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10-12-2008, 05:23 PM
| | Registered User | | Join Date: May 2007
Posts: 4,111
Rep Power: 14 | | | Bush stood in the way of states trying to stop the sub prime
States warned about mortgage crisis - BusinessWeek.com - MSNBC.com
States warned about impending mortgage crisis
Bush administration, financial industry thwarted efforts to curb greed
BusinessWeek.com
More than five years ago, in April 2003, the attorneys general of two small states traveled to Washington with a stern warning for the nation's top bank regulator. Sitting in the spacious Office of the Comptroller of the Currency, with its panoramic view of the capital, the AGs from North Carolina and Iowa said lenders were pushing increasingly risky mortgages. Their host, John D. Hawke Jr., expressed skepticism.
Roy Cooper of North Carolina and Tom Miller of Iowa headed a committee of state officials concerned about new forms of "predatory" lending. They urged Hawke to give states more latitude to limit exorbitant interest rates and fine-print fees. "People out there are struggling with oppressive loans," Cooper recalls saying.
Hawke, a veteran banking industry lawyer appointed to head the OCC by President Bill Clinton in 1998, wouldn't budge. He said he would reinforce federal policies that hindered states from reining in lenders. The AGs left the tense hour-long meeting realizing that Washington had become a foe in the nascent fight against reckless real estate finance. The OCC "took 50 sheriffs off the job during the time the mortgage lending industry was becoming the Wild West," Cooper says.
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Last edited by Truthmatters; 10-12-2008 at 05:25 PM.
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10-12-2008, 05:39 PM
| | Registered User | | Join Date: May 2007
Posts: 4,111
Rep Power: 14 | | | Imagine my surprize that the fact challenged people on this site would refuse to read this story.
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"The essence of the Liberal outlook lies not in what opinions are held, but in how they are held: instead of being held dogmatically, they are held tentatively, and with a consciousness that new evidence may at any moment lead to their abandonment." -Bertrand Russell |
10-12-2008, 05:48 PM
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Rep Power: 27 | | Quote:
Originally Posted by Truthmatters  Imagine my surprize that the fact challenged people on this site would refuse to read this story. | What the hell do you expect from MSNBC....but misleading spin...
Great...heres one for YOU to read...
Sept. 2003 New Agency Proposed to Oversee Freddie Mac and Fannie Mae - New York Times The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.
The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac — which together have issued more than $1.5 trillion in outstanding debt — is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.
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Biden was asked, 'Is he ready?' He answered, 'I think he can be ready but right now, I don't believe he is.
The presidency is not something that lends itself to on-the-job training.'
"I think that I stand by the statement," Biden (the smartest of the two)
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"We have met the enemy, and he is us"....POGO
Last edited by Alpha1; 10-12-2008 at 05:50 PM.
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10-12-2008, 05:52 PM
|  | Too much socket time! | | Join Date: Sep 2008
Posts: 3,796
Rep Power: 15 | | | same with factcheck.org. partisan hacks. spin. donkeyshit. |
10-12-2008, 06:01 PM
| | Registered User | | Join Date: May 2007
Posts: 4,111
Rep Power: 14 | | | All of the cases mentioned in this thread are court documented cases of the states desprately trying to protect themselves from the sub prime mess.
How is it you people can deny fully documented legal cases?
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"The essence of the Liberal outlook lies not in what opinions are held, but in how they are held: instead of being held dogmatically, they are held tentatively, and with a consciousness that new evidence may at any moment lead to their abandonment." -Bertrand Russell |
10-12-2008, 06:17 PM
| | Registered User | | Join Date: May 2007
Posts: 4,111
Rep Power: 14 | | | Please can you tell me why court documentation does not penitrate your level of proof?
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"The essence of the Liberal outlook lies not in what opinions are held, but in how they are held: instead of being held dogmatically, they are held tentatively, and with a consciousness that new evidence may at any moment lead to their abandonment." -Bertrand Russell |
10-12-2008, 06:59 PM
|  | Thirsty? | | Join Date: Aug 2008 Location: FL
Posts: 3,192
Rep Power: 24 | | Quote:
Originally Posted by WillowTree same with factcheck.org. partisan hacks. spin. donkeyshit. | I wonder why McCain always quotes them if they are partisan hacks? 
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10-12-2008, 07:02 PM
| | Registered User | | Join Date: May 2007
Posts: 4,111
Rep Power: 14 | | | Do understand the level of documentation you are denying here folks?
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"The essence of the Liberal outlook lies not in what opinions are held, but in how they are held: instead of being held dogmatically, they are held tentatively, and with a consciousness that new evidence may at any moment lead to their abandonment." -Bertrand Russell |
10-12-2008, 07:22 PM
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Posts: 1,218
Rep Power: 27 | | Quote:
Originally Posted by Truthmatters Do understand the level of documentation you are denying here folks? | I don't think you even understand WHAT the article is saying...
This is in 2003...how do you know the Bush Admin even knew about this visit to Hawke...?? From your link
Roy Cooper of North Carolina and Tom Miller of Iowa headed a committee of state officials concerned about new forms of "predatory" lending. They urged Hawke to give states more latitude to limit exorbitant interest rates and fine-print fees. "People out there are struggling with oppressive loans," Cooper recalls saying.
Hawke, a veteran banking industry lawyer appointed to head the OCC by President Bill Clinton in 1998, wouldn't budge.
(Office of the Comptroller of the Currency,the nation's top bank regulator, led by an appointee of Clinton, refused to do anything.....) I don't doubt this at all
Justice Ruth Bader Ginsburg, writing for a five-member majority..The nation's highest court sided with the Bush Administration, ruling in April 2007 that the OCC had exclusive authority over Wachovia Mortgage....This was in 2007....and the OCC failed to do the necessary regulation.... I don't doubt this at all
The OCC brought 495 enforcement actions against national banks from 2000 through 2006. Thirteen of those actions were consumer-related. Only one involved subprime mortgage lending.
Was this clown Clinton appointed still the head of OCC ?
The only thing you can blame Bush for is that he didn't clean Wash. DC of anyone and everyone that was even remotely in the Clinton Admin....he even failed to clean out the Clintons Attys. like Bill did when he took office....
__________________ _________________________________________
Biden was asked, 'Is he ready?' He answered, 'I think he can be ready but right now, I don't believe he is.
The presidency is not something that lends itself to on-the-job training.'
"I think that I stand by the statement," Biden (the smartest of the two)
--------------
"We have met the enemy, and he is us"....POGO
Last edited by Alpha1; 10-12-2008 at 07:23 PM.
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10-12-2008, 07:25 PM
|  | Yes, I'm just kidding | | Join Date: Sep 2008 Location: Little Rock, AR
Posts: 2,518
Rep Power: 16 | | I knew Bill Clinton was behind this:
"Hawke, a veteran banking industry lawyer appointed to head the OCC by President Bill Clinton in 1998, wouldn't budge." http://www.msnbc.msn.com/id/27121535 |
10-12-2008, 08:13 PM
| | Registered User | | Join Date: May 2007
Posts: 4,111
Rep Power: 14 | | | Yeap Clinton appointed him and in 2003 when he did that He was a Bush appointtee because Bush left him in place huh?
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"The essence of the Liberal outlook lies not in what opinions are held, but in how they are held: instead of being held dogmatically, they are held tentatively, and with a consciousness that new evidence may at any moment lead to their abandonment." -Bertrand Russell |
10-12-2008, 08:27 PM
|  | . | | Join Date: Sep 2008 Location: God's Country
Posts: 2,915
Rep Power: 35 | | Quote:
Originally Posted by Truthmatters Yeap Clinton appointed him and in 2003 when he did that He was a Bush appointtee because Bush left him in place huh? | so it would seem. let me know when you have some kind of "point",mmmkay?
thx
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10-12-2008, 11:56 PM
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Posts: 4,111
Rep Power: 14 | | | If they were so convienced this was not eht states pervue then why didnt they do something on the federal level to avert this mess?
Lets remember that from 2000 to 2006 they had comepletet control of the US government.
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