Bush stood in the way of states trying to stop the sub prime

Discussion in 'Current Events' started by Truthmatters, Oct 12, 2008.

  1. Truthmatters
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    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.
     
    Last edited: Oct 12, 2008
  2. Truthmatters
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    Imagine my surprize that the fact challenged people on this site would refuse to read this story.
     
  3. Alpha1
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    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.
     
    Last edited: Oct 12, 2008
  4. WillowTree
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    same with factcheck.org. partisan hacks. spin. donkeyshit.
     
  5. Truthmatters
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    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?
     
  6. Truthmatters
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    Please can you tell me why court documentation does not penitrate your level of proof?
     
  7. Silence
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    Silence wanna lick?

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    I wonder why McCain always quotes them if they are partisan hacks? :doubt:
     
  8. Truthmatters
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    Do understand the level of documentation you are denying here folks?
     
  9. Alpha1
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    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....
     
    Last edited: Oct 12, 2008
  10. xsited1
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    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
     

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