD) secretary, Andrew Cuomo, Community Reinvestment Act regulators gave banks higher ratings for home loans made in "credit-deprived" areas. Banks were effectively rewarded for throwing out sound underwriting standards and writing loans to those who were at high risk of defaulting. If banks didn't comply with these rules, regulators reined in their ability to expand lending and deposits.

These new HUD rules lowered down payments from the traditional 20 percent to 3 percent by 1995 and zero down-payments by 2000. What's more, in the Clinton push to issue home loans to lower income borrowers, Fannie Mae and Freddie Mac made a common practice to virtually end credit documentation, low credit scores were disregarded, and income and job history was also thrown aside. The phrase "subprime" became commonplace. What an understatement.

Next, the Clinton administration's rules ordered the taxpayer-backed Fannie and Freddie to expand their quotas of risky loans from 30 percent of portfolio to 50 percent as part of a big push to expand home ownership.

Fannie and Freddie were securitizing these home loans and offering 100 percent taxpayer guarantees of repayment. So now taxpayers were on the hook for these risky, low down-payment loans.

Kudlow: Are the Clintons the real housing crash villains?

Lowering rates had nothing to do with the concept with a buyer proving they could meet payments. That as a bank decision.

Housing values were climbing. Mortgage sellers were selling $450K mortgages to people making $70K. They used no interest / balloon payment mortgages (non traditional) as a gimmick. Some buyers knew they could afford these initial lower payments but were concerned about that balloon payment. The mortgage sellers told them to just refinance when the time came. Unfortunately, House values started to decline & when those buyers went to remortgage, they couldn't & ended up defaulting.

That mortgage seller did not give a rat's ass about the validity of that mortgage he sold because he sold to investment companies who wrapped them up into Mortgage Based Securities, bought AAA ratings, & sold them to unknowing buyers.

That is what caused the problems.

I thought a self proclaimed economics expert like you would have known this.

This went back to years of banking & wall street deregulation pushed by Republicans.

If you think you are right then you an find proof the these CRA traditional, long term mortgages were prevalent in the default mortgages at a rate higher than their percentage of all mortgages.

Don't bother to look, because they weren't

'This " OMG OMG OMG CRA CRA CRA" crap pedaled by the moronic right is yet another attempt to hide the fact that Republicans just plain can not govern.

Proof is in the pudding:

If CRA loans caused the problem their defaults rates would be expected to be higher than private market subprime loans, but exactly opposite is true.

 

[RealDave]

Well ain;'t you the racist fuck.

it's not racist just because i don't want to pay for shaniqua's kids.

Oh please, you purposefully chose a name most likely associated with a black person as if black people are the only ones on government assistance.

Fuck you you racist POS. If you don't know that was a racist post then your racism is so inbred to yourevery being that you don;t even know how racist you are.

why you gotta be racist, just because her name is shaniqua doesn't mean she's black.

i see a lot of black ppl with white names, too.

Oh please, I love it when you racist fucks make a racist post &then try to run away when caught.

i'll leave the running to Walter Scott.

He's not very good at it, but he makes the attempt.

Now you think the gunning down of unarmed black people is funny.

Wow do I have you pegged.,

 

[Toddsterpatriot]

Now that Obama fucked up Libya, the African refugees have a clear path to Europe.

Great job!

I know how you asswipes love brutal dictators as you worship Putin & Duterte, so you loved Khadafi especially as he slaughtered his own people.

I know how you asswipes love brutal dictators as you worship Putin & Duterte,

It's a good thing Obama was so flexible with Putin, eh?

Dummy, there is no context for "flexible" comment in 2012, but we KNOW that in 2014 Obama put a boot up Putin's ass and sent Russian economy into a recession as soon as he ventured into Ukraine.

Compare that to

80 times Trump talked about Putin

Here is a gem:

Sept. 13, 2013
Trump praises Putin for his criticism of the term “American exceptionalism:”

“You think of the term as being fine, but all of sudden you say, what if you’re in Germany or Japan or any one of 100 different countries? You’re not going to like that term,” Trump told CNN. “It’s very insulting and Putin really put it to him (Obama) about that.”

there is no context for "flexible" comment in 2012

So why did Obama laugh when Romney said Russia was a threat?
And what do you think Obama was going to be flexible about?

1. You are misrepresenting what Mitt said, because he did not say that Russia was merely a threat, but a TOP foe.

Actual quote: "This [Russia] is without question our No. 1 geopolitical foe."

2. in 2014, 2 years after "flexible" comments, Russia took on a far more aggressive stance toward US after we smashed their economy for the Ukrainian mis-adventures.

he did not say that Russia was merely a threat, but a TOP foe.

They spent a couple on thousand dollars of Facebook ads to deny Hillary the Presidency.
That doesn't make them a top foe?

in 2014, 2 years after "flexible" comments, Russia took on a far more aggressive stance toward US after we smashed their economy for the Ukrainian mis-adventures.

Obama was so weak, Putin felt there was no risk in invading Ukraine.

 

[Toddsterpatriot]

Democrats controlled the House and Senate during Bush's last 2 years and Obama's 1st 2 years.

Don't start trying to re-write history ... AGAIN.

List the bills the Democrats passed in the first 8 months that created the recession.2007.

there was no recession in 07 and 08. There was a market correction brought by the collapse of the mortgage market. That collapse was caused when the government forced lenders to give mortgages to people who had no ability to make the payments. It was a liberal ideology failure brought on by both parties.

The government never forced banks to loan money to people who could not pay it back.

You are referring to the CRA from the days of Jimmie Carter & we are to believe that the program sat idled for 30 years & then jumped up & destroyed our economy on 2007.

The CRA said thast banks in their neighborhoods had to help people who could not quite meet the standards for a mortgage by reducing the down payment or the interest rate. That was it. They never said the banks had to loan money to people who still could not qualify under that reductions.

This is a lie perpetrated by the ignorant.

The recession officially started 4th quarter of 2007.

The CRA had nothing to do with the housing collapse.

You are referring to the CRA from the days of Jimmie Carter & we are to believe that the program sat idled for 30 years & then jumped up & destroyed our economy on 2007.


The seeds of the mortgage meltdown were planted during Bill Clinton's presidency.

Under Clinton's Housing and Urban Development (HUD) secretary, Andrew Cuomo, Community Reinvestment Act regulators gave banks higher ratings for home loans made in "credit-deprived" areas. Banks were effectively rewarded for throwing out sound underwriting standards and writing loans to those who were at high risk of defaulting. If banks didn't comply with these rules, regulators reined in their ability to expand lending and deposits.

These new HUD rules lowered down payments from the traditional 20 percent to 3 percent by 1995 and zero down-payments by 2000. What's more, in the Clinton push to issue home loans to lower income borrowers, Fannie Mae and Freddie Mac made a common practice to virtually end credit documentation, low credit scores were disregarded, and income and job history was also thrown aside. The phrase "subprime" became commonplace. What an understatement.

Next, the Clinton administration's rules ordered the taxpayer-backed Fannie and Freddie to expand their quotas of risky loans from 30 percent of portfolio to 50 percent as part of a big push to expand home ownership.

Fannie and Freddie were securitizing these home loans and offering 100 percent taxpayer guarantees of repayment. So now taxpayers were on the hook for these risky, low down-payment loans.

Kudlow: Are the Clintons the real housing crash villains?

Lowering rates had nothing to do with the concept with a buyer proving they could meet payments. That as a bank decision.

Housing values were climbing. Mortgage sellers were selling $450K mortgages to people making $70K. They used no interest / balloon payment mortgages (non traditional) as a gimmick. Some buyers knew they could afford these initial lower payments but were concerned about that balloon payment. The mortgage sellers told them to just refinance when the time came. Unfortunately, House values started to decline & when those buyers went to remortgage, they couldn't & ended up defaulting.

That mortgage seller did not give a rat's ass about the validity of that mortgage he sold because he sold to investment companies who wrapped them up into Mortgage Based Securities, bought AAA ratings, & sold them to unknowing buyers.

That is what caused the problems.

I thought a self proclaimed economics expert like you would have known this.

This went back to years of banking & wall street deregulation pushed by Republicans.

If you think you are right then you an find proof the these CRA traditional, long term mortgages were prevalent in the default mortgages at a rate higher than their percentage of all mortgages.

Don't bother to look, because they weren't

'This " OMG OMG OMG CRA CRA CRA" crap pedaled by the moronic right is yet another attempt to hide the fact that Republicans just plain can not govern.

Lowering rates had nothing to do with the concept with a buyer proving they could meet payments.

Lowering or eliminating the down payment had nothing to do with borrower quality?

 

[Toddsterpatriot]

List the bills the Democrats passed in the first 8 months that created the recession.2007.

there was no recession in 07 and 08. There was a market correction brought by the collapse of the mortgage market. That collapse was caused when the government forced lenders to give mortgages to people who had no ability to make the payments. It was a liberal ideology failure brought on by both parties.

The government never forced banks to loan money to people who could not pay it back.

You are referring to the CRA from the days of Jimmie Carter & we are to believe that the program sat idled for 30 years & then jumped up & destroyed our economy on 2007.

The CRA said thast banks in their neighborhoods had to help people who could not quite meet the standards for a mortgage by reducing the down payment or the interest rate. That was it. They never said the banks had to loan money to people who still could not qualify under that reductions.

This is a lie perpetrated by the ignorant.

The recession officially started 4th quarter of 2007.

The CRA had nothing to do with the housing collapse.

You are referring to the CRA from the days of Jimmie Carter & we are to believe that the program sat idled for 30 years & then jumped up & destroyed our economy on 2007.


The seeds of the mortgage meltdown were planted during Bill Clinton's presidency.

Under Clinton's Housing and Urban Development (HUD) secretary, Andrew Cuomo, Community Reinvestment Act regulators gave banks higher ratings for home loans made in "credit-deprived" areas. Banks were effectively rewarded for throwing out sound underwriting standards and writing loans to those who were at high risk of defaulting. If banks didn't comply with these rules, regulators reined in their ability to expand lending and deposits.

These new HUD rules lowered down payments from the traditional 20 percent to 3 percent by 1995 and zero down-payments by 2000. What's more, in the Clinton push to issue home loans to lower income borrowers, Fannie Mae and Freddie Mac made a common practice to virtually end credit documentation, low credit scores were disregarded, and income and job history was also thrown aside. The phrase "subprime" became commonplace. What an understatement.

Next, the Clinton administration's rules ordered the taxpayer-backed Fannie and Freddie to expand their quotas of risky loans from 30 percent of portfolio to 50 percent as part of a big push to expand home ownership.

Fannie and Freddie were securitizing these home loans and offering 100 percent taxpayer guarantees of repayment. So now taxpayers were on the hook for these risky, low down-payment loans.

Kudlow: Are the Clintons the real housing crash villains?

Lowering rates had nothing to do with the concept with a buyer proving they could meet payments. That as a bank decision.

Housing values were climbing. Mortgage sellers were selling $450K mortgages to people making $70K. They used no interest / balloon payment mortgages (non traditional) as a gimmick. Some buyers knew they could afford these initial lower payments but were concerned about that balloon payment. The mortgage sellers told them to just refinance when the time came. Unfortunately, House values started to decline & when those buyers went to remortgage, they couldn't & ended up defaulting.

That mortgage seller did not give a rat's ass about the validity of that mortgage he sold because he sold to investment companies who wrapped them up into Mortgage Based Securities, bought AAA ratings, & sold them to unknowing buyers.

That is what caused the problems.

I thought a self proclaimed economics expert like you would have known this.

This went back to years of banking & wall street deregulation pushed by Republicans.

If you think you are right then you an find proof the these CRA traditional, long term mortgages were prevalent in the default mortgages at a rate higher than their percentage of all mortgages.

Don't bother to look, because they weren't

'This " OMG OMG OMG CRA CRA CRA" crap pedaled by the moronic right is yet another attempt to hide the fact that Republicans just plain can not govern.

Proof is in the pudding:

If CRA loans caused the problem their defaults rates would be expected to be higher than private market subprime loans, but exactly opposite is true.

If CRA loans caused the problem

Looks like a 15% default rate.....that's a problem.

 

[BrokeLoser]

maybe the liberals should stop blowing all their money on Shaniqua and her 13 kids, then maybe we wouldn't have so much fucking debt.

Well ain;'t you the racist fuck.

maybe the liberals should stop blowing all their money on Shaniqua and her 13 kids, then maybe we wouldn't have so much fucking debt.

Well ain;'t you the racist fuck.

it's not racist just because i don't want to pay for shaniqua's kids.

Oh please, you purposefully chose a name most likely associated with a black person as if black people are the only ones on government assistance.

Fuck you you racist POS. If you don't know that was a racist post then your racism is so inbred to yourevery being that you don;t even know how racist you are.

maybe the liberals should stop blowing all their money on Shaniqua and her 13 kids, then maybe we wouldn't have so much fucking debt.

Well ain;'t you the racist fuck.

it's not racist just because i don't want to pay for shaniqua's kids.

Oh please, you purposefully chose a name most likely associated with a black person as if black people are the only ones on government assistance.

Fuck you you racist POS. If you don't know that was a racist post then your racism is so inbred to yourevery being that you don;t even know how racist you are.

why you gotta be racist, just because her name is shaniqua doesn't mean she's black.

i see a lot of black ppl with white names, too.

Oh please, I love it when you racist fucks make a racist post &then try to run away when caught.

The only thing misleading in the OP's post is that he forgot to include Guadalupe's name with ShaQuita's.....Nothing defamatory, slanderous or racist in the fucking truth. Just because you sackless pussies are scared shitless to acknowledge the truth doesn't mean we all are. It's time to get your shit right...your filthy ass is about to be shamed into legitimacy...We know playing stupid and pretending you're not filth isn't working....haha
21.3% of US Participates in Government Assistance Programs Each Month
Who Participated in Welfare?
The black population: At 41.6 percent, blacks were more likely to participate in government assistance programs in an average month.
The black participation rate was followed by Hispanics at 36.4 percent, Asians or Pacific Islanders at 17.8 percent, and non-Hispanic whites at 13.2 percent.