ACORN/Obama forced toxic mortgages GUARANTEED BY U.S. Govt...!

Discussion in 'Politics' started by healthmyths, Oct 10, 2011.

  1. healthmyths
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    healthmyths Gold Member Supporting Member

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    Evidently most people don't know that Obama/Acorn in 1995 forced banks to make loans to people who would NEVER pay them back.
    So when the FDIC looked at these toxic loans knowing they would never be paid back, the mortgage holders sold them to Fannie/Freddie.

    As a result Fannie/Freddie investments that were guaranteed..
    Oct. 23,2008 (Bloomberg) --
    Fannie Mae and Freddie Mac have an ``effective'' federal guarantee, not the
    "full faith and credit'' of the U.S. government, Federal Housing Finance Agency Director James Lockhart said after the hearing. That does give them effectively a guarantee of the U.S. government.''
    Lockhart's Fannie, Freddie Guarantee Remarks Stir Up Confusion - Bloomberg

    as a result.. investor/banks LOOKED to the U.S. to pay.. i.e. TARP!

    All because the Democrats using Community Reinvestment Act to force banks to make bad loans the FDIC would have closed the banks if they didn't resell to Fannie and if these democrats hadn't thwarted ..

    Warned by Bush Administration warned about Fannie/Freddie once in ’01, once in ’02, six times in ’03, three times in ’04, once in ’05, five times in ’07, and 17 times in ’08. Congress didn’t listen especially Democrats LAUGH!!!!

    "When warned about Fannie Mae in (House Financial Services Committee Chairman Barney Frank (D-MA)
    "these two entities -- Fannie Mae and Freddie Mac --
    are not facing any kind of financial crisis....
    The more people exaggerate these problems, the more pressure
    there is on these companies,
    the less we will see in terms of affordable housing."
    (New York Times, 9/11/03)

    And then Committee on Banking, Housing and Urban Affairs
    Chairman Christopher Dodd also ignored the President's warnings
    and called on him to
    "immediately reconsider his ill-advised" position. .
    Fannie Mae and Freddie Mac --
    are not facing any kind of financial crisis...
    (New York Times, 9/11/03.

    AND NOW today...
    "Spooked by US political wrangling, major investors including the National Pension Service of Korea and the Kuwait Investment Authority have sold out of their holdings of the debt of the US Treasury-backed housing agencies since the 2008 global financial crisis.
    Officials from central banks, including the Bank of Japan,
    say they will be far more cautious in future.

    Fannie and Freddie debt fuels anxiety - FT.com
     
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  2. Sallow
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    Sallow The Big Bad Wolf. Supporting Member

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    CRA had very little to do with the financial meltdown.
     
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  3. Full-Auto
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    Full-Auto Gold Member

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    It just opened the door with no foyer.
     
  4. WillowTree
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    WillowTree Diamond Member

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    Oh yes it did.
     
  5. WillowTree
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    WillowTree Diamond Member

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    They forced and coerced the banks to loan money, folks didn't and couldn't pay back the money we decided the banks were evil because the morons didn't know what they were signing. Now the banks are sitting on their money and not loaning it and you morons are calling them evil again... did I mention moron?
     
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  6. NYcarbineer
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    NYcarbineer Diamond Member

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    No one could force banks to make loans to unqualified buyers via CRA, in fact, the act itself states that explicitly.

    Of course you'd have to actually read the CRA to know that.
     
  7. WillowTree
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    WillowTree Diamond Member

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    :eusa_whistle::eusa_whistle::eusa_whistle::eusa_whistle:
     
  8. NYcarbineer
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    NYcarbineer Diamond Member

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    1. Have you ever read the Community Reinvestment Act?

    2. Have you ever heard one banker testify that his bank was forced to make loans to unqualified buyers?

    I'm going to guess 'no' and 'no'.

    How'd I do?
     
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  9. Mr. Shaman
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    Mr. Shaman Senior Member

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    Yeah.....that's what happened......

    [​IMG]

    *

    [ame=http://www.youtube.com/watch?v=VcJ4sjgtIR0]American Casino - YouTube[/ame]
    *
    [ame=http://www.youtube.com/watch?v=064C5UrRfP4]Phill Gramm Ruined The Economy - YouTube[/ame]
    *
    [ame=http://www.youtube.com/watch?v=CtqoLoiTBtM]Phil Gramm is a corporate scumbag (Part 1) - YouTube[/ame]

    You Jr. Teabaggers need to get a few-more years (under your belt), before you start tackling the big subjects.​
     
    Last edited: Oct 10, 2011
  10. WillowTree
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    WillowTree Diamond Member

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    :eusa_whistle:
     

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