francoHFW
Diamond Member
You are misinformed. And that article was not intelligent.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).
If you don't want to have an intelligent discussion, but instead want to have a pissing contest, then I will be happy to oblige. Of course, nothing will come of it ... but then, that will leave you comfortable in your ignorance.
If, on the other hand, you wish to have an adult conversation, I can do that, too.
Your call.