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.
Yup, Reaganist pander to the rich bs rolls on, along with Pub obstruction of a perfect-time-for-it jobs/infrastructure act and a training program for 3 million tech jobs going begging. GOOD JOBS! A-hole Pubs and silly chumps like you all. see sig pp1.The Vanishing Male Worker: How America Fell Behind
http://www.nytimes.com/2014/12/12/u...-america-fell-behind.html?abt=0002&abg=0&_r=2
And thanks for the Great Recession, which lost all those better jobs, dullard.
AS I said, idiot. Booosh regulators allowed toxic bs mortgages to be sold to anyone who was breathing,, rated A+, insured by AIG and others, bundled, and sold around the world. Nobody was forced into anything, Dems were filibustered and vetoed into futiliity. Bingo, another corrupt Pub world depression. You are full of total Pubcrappe, fool of the greedy idiot rich FUNCTIONAL MORON.Considering F+F's share of the market went from 75% to 25% in 2003 when when corrupt Booosh cronies like Countrywide and AIG took over, it's clear you're a brainwashed functional moron. Read something.An utterly stupid question, is that supposed to be some Bush vs Obama libtard talking point or something?
22.7 million jobs created under Clinton
1.1 million under Bush
However, at the end of Bush's term, we were losing close to 800,000 jobs per month. You do the math...
I bet you're silly enough to think that the financial meltdown caused by Fanny and Freddie, which was authored, operated, and defended exclusively by Democrats, had nothing to do with it. No, it has to be Bush's fault. You Leftists can lie to yourselves, but you can't lie to us. Did you see the last election?
Of course, you fail to note WHY they took over. It was the threats of those two economic masterminds, Frank and Dodd (sounds like an ice cream flavor!) that forced them into the sub-prime market. Mitigation of risk then caused them to bundle the mortgages ... you really DO need to remember ALL of history.
more messages from Pub Bizarro world... Dems made it possible for poor and minorities, corrupt Pub regulators made ANYONE including the UNEMPLOYED lol eligible for SCAM mortgages. How's the weather on your planet, brainwashed dupes?
I admire and respect your "opinion". It's called the real world, ignorant dupe. Any actual argument? Give us the talking point or a stupid insult...more messages from Pub Bizarro world... Dems made it possible for poor and minorities, corrupt Pub regulators made ANYONE including the UNEMPLOYED lol eligible for SCAM mortgages. How's the weather on your planet, brainwashed dupes?
Tortured logic at its finest ....
I admire and respect your "opinion". It's called the real world, ignorant dupe. Any actual argument? Give us the talking point or a stupid insult...more messages from Pub Bizarro world... Dems made it possible for poor and minorities, corrupt Pub regulators made ANYONE including the UNEMPLOYED lol eligible for SCAM mortgages. How's the weather on your planet, brainwashed dupes?
Tortured logic at its finest ....
It's a Reaganist/ GOP pander to the rich, don't invest in America, screw the workers thing. See sig.Every single person who has posted so far is looking for easy excuses and easy answers. The American economy is broken. Plain and simple. It's not a Bush thing. It's not an Obama thing. It's far more systemic. It's as deep as the very food you eat, every single day.
It's a Reaganist/ GOP pander to the rich, don't invest in America, screw the workers thing. See sig.Every single person who has posted so far is looking for easy excuses and easy answers. The American economy is broken. Plain and simple. It's not a Bush thing. It's not an Obama thing. It's far more systemic. It's as deep as the very food you eat, every single day.
F+F's share of the market went from 75% to 25% in 2003, and they didn't get in on the action until late, under Pub pressure. Pubs always screw with them and try to end them, never went after their pals in private lending who changed the rules. US News is a bought off, cowardly corporate POS like the networks who've never reported who was at fault, dupe. Only 50%+ of dupes are racists. Maybe you're alright. It's not ALWAYS racism...I admire and respect your "opinion". It's called the real world, ignorant dupe. Any actual argument? Give us the talking point or a stupid insult...more messages from Pub Bizarro world... Dems made it possible for poor and minorities, corrupt Pub regulators made ANYONE including the UNEMPLOYED lol eligible for SCAM mortgages. How's the weather on your planet, brainwashed dupes?
Tortured logic at its finest ....
Ok ... allow me to show you the many flaws in your logic. Just remember, you asked for this ...
Dems made it possible for poor and minorities, -
If you look at history, which you apparently didn't, you will see that, you're right. Dems made it possible for the poor and minorities to get mortgages they couldn't ever afford. They did this legislative pressure applied, primarily by Barney Franks and Chris Dodd. The Dems, egged on by left-wing activists, began accusing mortgage lenders of racism and "redlining" because urban blacks were being denied mortgages at a higher rate than suburban whites.
The pressure to make more loans to minorities (read: to borrowers with weak credit histories) became relentless. Congress passed the Community Reinvestment Act, empowering regulators to punish banks that failed to "meet the credit needs" of "low-income, minority, and distressed neighborhoods." Lenders responded by loosening their underwriting standards and making increasingly shoddy loans. The two government-chartered mortgage finance firms, Fannie Mae and Freddie Mac, encouraged this "subprime" lending by authorizing ever more "flexible" criteria by which high-risk borrowers could be qualified for home loans, and then buying up the questionable mortgages that ensued.
All this was justified as a means of increasing home ownership among minorities and the poor. Affirmative-action policies trumped sound business practices. A manual issued by the Federal Reserve Bank advised mortgage lenders to disregard financial common sense. "Lack of credit history should not be seen as a negative factor," the Fed's guidelines instructed. Lenders were directed to accept welfare payments and unemployment benefits as "valid income sources" to qualify for a mortgage. Failure to comply could mean a lawsuit.
corrupt Pub regulators made ANYONE including the UNEMPLOYED lol eligible for SCAM mortgages.
For this inanity, I'll just quote US News & World Report -
"Seventeen. That's how many times, according to this White House statement (hat tip Gateway Pundit), that the Bush administration has called for tighter regulation of the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. Congress has cooperated only once. In spring 2007, as House Financial Services Committee Chairman Barney Frank likes to point out, the House did pass a bill in response. The Senate did not act until 2008; Senate Banking Committee Chairman Christopher Dodd spent most of 2007 camped out in Iowa running for president. The legislation passed by Congress in 2008 enabled Treasury Secretary Henry Paulson to put Fannie and Freddie into federal conservatorship this summer when they failed. But it didn't prevent them from spewing a huge amount of toxic waste, in the form of subprime and Alt-A mortgages, into our financial institutions from 2004 to 2007. As Stephen Spruiell points out in The Corner on National Review Online, Fannie and Freddie spewed out $1 trillion worth (face value) of subprime mortgages between 2005 and 2007. That's a whole lot of toxic waste. For more detail, consult the items referred to in my previous blogpost on this subject (most of the comments seem to have been disputes about the plot line of the movie It's a Wonderful Life, which I should think could be settled by consulting a reference work).
Much if not all of that could have been prevented by a bill cosponsored by John McCain and supported by all the Republicans and opposed by all the Democrats in the Senate Banking Committee in 2005. That bill, which the Democrats stopped from passing, would have prohibited the GSEs from speculating on the mortgage-based securities they packaged. The GSEs' mission allegedly justifying their quasi-governmental status was to package or securitize such mortgages, but the lion's share of their profits—which determined top executives' bonuses—came from speculation."
Democrats Were Wrong on Fannie Mae and Freddie Mac - US News
And, as for your last comment:
How's the weather on your planet, brainwashed dupes?
Yeah ---- how IS the weather on your planet? (Hint: This is where you start attacking me, calling me a racist and Republican shill because THESE are facts - indisputable facts - and you really have no other choice).
F+F's share of the market went from 75% to 25% in 2003, and they didn't get in on the action until late, under Pub pressure. Pubs always screw with them and try to end them, never went after their pals in private lending who changed the rules. US News is a bought off, cowardly corporate POS like the networks who've never reported who was at fault, dupe. Only 50%+ of dupes are racists. Maybe you're alright. It's not ALWAYS racism...I admire and respect your "opinion". It's called the real world, ignorant dupe. Any actual argument? Give us the talking point or a stupid insult...more messages from Pub Bizarro world... Dems made it possible for poor and minorities, corrupt Pub regulators made ANYONE including the UNEMPLOYED lol eligible for SCAM mortgages. How's the weather on your planet, brainwashed dupes?
Tortured logic at its finest ....
Ok ... allow me to show you the many flaws in your logic. Just remember, you asked for this ...
Dems made it possible for poor and minorities, -
If you look at history, which you apparently didn't, you will see that, you're right. Dems made it possible for the poor and minorities to get mortgages they couldn't ever afford. They did this legislative pressure applied, primarily by Barney Franks and Chris Dodd. The Dems, egged on by left-wing activists, began accusing mortgage lenders of racism and "redlining" because urban blacks were being denied mortgages at a higher rate than suburban whites.
The pressure to make more loans to minorities (read: to borrowers with weak credit histories) became relentless. Congress passed the Community Reinvestment Act, empowering regulators to punish banks that failed to "meet the credit needs" of "low-income, minority, and distressed neighborhoods." Lenders responded by loosening their underwriting standards and making increasingly shoddy loans. The two government-chartered mortgage finance firms, Fannie Mae and Freddie Mac, encouraged this "subprime" lending by authorizing ever more "flexible" criteria by which high-risk borrowers could be qualified for home loans, and then buying up the questionable mortgages that ensued.
All this was justified as a means of increasing home ownership among minorities and the poor. Affirmative-action policies trumped sound business practices. A manual issued by the Federal Reserve Bank advised mortgage lenders to disregard financial common sense. "Lack of credit history should not be seen as a negative factor," the Fed's guidelines instructed. Lenders were directed to accept welfare payments and unemployment benefits as "valid income sources" to qualify for a mortgage. Failure to comply could mean a lawsuit.
corrupt Pub regulators made ANYONE including the UNEMPLOYED lol eligible for SCAM mortgages.
For this inanity, I'll just quote US News & World Report -
"Seventeen. That's how many times, according to this White House statement (hat tip Gateway Pundit), that the Bush administration has called for tighter regulation of the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. Congress has cooperated only once. In spring 2007, as House Financial Services Committee Chairman Barney Frank likes to point out, the House did pass a bill in response. The Senate did not act until 2008; Senate Banking Committee Chairman Christopher Dodd spent most of 2007 camped out in Iowa running for president. The legislation passed by Congress in 2008 enabled Treasury Secretary Henry Paulson to put Fannie and Freddie into federal conservatorship this summer when they failed. But it didn't prevent them from spewing a huge amount of toxic waste, in the form of subprime and Alt-A mortgages, into our financial institutions from 2004 to 2007. As Stephen Spruiell points out in The Corner on National Review Online, Fannie and Freddie spewed out $1 trillion worth (face value) of subprime mortgages between 2005 and 2007. That's a whole lot of toxic waste. For more detail, consult the items referred to in my previous blogpost on this subject (most of the comments seem to have been disputes about the plot line of the movie It's a Wonderful Life, which I should think could be settled by consulting a reference work).
Much if not all of that could have been prevented by a bill cosponsored by John McCain and supported by all the Republicans and opposed by all the Democrats in the Senate Banking Committee in 2005. That bill, which the Democrats stopped from passing, would have prohibited the GSEs from speculating on the mortgage-based securities they packaged. The GSEs' mission allegedly justifying their quasi-governmental status was to package or securitize such mortgages, but the lion's share of their profits—which determined top executives' bonuses—came from speculation."
Democrats Were Wrong on Fannie Mae and Freddie Mac - US News
And, as for your last comment:
How's the weather on your planet, brainwashed dupes?
Yeah ---- how IS the weather on your planet? (Hint: This is where you start attacking me, calling me a racist and Republican shill because THESE are facts - indisputable facts - and you really have no other choice).
F+F's share of the market went from 75% to 25% in 2003, and they didn't get in on the action until late, under Pub pressure. Pubs always screw with them and try to end them, never went after their pals in private lending who changed the rules. US News is a bought off, cowardly corporate POS like the networks who've never reported who was at fault, dupe. Only 50%+ of dupes are racists. Maybe you're alright. It's not ALWAYS racism...I admire and respect your "opinion". It's called the real world, ignorant dupe. Any actual argument? Give us the talking point or a stupid insult...more messages from Pub Bizarro world... Dems made it possible for poor and minorities, corrupt Pub regulators made ANYONE including the UNEMPLOYED lol eligible for SCAM mortgages. How's the weather on your planet, brainwashed dupes?
Tortured logic at its finest ....
Ok ... allow me to show you the many flaws in your logic. Just remember, you asked for this ...
Dems made it possible for poor and minorities, -
If you look at history, which you apparently didn't, you will see that, you're right. Dems made it possible for the poor and minorities to get mortgages they couldn't ever afford. They did this legislative pressure applied, primarily by Barney Franks and Chris Dodd. The Dems, egged on by left-wing activists, began accusing mortgage lenders of racism and "redlining" because urban blacks were being denied mortgages at a higher rate than suburban whites.
The pressure to make more loans to minorities (read: to borrowers with weak credit histories) became relentless. Congress passed the Community Reinvestment Act, empowering regulators to punish banks that failed to "meet the credit needs" of "low-income, minority, and distressed neighborhoods." Lenders responded by loosening their underwriting standards and making increasingly shoddy loans. The two government-chartered mortgage finance firms, Fannie Mae and Freddie Mac, encouraged this "subprime" lending by authorizing ever more "flexible" criteria by which high-risk borrowers could be qualified for home loans, and then buying up the questionable mortgages that ensued.
All this was justified as a means of increasing home ownership among minorities and the poor. Affirmative-action policies trumped sound business practices. A manual issued by the Federal Reserve Bank advised mortgage lenders to disregard financial common sense. "Lack of credit history should not be seen as a negative factor," the Fed's guidelines instructed. Lenders were directed to accept welfare payments and unemployment benefits as "valid income sources" to qualify for a mortgage. Failure to comply could mean a lawsuit.
corrupt Pub regulators made ANYONE including the UNEMPLOYED lol eligible for SCAM mortgages.
For this inanity, I'll just quote US News & World Report -
"Seventeen. That's how many times, according to this White House statement (hat tip Gateway Pundit), that the Bush administration has called for tighter regulation of the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. Congress has cooperated only once. In spring 2007, as House Financial Services Committee Chairman Barney Frank likes to point out, the House did pass a bill in response. The Senate did not act until 2008; Senate Banking Committee Chairman Christopher Dodd spent most of 2007 camped out in Iowa running for president. The legislation passed by Congress in 2008 enabled Treasury Secretary Henry Paulson to put Fannie and Freddie into federal conservatorship this summer when they failed. But it didn't prevent them from spewing a huge amount of toxic waste, in the form of subprime and Alt-A mortgages, into our financial institutions from 2004 to 2007. As Stephen Spruiell points out in The Corner on National Review Online, Fannie and Freddie spewed out $1 trillion worth (face value) of subprime mortgages between 2005 and 2007. That's a whole lot of toxic waste. For more detail, consult the items referred to in my previous blogpost on this subject (most of the comments seem to have been disputes about the plot line of the movie It's a Wonderful Life, which I should think could be settled by consulting a reference work).
Much if not all of that could have been prevented by a bill cosponsored by John McCain and supported by all the Republicans and opposed by all the Democrats in the Senate Banking Committee in 2005. That bill, which the Democrats stopped from passing, would have prohibited the GSEs from speculating on the mortgage-based securities they packaged. The GSEs' mission allegedly justifying their quasi-governmental status was to package or securitize such mortgages, but the lion's share of their profits—which determined top executives' bonuses—came from speculation."
Democrats Were Wrong on Fannie Mae and Freddie Mac - US News
And, as for your last comment:
How's the weather on your planet, brainwashed dupes?
Yeah ---- how IS the weather on your planet? (Hint: This is where you start attacking me, calling me a racist and Republican shill because THESE are facts - indisputable facts - and you really have no other choice).
F+F's share of the market went from 75% to 25% in 2003, and they didn't get in on the action until late, under Pub pressure. Pubs always screw with them and try to end them, never went after their pals in private lending who changed the rules. US News is a bought off, cowardly corporate POS like the networks who've never reported who was at fault, dupe. Only 50%+ of dupes are racists. Maybe you're alright. It's not ALWAYS racism...I admire and respect your "opinion". It's called the real world, ignorant dupe. Any actual argument? Give us the talking point or a stupid insult...more messages from Pub Bizarro world... Dems made it possible for poor and minorities, corrupt Pub regulators made ANYONE including the UNEMPLOYED lol eligible for SCAM mortgages. How's the weather on your planet, brainwashed dupes?
Tortured logic at its finest ....
Ok ... allow me to show you the many flaws in your logic. Just remember, you asked for this ...
Dems made it possible for poor and minorities, -
If you look at history, which you apparently didn't, you will see that, you're right. Dems made it possible for the poor and minorities to get mortgages they couldn't ever afford. They did this legislative pressure applied, primarily by Barney Franks and Chris Dodd. The Dems, egged on by left-wing activists, began accusing mortgage lenders of racism and "redlining" because urban blacks were being denied mortgages at a higher rate than suburban whites.
The pressure to make more loans to minorities (read: to borrowers with weak credit histories) became relentless. Congress passed the Community Reinvestment Act, empowering regulators to punish banks that failed to "meet the credit needs" of "low-income, minority, and distressed neighborhoods." Lenders responded by loosening their underwriting standards and making increasingly shoddy loans. The two government-chartered mortgage finance firms, Fannie Mae and Freddie Mac, encouraged this "subprime" lending by authorizing ever more "flexible" criteria by which high-risk borrowers could be qualified for home loans, and then buying up the questionable mortgages that ensued.
All this was justified as a means of increasing home ownership among minorities and the poor. Affirmative-action policies trumped sound business practices. A manual issued by the Federal Reserve Bank advised mortgage lenders to disregard financial common sense. "Lack of credit history should not be seen as a negative factor," the Fed's guidelines instructed. Lenders were directed to accept welfare payments and unemployment benefits as "valid income sources" to qualify for a mortgage. Failure to comply could mean a lawsuit.
corrupt Pub regulators made ANYONE including the UNEMPLOYED lol eligible for SCAM mortgages.
For this inanity, I'll just quote US News & World Report -
"Seventeen. That's how many times, according to this White House statement (hat tip Gateway Pundit), that the Bush administration has called for tighter regulation of the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. Congress has cooperated only once. In spring 2007, as House Financial Services Committee Chairman Barney Frank likes to point out, the House did pass a bill in response. The Senate did not act until 2008; Senate Banking Committee Chairman Christopher Dodd spent most of 2007 camped out in Iowa running for president. The legislation passed by Congress in 2008 enabled Treasury Secretary Henry Paulson to put Fannie and Freddie into federal conservatorship this summer when they failed. But it didn't prevent them from spewing a huge amount of toxic waste, in the form of subprime and Alt-A mortgages, into our financial institutions from 2004 to 2007. As Stephen Spruiell points out in The Corner on National Review Online, Fannie and Freddie spewed out $1 trillion worth (face value) of subprime mortgages between 2005 and 2007. That's a whole lot of toxic waste. For more detail, consult the items referred to in my previous blogpost on this subject (most of the comments seem to have been disputes about the plot line of the movie It's a Wonderful Life, which I should think could be settled by consulting a reference work).
Much if not all of that could have been prevented by a bill cosponsored by John McCain and supported by all the Republicans and opposed by all the Democrats in the Senate Banking Committee in 2005. That bill, which the Democrats stopped from passing, would have prohibited the GSEs from speculating on the mortgage-based securities they packaged. The GSEs' mission allegedly justifying their quasi-governmental status was to package or securitize such mortgages, but the lion's share of their profits—which determined top executives' bonuses—came from speculation."
Democrats Were Wrong on Fannie Mae and Freddie Mac - US News
And, as for your last comment:
How's the weather on your planet, brainwashed dupes?
Yeah ---- how IS the weather on your planet? (Hint: This is where you start attacking me, calling me a racist and Republican shill because THESE are facts - indisputable facts - and you really have no other choice).
F+F's share of the market went from 75% to 25% in 2003, and they didn't get in on the action until late, under Pub pressure. Pubs always screw with them and try to end them, never went after their pals in private lending who changed the rules. US News is a bought off, cowardly corporate POS like the networks who've never reported who was at fault, dupe. Only 50%+ of dupes are racists. Maybe you're alright. It's not ALWAYS racism...I admire and respect your "opinion". It's called the real world, ignorant dupe. Any actual argument? Give us the talking point or a stupid insult...more messages from Pub Bizarro world... Dems made it possible for poor and minorities, corrupt Pub regulators made ANYONE including the UNEMPLOYED lol eligible for SCAM mortgages. How's the weather on your planet, brainwashed dupes?
Tortured logic at its finest ....
Ok ... allow me to show you the many flaws in your logic. Just remember, you asked for this ...
Dems made it possible for poor and minorities, -
If you look at history, which you apparently didn't, you will see that, you're right. Dems made it possible for the poor and minorities to get mortgages they couldn't ever afford. They did this legislative pressure applied, primarily by Barney Franks and Chris Dodd. The Dems, egged on by left-wing activists, began accusing mortgage lenders of racism and "redlining" because urban blacks were being denied mortgages at a higher rate than suburban whites.
The pressure to make more loans to minorities (read: to borrowers with weak credit histories) became relentless. Congress passed the Community Reinvestment Act, empowering regulators to punish banks that failed to "meet the credit needs" of "low-income, minority, and distressed neighborhoods." Lenders responded by loosening their underwriting standards and making increasingly shoddy loans. The two government-chartered mortgage finance firms, Fannie Mae and Freddie Mac, encouraged this "subprime" lending by authorizing ever more "flexible" criteria by which high-risk borrowers could be qualified for home loans, and then buying up the questionable mortgages that ensued.
All this was justified as a means of increasing home ownership among minorities and the poor. Affirmative-action policies trumped sound business practices. A manual issued by the Federal Reserve Bank advised mortgage lenders to disregard financial common sense. "Lack of credit history should not be seen as a negative factor," the Fed's guidelines instructed. Lenders were directed to accept welfare payments and unemployment benefits as "valid income sources" to qualify for a mortgage. Failure to comply could mean a lawsuit.
corrupt Pub regulators made ANYONE including the UNEMPLOYED lol eligible for SCAM mortgages.
For this inanity, I'll just quote US News & World Report -
"Seventeen. That's how many times, according to this White House statement (hat tip Gateway Pundit), that the Bush administration has called for tighter regulation of the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. Congress has cooperated only once. In spring 2007, as House Financial Services Committee Chairman Barney Frank likes to point out, the House did pass a bill in response. The Senate did not act until 2008; Senate Banking Committee Chairman Christopher Dodd spent most of 2007 camped out in Iowa running for president. The legislation passed by Congress in 2008 enabled Treasury Secretary Henry Paulson to put Fannie and Freddie into federal conservatorship this summer when they failed. But it didn't prevent them from spewing a huge amount of toxic waste, in the form of subprime and Alt-A mortgages, into our financial institutions from 2004 to 2007. As Stephen Spruiell points out in The Corner on National Review Online, Fannie and Freddie spewed out $1 trillion worth (face value) of subprime mortgages between 2005 and 2007. That's a whole lot of toxic waste. For more detail, consult the items referred to in my previous blogpost on this subject (most of the comments seem to have been disputes about the plot line of the movie It's a Wonderful Life, which I should think could be settled by consulting a reference work).
Much if not all of that could have been prevented by a bill cosponsored by John McCain and supported by all the Republicans and opposed by all the Democrats in the Senate Banking Committee in 2005. That bill, which the Democrats stopped from passing, would have prohibited the GSEs from speculating on the mortgage-based securities they packaged. The GSEs' mission allegedly justifying their quasi-governmental status was to package or securitize such mortgages, but the lion's share of their profits—which determined top executives' bonuses—came from speculation."
Democrats Were Wrong on Fannie Mae and Freddie Mac - US News
And, as for your last comment:
How's the weather on your planet, brainwashed dupes?
Yeah ---- how IS the weather on your planet? (Hint: This is where you start attacking me, calling me a racist and Republican shill because THESE are facts - indisputable facts - and you really have no other choice).
Can we keep racism out of this subject? I am sure 80% of blacks are just as racist.
You'll see I didn't bring it up. BTW, racism is defined as belief that another race is INFERIOR and discriminating against them.F+F's share of the market went from 75% to 25% in 2003, and they didn't get in on the action until late, under Pub pressure. Pubs always screw with them and try to end them, never went after their pals in private lending who changed the rules. US News is a bought off, cowardly corporate POS like the networks who've never reported who was at fault, dupe. Only 50%+ of dupes are racists. Maybe you're alright. It's not ALWAYS racism...I admire and respect your "opinion". It's called the real world, ignorant dupe. Any actual argument? Give us the talking point or a stupid insult...more messages from Pub Bizarro world... Dems made it possible for poor and minorities, corrupt Pub regulators made ANYONE including the UNEMPLOYED lol eligible for SCAM mortgages. How's the weather on your planet, brainwashed dupes?
Tortured logic at its finest ....
Ok ... allow me to show you the many flaws in your logic. Just remember, you asked for this ...
Dems made it possible for poor and minorities, -
If you look at history, which you apparently didn't, you will see that, you're right. Dems made it possible for the poor and minorities to get mortgages they couldn't ever afford. They did this legislative pressure applied, primarily by Barney Franks and Chris Dodd. The Dems, egged on by left-wing activists, began accusing mortgage lenders of racism and "redlining" because urban blacks were being denied mortgages at a higher rate than suburban whites.
The pressure to make more loans to minorities (read: to borrowers with weak credit histories) became relentless. Congress passed the Community Reinvestment Act, empowering regulators to punish banks that failed to "meet the credit needs" of "low-income, minority, and distressed neighborhoods." Lenders responded by loosening their underwriting standards and making increasingly shoddy loans. The two government-chartered mortgage finance firms, Fannie Mae and Freddie Mac, encouraged this "subprime" lending by authorizing ever more "flexible" criteria by which high-risk borrowers could be qualified for home loans, and then buying up the questionable mortgages that ensued.
All this was justified as a means of increasing home ownership among minorities and the poor. Affirmative-action policies trumped sound business practices. A manual issued by the Federal Reserve Bank advised mortgage lenders to disregard financial common sense. "Lack of credit history should not be seen as a negative factor," the Fed's guidelines instructed. Lenders were directed to accept welfare payments and unemployment benefits as "valid income sources" to qualify for a mortgage. Failure to comply could mean a lawsuit.
corrupt Pub regulators made ANYONE including the UNEMPLOYED lol eligible for SCAM mortgages.
For this inanity, I'll just quote US News & World Report -
"Seventeen. That's how many times, according to this White House statement (hat tip Gateway Pundit), that the Bush administration has called for tighter regulation of the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. Congress has cooperated only once. In spring 2007, as House Financial Services Committee Chairman Barney Frank likes to point out, the House did pass a bill in response. The Senate did not act until 2008; Senate Banking Committee Chairman Christopher Dodd spent most of 2007 camped out in Iowa running for president. The legislation passed by Congress in 2008 enabled Treasury Secretary Henry Paulson to put Fannie and Freddie into federal conservatorship this summer when they failed. But it didn't prevent them from spewing a huge amount of toxic waste, in the form of subprime and Alt-A mortgages, into our financial institutions from 2004 to 2007. As Stephen Spruiell points out in The Corner on National Review Online, Fannie and Freddie spewed out $1 trillion worth (face value) of subprime mortgages between 2005 and 2007. That's a whole lot of toxic waste. For more detail, consult the items referred to in my previous blogpost on this subject (most of the comments seem to have been disputes about the plot line of the movie It's a Wonderful Life, which I should think could be settled by consulting a reference work).
Much if not all of that could have been prevented by a bill cosponsored by John McCain and supported by all the Republicans and opposed by all the Democrats in the Senate Banking Committee in 2005. That bill, which the Democrats stopped from passing, would have prohibited the GSEs from speculating on the mortgage-based securities they packaged. The GSEs' mission allegedly justifying their quasi-governmental status was to package or securitize such mortgages, but the lion's share of their profits—which determined top executives' bonuses—came from speculation."
Democrats Were Wrong on Fannie Mae and Freddie Mac - US News
And, as for your last comment:
How's the weather on your planet, brainwashed dupes?
Yeah ---- how IS the weather on your planet? (Hint: This is where you start attacking me, calling me a racist and Republican shill because THESE are facts - indisputable facts - and you really have no other choice).
Can we keep racism out of this subject? I am sure 80% of blacks are just as racist.
Ha ha ..You cringe because the message exposes your side's ideology and policies.For some reason, Staph-knee needs to be told what to think and how to feel from her so called news sources.
Your "HotAir" (an appropriate name) source has been disqualified as news, starting from the first sentence.
"You already knew that Mitt Romney was right about just about everything."
Unexpectedly The New York Times discovers that many don t have to work in the age of Obama Hot Air
Why is HotAir telling you what you know?
A real news article leaves out bias and opinion. An actual NEWS story is one that contains no characterizations of people or incidents. News is what happened. Bias is the spin put on it by sites like "HotAir" who want to tell you what to think about what happened, tell you what emotion you should experience according to their perception, not your own.
Why can't Staph-knee think for herself?
