Barry's bank deal?

Discussion in 'Politics' started by whitehall, Feb 9, 2012.

  1. whitehall
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    whitehall Gold Member

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    Obama announced today that he couldn't wait for the rule of law and the political process so he got his political hacks together and hammered out a " settlement deal" with banks that funnels about 25 Billion to the federal government . Some of the money might make it to home owners but even the A.P. is skeptical. Everything that Barry Hussein and the socialist democratic party accused banks of doing was really the fault of Fannie Mae which was supervised by the democrat party in congress when it collapsed. Reading from a script, Barry offered a few strange tidbits such as allegations that banks forged signatures on foreclosure documents. The Attorney General was standing behind him and didn't even blink. Of course he was busy avoiding the rule of law himself with gestapo like decrees to the State of South Carolina not to enforce voter ID laws.
     
  2. jaybags
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    jaybags Member

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    bad deal all around. it penalizes homeowners that actually made a large down payment and pay their mortgagae on time. and of course helps the dregs that did/do the opposite.
     
  3. Ed Spacer
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    Ed Spacer BANNED

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    Bottom line,mortgage is a contract.you dont pay,you lose your house. Lack of personal integrity and personal responsibility,thats what socialists teach.
     
  4. zeke
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    zeke Gold Member

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    BTW, Fannie and Freddie were real late comers to the mortgage feeding frenzy.

    You need to look at the banks and brokerages and the "non conforming " loans that they were originating.

    Fannie wouldn't touch them for a long time.

    Greed overcame all common sense at the end. It was an originating frenzy and everybody knew that loans were being made that were going to go bad. But there was so much fucking money to be made. And be using MBS's, there was no real risk to the small and mid size mortgage brokers. And banks made the shit loans by using mortgage broker operations. Or they would buy a brokerage and use it as the "non conforming" operation.

    I wrote loans for 18 years. Saw a little bit of all kinds of shady dealings. Never did see any non conforming, sub prime loans being funded directly by either Fannie or Freddie.
     
  5. KissMy
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    KissMy Free Breast Exam

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    I dare you to loan money to someone for a home & then go to court to foreclose without proper documentation. You won't get the property or a dime. If us little people have to follow the rules then so should the bankers. I guarantee they are getting off easy.
     
  6. KissMy
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    KissMy Free Breast Exam

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    That first part is a crock of shit.

    Clinton started pressuring the banks & got the GSE's steamrolling on the MBS then the banks decided to take a huge bite of the poision MBS apple. This was Clintons plan all along. "By expanding the type of loans that it will buy, Fannie Mae is hoping to spur banks to make more loans to people with less-than-stellar credit ratings."

    The table shows mortgage-backed security issuances over time.
    [​IMG]
     
  7. WillowTree
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    WillowTree Diamond Member

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    "shake down"
     
  8. zeke
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    zeke Gold Member

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    Also, you know who brought those dead beat borrowers to the loan application table?

    Realtors.

    How come they got off scott free in all this. Many times a Realtor would send a client to me to qualify them for a loan. When I couldn't help (because I wrote A paper) the realtor would hustle this person off to a non conforming sub prime originator. They (borrower) would get drilled on fees and rate and term and everything else, but the realtor got a commission, the broker got a commission and later on down the road, some bank got screwed and the house back. Fannie and Freddie were no where around. Oh and the buyer got screwed to.
     
  9. WillowTree
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    WillowTree Diamond Member

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    soon every body will be a bitching cause the mean old banks won't loan em any money,, then we'll start the bullshit cra all over again..
     
  10. zeke
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    zeke Gold Member

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    You fucking tell yourself what ever makes you feel good.

    Clinton expanded homeownership. So what. FHA made good loans. Fannie and Freddie wrote good loans. ALt A from Fannie was still better quality paper than anything being written in the non conforming sub prime markets.

    It was not till Grahm Rudley broke down the barriers between banks and brokerages. You had WAY to much mortgage money chasing to few credit worthy borrowers. So they made up loans that were made to appeal to shit borrowers. Or perfect to commit fraud. But they were never a Fannie Freddie product or idea.

    Fannie get sucked in by purchasing the for shit MBS's. No one did due diligence on the credit quality because greed overcame all.

    btw, George Bush was very proud to promote homeownership during his two terms.
     
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