A reminder of how democrats led us to this mess

[Bfgrn]

Bush's American Dream Downpayment Act 2003:

"This administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country. And this is a good time for the American homeowner. Today we received a report that showed that new home construction last month reached its highest level in nearly 20 years. (Applause.)

The reason that is so is because there is renewed confidence in our economy. Low interest rates help. They have made owning a home more affordable, for those who refinance and for those who buy a home for the first time. Rising home values have added more than $2.5 trillion to the assets of the American family since the start of 2001.

The rate of homeownership in America now stands a record high of 68.4 percent. Yet there is room for improvement. The rate of homeownership amongst minorities is below 50 percent. And that's not right, and this country needs to do something about it. We need to -- (applause.) We need to close the minority homeownership gap in America so more citizens have the satisfaction and mobility that comes from owning your own home, from owning a piece of the future of America.

Last year I set a goal to add 5.5 million new minority homeowners in America by the end of the decade. That is an attainable goal; that is an essential goal. And we're making progress toward that goal. In the past 18 months, more than 1 million minority families have become homeowners. (Applause.) And there's more that we can do to achieve the goal. The law I sign today will help us build on this progress in a very practical way.

Many people are able to afford a monthly mortgage payment, but are unable to make the down payment. So this legislation will authorize $200 million per year in down payment assistance to at least 40,000 low-income families. These funds will help American families achieve their goals, and at the same time, strengthen our communities."

President Bush Signs American Dream Downpayment Act of 2003

So liberals didn't want minorities owning homes? Liberals were against all of it?

Liberals are strongly for minorities owning homes. The financial crisis had nothing to do with minorities owning homes.

Here is what we DO know:

1) The financial crisis was not caused by low and middle income families buying a home.

2) It was not caused by dead beat poor people.

3) Fannie and Freddie were not to cause.

4) The Community Investment Act was not the culprit either.

The crisis was caused by private lending, to mostly upper middle class and the wealthy. ONLY 6% of of all the higher-priced loans were extended by CRA-covered lenders to lower-income borrowers or neighborhoods in their CRA assessment areas. The majority of those foreclosed on were wealthy and upper middle class, plus a huge segment of speculators; buyers who were wealthy home flippers looking for a fast buck. They strategically walked away from investments that went sour, not from their 'homes'. They never had any intent on living there.

Only a huge amount of mortgage defaults at once could cause a rupture of the housing market. And only a huge amount of speculators dumping 'bad' investments all at once could explain it. Because if it were honest citizens who were buying a homestead, they kept paying even when they should have walked away. If those were the people to blame, it would have been a slow leak, not a rupture.

AND, what really sucks for the right wing propaganda of lies, all the way back to the late '90's there was one very outspoken and vocal critic of predatory lending practices, they even held protests at companies like Wells Fargo and Lehman Brothers...ACORN

 

[Luddly Neddite]

I get a lot of lol faces. I get no rational arguments as to why the video is wrong.

NONE

The Republicans held the presidency and Congress for 6 years going into the financial crisises. If there was a legislative solution to avoid the coming problems, it was in their hands and their power to avoid them.

Notice the same is happening right now.

They've had the majority for almost a year and all they have done is another phony vote to "repeal" ObamaCare and OBSTRUCT jobs bills for all Americans, including vets.

Why won't the damn Repub traitors lift a finger to help vets? Why do they ALWAYS obstruct any and all bills that could actually help the working class while passing more bills to benefit themselves and the 1%?

Obama ran on the promise he would fix the health care for our veterans, but all he did was give us the same type of failed health care. He was suppose to fix.

I get a lot of lol faces. I get no rational arguments as to why the video is wrong.

NONE

The Republicans held the presidency and Congress for 6 years going into the financial crisises. If there was a legislative solution to avoid the coming problems, it was in their hands and their power to avoid them.

Notice the same is happening right now.

They've had the majority for almost a year and all they have done is another phony vote to "repeal" ObamaCare and OBSTRUCT jobs bills for all Americans, including vets.

Why won't the damn Repub traitors lift a finger to help vets? Why do they ALWAYS obstruct any and all bills that could actually help the working class while passing more bills to benefit themselves and the 1%?

Obama ran on the promise he would fix the health care for our veterans, but all he did was give us the same type of failed health care. He was suppose to fix.

Why do you even bother to post?

Seriously, you're just so damn dumb and you're shown to be dumb every single day here.

How about you post where the REPUBS have agreed to what the president proposed for vets? In point of FACT, all they have done is obstruct every single bill to benefit vets.

Even if the Republicans did not block EVERY bill, screwing over vets and the mess of the VA didn't just suddenly start with the Obama administration. I remember very clearly what Vietnam went through to get care or help and it didn't start with those vets.

Obama is president, you stupid little bitch. He has been able to get what he has really wanted, so if he really wanted to help them. He would, he even stated that he thinks veterans should have to pay for their health care. So stop acting like you want better for our great veterans.

jknowgood

Why did you run away from these facts?

Republicans vote against vets | US Message Board - Political Discussion Forum

You know, if you don't agree, you could post proof that the links are incorrect.

(**wink**wink**)

 

[jknowgood]

Bush's American Dream Downpayment Act 2003:

"This administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country. And this is a good time for the American homeowner. Today we received a report that showed that new home construction last month reached its highest level in nearly 20 years. (Applause.)

The reason that is so is because there is renewed confidence in our economy. Low interest rates help. They have made owning a home more affordable, for those who refinance and for those who buy a home for the first time. Rising home values have added more than $2.5 trillion to the assets of the American family since the start of 2001.

The rate of homeownership in America now stands a record high of 68.4 percent. Yet there is room for improvement. The rate of homeownership amongst minorities is below 50 percent. And that's not right, and this country needs to do something about it. We need to -- (applause.) We need to close the minority homeownership gap in America so more citizens have the satisfaction and mobility that comes from owning your own home, from owning a piece of the future of America.

Last year I set a goal to add 5.5 million new minority homeowners in America by the end of the decade. That is an attainable goal; that is an essential goal. And we're making progress toward that goal. In the past 18 months, more than 1 million minority families have become homeowners. (Applause.) And there's more that we can do to achieve the goal. The law I sign today will help us build on this progress in a very practical way.

Many people are able to afford a monthly mortgage payment, but are unable to make the down payment. So this legislation will authorize $200 million per year in down payment assistance to at least 40,000 low-income families. These funds will help American families achieve their goals, and at the same time, strengthen our communities."

President Bush Signs American Dream Downpayment Act of 2003

So liberals didn't want minorities owning homes? Liberals were against all of it?

Liberals are strongly for minorities owning homes. The financial crisis had nothing to do with minorities owning homes.

Here is what we DO know:

1) The financial crisis was not caused by low and middle income families buying a home.

2) It was not caused by dead beat poor people.

3) Fannie and Freddie were not to cause.

4) The Community Investment Act was not the culprit either.

The crisis was caused by private lending, to mostly upper middle class and the wealthy. ONLY 6% of of all the higher-priced loans were extended by CRA-covered lenders to lower-income borrowers or neighborhoods in their CRA assessment areas. The majority of those foreclosed on were wealthy and upper middle class, plus a huge segment of speculators; buyers who were wealthy home flippers looking for a fast buck. They strategically walked away from investments that went sour, not from their 'homes'. They never had any intent on living there.

Only a huge amount of mortgage defaults at once could cause a rupture of the housing market. And only a huge amount of speculators dumping 'bad' investments all at once could explain it. Because if it were honest citizens who were buying a homestead, they kept paying even when they should have walked away. If those were the people to blame, it would have been a slow leak, not a rupture.

AND, what really sucks for the right wing propaganda of lies, all the way back to the late '90's there was one very outspoken and vocal critic of predatory lending practices, they even held protests at companies like Wells Fargo and Lehman Brothers...ACORN

I bought my house in the late nineties, I bought what I could afford. I knew people that made less than me buying really nice houses. Come to find out they were paying interest only. That was on Clinton, truth is liberals as always said it was not fair for the poor not to own homes. Carter brought it back up, Clinton gave it legs and Bush warned about the collapse coming. He was told he didn't know what he was talking about. The collapse happened while the democrats controlled both houses. It is sad to see you trying to rewrite history to deny the facts.

 

[jknowgood]

I get a lot of lol faces. I get no rational arguments as to why the video is wrong.

NONE

The Republicans held the presidency and Congress for 6 years going into the financial crisises. If there was a legislative solution to avoid the coming problems, it was in their hands and their power to avoid them.

Notice the same is happening right now.

They've had the majority for almost a year and all they have done is another phony vote to "repeal" ObamaCare and OBSTRUCT jobs bills for all Americans, including vets.

Why won't the damn Repub traitors lift a finger to help vets? Why do they ALWAYS obstruct any and all bills that could actually help the working class while passing more bills to benefit themselves and the 1%?

Obama ran on the promise he would fix the health care for our veterans, but all he did was give us the same type of failed health care. He was suppose to fix.

The Republicans held the presidency and Congress for 6 years going into the financial crisises. If there was a legislative solution to avoid the coming problems, it was in their hands and their power to avoid them.

Notice the same is happening right now.

They've had the majority for almost a year and all they have done is another phony vote to "repeal" ObamaCare and OBSTRUCT jobs bills for all Americans, including vets.

Why won't the damn Repub traitors lift a finger to help vets? Why do they ALWAYS obstruct any and all bills that could actually help the working class while passing more bills to benefit themselves and the 1%?

Obama ran on the promise he would fix the health care for our veterans, but all he did was give us the same type of failed health care. He was suppose to fix.

Why do you even bother to post?

Seriously, you're just so damn dumb and you're shown to be dumb every single day here.

How about you post where the REPUBS have agreed to what the president proposed for vets? In point of FACT, all they have done is obstruct every single bill to benefit vets.

Even if the Republicans did not block EVERY bill, screwing over vets and the mess of the VA didn't just suddenly start with the Obama administration. I remember very clearly what Vietnam went through to get care or help and it didn't start with those vets.

Obama is president, you stupid little bitch. He has been able to get what he has really wanted, so if he really wanted to help them. He would, he even stated that he thinks veterans should have to pay for their health care. So stop acting like you want better for our great veterans.

jknowgood

Why did you run away from these facts?

Republicans vote against vets | US Message Board - Political Discussion Forum

You know, if you don't agree, you could post proof that the links are incorrect.

(**wink**wink**)

What else was in those bills?

 

[Dad2three]

It is 100% on your shoulders. Electing another traiter to this country will lead to a repeat. Obamacare is a prime example.




FUCK DEMOCRATS

Hmmm...they were warning people about the problem in 2001... And the democrats laughed..........

weird, the GOP could get TWO UNFUNDED tax cuts, 2 UNFUNDED wars, UNFUNDED Medicare expansion (rammed down our throats in the middle of the night )that stops the Gov't from even negotiating with Pharma, passed a bill to allow the Gov't to get between a man and his wife (Teri Schiavo) , BUT couldn't pass a single bill in Congress to stop it? Even though in the House simple majority ruled?

HINT DUBYA WAS ALREADY THE REGULATOR!! lol

 

[Luddly Neddite]

I get a lot of lol faces. I get no rational arguments as to why the video is wrong.

NONE

The Republicans held the presidency and Congress for 6 years going into the financial crisises. If there was a legislative solution to avoid the coming problems, it was in their hands and their power to avoid them.

Notice the same is happening right now.

They've had the majority for almost a year and all they have done is another phony vote to "repeal" ObamaCare and OBSTRUCT jobs bills for all Americans, including vets.

Why won't the damn Repub traitors lift a finger to help vets? Why do they ALWAYS obstruct any and all bills that could actually help the working class while passing more bills to benefit themselves and the 1%?

Obama ran on the promise he would fix the health care for our veterans, but all he did was give us the same type of failed health care. He was suppose to fix.

Notice the same is happening right now.

They've had the majority for almost a year and all they have done is another phony vote to "repeal" ObamaCare and OBSTRUCT jobs bills for all Americans, including vets.

Why won't the damn Repub traitors lift a finger to help vets? Why do they ALWAYS obstruct any and all bills that could actually help the working class while passing more bills to benefit themselves and the 1%?

Obama ran on the promise he would fix the health care for our veterans, but all he did was give us the same type of failed health care. He was suppose to fix.

Why do you even bother to post?

Seriously, you're just so damn dumb and you're shown to be dumb every single day here.

How about you post where the REPUBS have agreed to what the president proposed for vets? In point of FACT, all they have done is obstruct every single bill to benefit vets.

Even if the Republicans did not block EVERY bill, screwing over vets and the mess of the VA didn't just suddenly start with the Obama administration. I remember very clearly what Vietnam went through to get care or help and it didn't start with those vets.

Obama is president, you stupid little bitch. He has been able to get what he has really wanted, so if he really wanted to help them. He would, he even stated that he thinks veterans should have to pay for their health care. So stop acting like you want better for our great veterans.

jknowgood

Why did you run away from these facts?

Republicans vote against vets | US Message Board - Political Discussion Forum

You know, if you don't agree, you could post proof that the links are incorrect.

(**wink**wink**)

What else was in those bills?

Why must everything be spoon fed to you?

You can't read for yourself?

Besides, you know that your own congressmen vote AGAINST you, against your children, your grand children, against women, against vets and against equality so no matter what's in the bills, you'll vote against children, women, vets and equality too.

Why is that?

 

[Dad2three]

The democrats have proven over and over again how willing they are to utterly destroy this country in order attain power and keep power.

They knew damn well the real estate bubble would burst. They ignored ALL warnings in 2008 (that was a big election year right?) in order to tie the albatross around Bush's neck. As a result, the democrats won a SUPER MAJORITY.

How many things have democrats done for political expediency that also sacrificed the well being of our country? Well, their entire victimology strategy is a prime example of this. Democrat community organizers are sent to these areas in order to stoke riots. In order to divide. In order to divide and conquer. Behind their praetorian media that is all too happy to report things and hype things precisely how they want.

They have been doing it for over 50 years. Hell, we can trace it back to the founding of the ACLU. Even before that.

The left wing has been taught for many years at their institutions of lower living that America and capitalism is the reason for EVERYTHING that is wrong in the world. The free market is the reason for pollution, for poverty, for wars on and on and on.

They under report when there is news that contradict their warped narrative, and they hype the news when anything APPEARS to fit their narrative. To hell with the actual facts, just so long as they continue to capture the minds of the ignorant.

The Ferguson and Trayvon Martin cases are prime examples of this. Hey, anyone here remember the name Steinle or Vester Flanagan? Which ones went away from the hype FAST and which ones were shoved in our faces for months. Oh, as it turned out the narrative they tried to push in those two cases were utterly false but that did not matter one bit.

Do you know liberals still think Michael Brown and Trayvon Martin were murdered. Yeah, they still believe it.

See what I mean?

The Democrats weren't in power.

Answer me this. Approximately how many times would I have to repeat that indisputable fact before you would stop denying it?

You are one ignorant fuck aren't you? The democrats controlled the house and senate. Beginning in 2007 until 2010 when the republicans retook control of the house.

I know this may come as a shock to you, but there was still separation of powers when Boooooosh was president. No, unlike obama, Boooooosh was not a king, an emperor, or a dictator.

Oh, and in case you want to know what the economy did after the democrats took over power and had a super majority after the affirmative action president was elected.

Here take a look at these facts loser.

Notice, the years that the democrats had majority power.

Then republicans took over in 2010 and gained majority last year.

Too bad so sad.

Q When did the Bush Mortgage Bubble start?

A The general timeframe is it started late 2004.

From Bush’s President’s Working Group on Financial Markets October 2008

“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”

FACTS on Dubya's great recession | US Message Board - Political Discussion Forum

 

[Luddly Neddite]

It is 100% on your shoulders. Electing another traiter to this country will lead to a repeat. Obamacare is a prime example.




FUCK DEMOCRATS

Hmmm...they were warning people about the problem in 2001... And the democrats laughed..........

weird, the GOP could get TWO UNFUNDED tax cuts, 2 UNFUNDED wars, UNFUNDED Medicare expansion (rammed down our throats in the middle of the night )that stops the Gov't from even negotiating with Pharma, passed a bill to allow the Gov't to get between a man and his wife (Teri Schiavo) , BUT couldn't pass a single bill in Congress to stop it? Even though in the House simple majority ruled?

HINT DUBYA WAS ALREADY THE REGULATOR!! lol

They love yelling "charge it" at the taxpayers expense UNTIL it could actually benefit the people.

That's partly why I posted this.

Dad2three

Haven't seen you lately. Glad you're posting because you always post verifiable facts with links.

 

[Dad2three]

Let me get this straight, liberals say republicans hate the poor and minorities. We only care about the rich. So all of a sudden republicans decided all people deserved a home, even if they couldn't afford it. Then all of a sudden democrats changed their mind on the poor and minorities. Saying only people that can afford a house should be able to get a loan for a house. Screw the poor and minorities. Is that what the liberals on here saying? That only the well off can own a home? So we can run on how liberals hate the poor in the next election?

More right wing crap

 

[Dad2three]

Well, it's nice to see that evidently everyone agrees that proper, comprehensive, efficient regulation of financial markets is critical.

Yes, the video is right in that the GSE's were under-effectively-regulated, and yes, that played a role. But that's just the beginning, and only part of the Meltdown.

• The bankers who created, with the help of (I am NOT making this up) physicists, the abominations known as sub-prime CDO's to dangle in front of investors, pure shit securities
  
• The ratings agencies, obediently slapping AAA ratings (for a fee, of course) on those pure shit securities were also under-effectively-regulated.
  
• AIG, selling horrific Credit Default Swaps like candy to children without having to worry about pesky reserve requirements, was also under-effectively-regulated.
• Mortgage lenders granting spectacularly stupid 125% no-doc loans on anyone with a fucking pulse.
• Borrowers (yes kids, they were involved in this too) signing on the dotted line for loans they goddamn well knew they couldn't afford
• Borrowers (oops, there they are again) getting loans to pay off bills and then, as if they had no functioning brain matter whatsoever, immediately running up new bills

On and on, I know I missed a few. Both ends of the spectrum just love to point the finger at the other, as always.
.

Weird to bad we didn't have someone in the EXECUTIVE BRANCH who had some authority to deal with that stuff right?

Predatory Lenders' Partner in Crime

Predatory lending was widely understood to present a looming national crisis.

What did the Bush administration do in response? Did it reverse course and decide to take action to halt this burgeoning scourge?

Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye

In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative


Eliot Spitzer - Predatory Lenders' Partner in Crime



"The FBI correctly identified the epidemic of mortgage control fraud at such an early point that the financial crisis could have been averted had the Bush administration acted with even minimal competence." William K. Black Sr. regulator during S&L debacle

Dubya was warned by the FBI of an "epidemic" of mortgage fraud in 2004. He gave them less resources.


FBI saw threat of loan crisis - Los Angeles Times





Yep, and the closest thing to laizze affair crap they want to happen to US post 1929 GOP/Harding/Coolidge great depression, was Reagan ignoring Mr Gray's warnings in 1984 about the problems with the S&L deregulation (could have stopped 90% of the crisis) And then Dubya's subprime crisis where he not only ignored the regulators, he gutted them!

Weird, we elect those to Gov't that don't 'believe in' Gov't or regulations/regulators, then are shocked when the economies collapse BECAUSE of their ideology!

 

[Dad2three]

Bush's American Dream Downpayment Act 2003:

"This administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country. And this is a good time for the American homeowner. Today we received a report that showed that new home construction last month reached its highest level in nearly 20 years. (Applause.)

The reason that is so is because there is renewed confidence in our economy. Low interest rates help. They have made owning a home more affordable, for those who refinance and for those who buy a home for the first time. Rising home values have added more than $2.5 trillion to the assets of the American family since the start of 2001.

The rate of homeownership in America now stands a record high of 68.4 percent. Yet there is room for improvement. The rate of homeownership amongst minorities is below 50 percent. And that's not right, and this country needs to do something about it. We need to -- (applause.) We need to close the minority homeownership gap in America so more citizens have the satisfaction and mobility that comes from owning your own home, from owning a piece of the future of America.

Last year I set a goal to add 5.5 million new minority homeowners in America by the end of the decade. That is an attainable goal; that is an essential goal. And we're making progress toward that goal. In the past 18 months, more than 1 million minority families have become homeowners. (Applause.) And there's more that we can do to achieve the goal. The law I sign today will help us build on this progress in a very practical way.

Many people are able to afford a monthly mortgage payment, but are unable to make the down payment. So this legislation will authorize $200 million per year in down payment assistance to at least 40,000 low-income families. These funds will help American families achieve their goals, and at the same time, strengthen our communities."

President Bush Signs American Dream Downpayment Act of 2003

So liberals didn't want minorities owning homes? Liberals were against all of it?

Liberals are strongly for minorities owning homes. The financial crisis had nothing to do with minorities owning homes.

Here is what we DO know:

1) The financial crisis was not caused by low and middle income families buying a home.

2) It was not caused by dead beat poor people.

3) Fannie and Freddie were not to cause.

4) The Community Investment Act was not the culprit either.

The crisis was caused by private lending, to mostly upper middle class and the wealthy. ONLY 6% of of all the higher-priced loans were extended by CRA-covered lenders to lower-income borrowers or neighborhoods in their CRA assessment areas. The majority of those foreclosed on were wealthy and upper middle class, plus a huge segment of speculators; buyers who were wealthy home flippers looking for a fast buck. They strategically walked away from investments that went sour, not from their 'homes'. They never had any intent on living there.

Only a huge amount of mortgage defaults at once could cause a rupture of the housing market. And only a huge amount of speculators dumping 'bad' investments all at once could explain it. Because if it were honest citizens who were buying a homestead, they kept paying even when they should have walked away. If those were the people to blame, it would have been a slow leak, not a rupture.

AND, what really sucks for the right wing propaganda of lies, all the way back to the late '90's there was one very outspoken and vocal critic of predatory lending practices, they even held protests at companies like Wells Fargo and Lehman Brothers...ACORN

I bought my house in the late nineties, I bought what I could afford. I knew people that made less than me buying really nice houses. Come to find out they were paying interest only. That was on Clinton, truth is liberals as always said it was not fair for the poor not to own homes. Carter brought it back up, Clinton gave it legs and Bush warned about the collapse coming. He was told he didn't know what he was talking about. The collapse happened while the democrats controlled both houses. It is sad to see you trying to rewrite history to deny the facts.

Q When did the Bush Mortgage Bubble start?

A The general timeframe is it started late 2004.

From Bush’s President’s Working Group on Financial Markets October 2008

“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”


DUBYA FOUGHT ALL 50 STATE AG'S IN 2003, INVOKING A CIVIL WAR ERA RULE SAYING FEDS RULE ON "PREDATORY" LENDERS!

Predatory lending was widely understood to present a looming national crisis.

What did the Bush administration do in response? Did it reverse course and decide to take action to halt this burgeoning scourge?

Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye


Eliot Spitzer - Predatory Lenders' Partner in Crime


"The sub-prime loans would not have been made if there were not buyers and sellers for them on secondary markets via MBS's.

The MBS's would not have existed if regulators had taken a look at them, realized pretty much no one knew what the hell they were, and acted accordingly.

There would not have been buyers for the MBS's if the ratings agencies had given them appropriate ratings, such as S&P's CCC, about where they should have been.

Those selling the MBS's would not have been able to move risk off their books if someone not been willing to sell them CDS's."


WHO WAS IN CHARGE IN THIS PERIOD? WHO HAD THE SEC, FBI, GSE'S, ETC AS PART OF THEIR EXECUTIVE BRANCH OVERSIGHT?


"The FBI correctly identified the epidemic of mortgage control fraud at such an early point that the financial crisis could have been averted had the Bush administration acted with even minimal competence." William K. Black Sr. regulator during S&L debacle



“When regulators don’t believe in regulation and don’t get what is going on at the companies they oversee, there can be no major white-collar crime prosecutions,”...“If they don’t understand what we call collective embezzlement, where people are literally looting their own firms, then it’s impossible to bring cases.”


http://www.nytimes.com/2011/04/14/business/14prosecute.html?pagewanted=all&_r=0



Dubya was warned by the FBI of an "epidemic" of mortgage fraud in 2004. He gave them less resources.


FBI saw threat of loan crisis - Los Angeles Times



Shockingly, the FBI clearly makes the case for the need to combat mortgage fraud in 2005, the height of the housing crisis:

Financial Crimes Report to the Public 2005

FBI ? Financial Crimes Report 2005


The Bush Rubber Stamp Congress ignored the obvious and extremely detailed and well reported crime spree by the FBI.

THE BUSH ADMINISTRATION and GOP CONGRESS stripped the White Collar Crime divisions of money and manpower.



"Those selling the CDS's would not have been able to sell them if they had been required by regulators to maintain standard insurance reserves."


2004 Dubya allowed the leverage rules to go from 12-1 to 35-1 which flooded the market with cheap money!

The SEC Rule That Broke Wall Street

The SEC Rule That Broke Wall Street


BUSH REGULATORS ON WALL STREET IN 2004 WITH A CHAINSAW 'CUTTING' REGULATIONS BELOW!

We certainly don't want there to be a fine print preventing people from owning their home,” the President(DUBYA) said in a 2002 speech. “We can change the print, and we've got to.”

 

[Dad2three]

Bush's American Dream Downpayment Act 2003:

"This administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country. And this is a good time for the American homeowner. Today we received a report that showed that new home construction last month reached its highest level in nearly 20 years. (Applause.)

The reason that is so is because there is renewed confidence in our economy. Low interest rates help. They have made owning a home more affordable, for those who refinance and for those who buy a home for the first time. Rising home values have added more than $2.5 trillion to the assets of the American family since the start of 2001.

The rate of homeownership in America now stands a record high of 68.4 percent. Yet there is room for improvement. The rate of homeownership amongst minorities is below 50 percent. And that's not right, and this country needs to do something about it. We need to -- (applause.) We need to close the minority homeownership gap in America so more citizens have the satisfaction and mobility that comes from owning your own home, from owning a piece of the future of America.

Last year I set a goal to add 5.5 million new minority homeowners in America by the end of the decade. That is an attainable goal; that is an essential goal. And we're making progress toward that goal. In the past 18 months, more than 1 million minority families have become homeowners. (Applause.) And there's more that we can do to achieve the goal. The law I sign today will help us build on this progress in a very practical way.

Many people are able to afford a monthly mortgage payment, but are unable to make the down payment. So this legislation will authorize $200 million per year in down payment assistance to at least 40,000 low-income families. These funds will help American families achieve their goals, and at the same time, strengthen our communities."

President Bush Signs American Dream Downpayment Act of 2003

So liberals didn't want minorities owning homes? Liberals were against all of it?

Liberals are strongly for minorities owning homes. The financial crisis had nothing to do with minorities owning homes.

Here is what we DO know:

1) The financial crisis was not caused by low and middle income families buying a home.

2) It was not caused by dead beat poor people.

3) Fannie and Freddie were not to cause.

4) The Community Investment Act was not the culprit either.

The crisis was caused by private lending, to mostly upper middle class and the wealthy. ONLY 6% of of all the higher-priced loans were extended by CRA-covered lenders to lower-income borrowers or neighborhoods in their CRA assessment areas. The majority of those foreclosed on were wealthy and upper middle class, plus a huge segment of speculators; buyers who were wealthy home flippers looking for a fast buck. They strategically walked away from investments that went sour, not from their 'homes'. They never had any intent on living there.

Only a huge amount of mortgage defaults at once could cause a rupture of the housing market. And only a huge amount of speculators dumping 'bad' investments all at once could explain it. Because if it were honest citizens who were buying a homestead, they kept paying even when they should have walked away. If those were the people to blame, it would have been a slow leak, not a rupture.

AND, what really sucks for the right wing propaganda of lies, all the way back to the late '90's there was one very outspoken and vocal critic of predatory lending practices, they even held protests at companies like Wells Fargo and Lehman Brothers...ACORN

I bought my house in the late nineties, I bought what I could afford. I knew people that made less than me buying really nice houses. Come to find out they were paying interest only. That was on Clinton, truth is liberals as always said it was not fair for the poor not to own homes. Carter brought it back up, Clinton gave it legs and Bush warned about the collapse coming. He was told he didn't know what he was talking about. The collapse happened while the democrats controlled both houses. It is sad to see you trying to rewrite history to deny the facts.

It would seem stupid to believe that any rational person could support a political party responsible over time for the two biggest recessions in the economic history of this country- the great republican depression of 1929 and the great republican recession of 2008. But there they are. All over this board.

Bush talked about reform. He talked and he talked. And then he stopped reform. (read that as many times as necessary. Bush stopped reform). And then he stopped it again





Testimony from Dubya's Treasury Secretary John Snow to the REPUBLICAN CONGRESS concerning the 'regulationof the GSE's (F/F) 2004

Mr. BARNEY Frank: ...Are we in a crisis now with these entities?

Secretary Snow. No, that is a fair characterization, Congressman Frank, of our position. We are not putting this proposal before you because of some concern over some imminent danger to the financial system for housing; far from it.


October 26, 2005

STATEMENT OF ADMINISTRATION POLICY

The Administration strongly believes that the housing GSEs should be focused on their core housing mission, particularly with respect to low-income Americans and first-time homebuyers. Instead, provisions of H.R. 1461 that expand mortgage purchasing authority would lessen the housing GSEs' commitment to low-income homebuyers.

George W. Bush: Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005

Yes, he said he was against it because it "would lessen the housing GSEs' commitment to low-income homebuyers"


June 17, 2004

(CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.


Home builders fight Bush's low-income housing - Jun. 17, 2004


BUT NO, THOUGH BUSH CRUSHED F/F (AS REGULATOR), THE GSE'S DIDN'T CAUSE THE BUSH SUBPRIME CRISIS


Private sector loans, not Fannie or Freddie, triggered crisis


The "turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007," the President's Working Group on Financial Markets

Private sector loans, not Fannie or Freddie, triggered crisis | Economics | McClatchy DC

 

[Luddly Neddite]

Let me get this straight, liberals say republicans hate the poor and minorities. We only care about the rich. So all of a sudden republicans decided all people deserved a home, even if they couldn't afford it. Then all of a sudden democrats changed their mind on the poor and minorities. Saying only people that can afford a house should be able to get a loan for a house. Screw the poor and minorities. Is that what the liberals on here saying? That only the well off can own a home? So we can run on how liberals hate the poor in the next election?

More right wing crap

jknowgood

Look at the interest rates now and look at what Obama did so people could stay in their homes.

 

[jknowgood]

The Republicans held the presidency and Congress for 6 years going into the financial crisises. If there was a legislative solution to avoid the coming problems, it was in their hands and their power to avoid them.

Notice the same is happening right now.

They've had the majority for almost a year and all they have done is another phony vote to "repeal" ObamaCare and OBSTRUCT jobs bills for all Americans, including vets.

Why won't the damn Repub traitors lift a finger to help vets? Why do they ALWAYS obstruct any and all bills that could actually help the working class while passing more bills to benefit themselves and the 1%?

Obama ran on the promise he would fix the health care for our veterans, but all he did was give us the same type of failed health care. He was suppose to fix.

Obama ran on the promise he would fix the health care for our veterans, but all he did was give us the same type of failed health care. He was suppose to fix.

Why do you even bother to post?

Seriously, you're just so damn dumb and you're shown to be dumb every single day here.

How about you post where the REPUBS have agreed to what the president proposed for vets? In point of FACT, all they have done is obstruct every single bill to benefit vets.

Even if the Republicans did not block EVERY bill, screwing over vets and the mess of the VA didn't just suddenly start with the Obama administration. I remember very clearly what Vietnam went through to get care or help and it didn't start with those vets.

Obama is president, you stupid little bitch. He has been able to get what he has really wanted, so if he really wanted to help them. He would, he even stated that he thinks veterans should have to pay for their health care. So stop acting like you want better for our great veterans.

jknowgood

Why did you run away from these facts?

Republicans vote against vets | US Message Board - Political Discussion Forum

You know, if you don't agree, you could post proof that the links are incorrect.

(**wink**wink**)

What else was in those bills?

Why must everything be spoon fed to you?

You can't read for yourself?

Besides, you know that your own congressmen vote AGAINST you, against your children, your grand children, against women, against vets and against equality so no matter what's in the bills, you'll vote against children, women, vets and equality too.

Why is that?

Why can't the bill just be for the veterans? Why do want to put a bunch of bullshit in the bill? I would support a bill that would give billions to the veterans and only the veterans. Why are you opposed to that?

 

[jknowgood]

Let me get this straight, liberals say republicans hate the poor and minorities. We only care about the rich. So all of a sudden republicans decided all people deserved a home, even if they couldn't afford it. Then all of a sudden democrats changed their mind on the poor and minorities. Saying only people that can afford a house should be able to get a loan for a house. Screw the poor and minorities. Is that what the liberals on here saying? That only the well off can own a home? So we can run on how liberals hate the poor in the next election?

More right wing crap

jknowgood

Look at the interest rates now and look at what Obama did so people could stay in their homes.

What mandated they had to pay for health insurance? Double food prices. Raised energy rates by 30%, and with closing the coal plants. They say energy prices could go up 80% more. He has out spent all presidents combine. Hasn't done a damn thing for our veterans at the va. More on welfare in our history. Yeah if he helped them keep their home. He sure as hell making sure they won't be able to afford to stay in it.

 

[francoHFW]

Let me get this straight, liberals say republicans hate the poor and minorities. We only care about the rich. So all of a sudden republicans decided all people deserved a home, even if they couldn't afford it. Then all of a sudden democrats changed their mind on the poor and minorities. Saying only people that can afford a house should be able to get a loan for a house. Screw the poor and minorities. Is that what the liberals on here saying? That only the well off can own a home? So we can run on how liberals hate the poor in the next election?

More right wing crap

jknowgood
By
Look at the interest rates now and look at what Obama did so people could stay in their homes.

What mandated they had to pay for health insurance? Double food prices. Raised energy rates by 30%, and with closing the coal plants. They say energy prices could go up 80% more. He has out spent all presidents combine. Hasn't done a damn thing for our veterans at the va. More on welfare in our history. Yeah if he helped them keep their home. He sure as hell making sure they won't be able to afford to stay in it.

By not being able to overcome your heroes' mindless obstruction? Brilliant! BTW, your "facts" are all Pubcrappe, dupe.

 

[Mac1958]

"It's all THEIR fault! Yeah! THOSE guys, over THERE".

This place really is a hoot.
.

 

[Dad2three]

"It's all THEIR fault! Yeah! THOSE guys, over THERE".

This place really is a hoot.
.

Yeah, BECAUSE Gov't policy and who is in charge REALLY doesn't matter right Bubs?

Weird the periods where the US was closest to the rights "laissez faire" philosophy, 1920's, 1980's and 2000's was when we had HUGE banksters created crashes right? (GOP Prez's)

Just a coincidence though right?

 

[Dad2three]

Let me get this straight, liberals say republicans hate the poor and minorities. We only care about the rich. So all of a sudden republicans decided all people deserved a home, even if they couldn't afford it. Then all of a sudden democrats changed their mind on the poor and minorities. Saying only people that can afford a house should be able to get a loan for a house. Screw the poor and minorities. Is that what the liberals on here saying? That only the well off can own a home? So we can run on how liberals hate the poor in the next election?

More right wing crap

jknowgood

Look at the interest rates now and look at what Obama did so people could stay in their homes.

What mandated they had to pay for health insurance? Double food prices. Raised energy rates by 30%, and with closing the coal plants. They say energy prices could go up 80% more. He has out spent all presidents combine. Hasn't done a damn thing for our veterans at the va. More on welfare in our history. Yeah if he helped them keep their home. He sure as hell making sure they won't be able to afford to stay in it.

Uniformed BS talking points NOT based in REALITY. Get off hate talk radio/Faux and grow a brain!

The problem with the conservative movement in America is that it is based on bigotry, hatred, and, greed. Above all, greed. Money is their god. They worship money and the holders of it and despise those who don't have it.

 

[Dad2three]

Notice the same is happening right now.

They've had the majority for almost a year and all they have done is another phony vote to "repeal" ObamaCare and OBSTRUCT jobs bills for all Americans, including vets.

Why won't the damn Repub traitors lift a finger to help vets? Why do they ALWAYS obstruct any and all bills that could actually help the working class while passing more bills to benefit themselves and the 1%?

Obama ran on the promise he would fix the health care for our veterans, but all he did was give us the same type of failed health care. He was suppose to fix.

Why do you even bother to post?

Seriously, you're just so damn dumb and you're shown to be dumb every single day here.

How about you post where the REPUBS have agreed to what the president proposed for vets? In point of FACT, all they have done is obstruct every single bill to benefit vets.

Even if the Republicans did not block EVERY bill, screwing over vets and the mess of the VA didn't just suddenly start with the Obama administration. I remember very clearly what Vietnam went through to get care or help and it didn't start with those vets.

Obama is president, you stupid little bitch. He has been able to get what he has really wanted, so if he really wanted to help them. He would, he even stated that he thinks veterans should have to pay for their health care. So stop acting like you want better for our great veterans.

jknowgood

Why did you run away from these facts?

Republicans vote against vets | US Message Board - Political Discussion Forum

You know, if you don't agree, you could post proof that the links are incorrect.

(**wink**wink**)

What else was in those bills?

Why must everything be spoon fed to you?

You can't read for yourself?

Besides, you know that your own congressmen vote AGAINST you, against your children, your grand children, against women, against vets and against equality so no matter what's in the bills, you'll vote against children, women, vets and equality too.

Why is that?

Why can't the bill just be for the veterans? Why do want to put a bunch of bullshit in the bill? I would support a bill that would give billions to the veterans and only the veterans. Why are you opposed to that?

Simple minded BS. TRY to get money out of politics,m the rich HAS captured it and THEY are the ones putting stuff in there you know?