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Like UBS bank?
You know the one that hired Phil Gramm after he passed the Gram Leach Bialey act which killed Glass Steagal?
In what capacity of banking did you live that gives you that vantage to make such specious claims?
I ask since you CLAIM to have inside information. What are your bono fides?
The above is simply not remotely true.
No government regulation made banks give liars loans, NINJA loans, 110% loans, or exploing in your face adjustible rate morgage loans, either. Those were the invention of the bnksters themselves.
If you doubt that, please do feel free to cite the bnaking givenment regulation which you "lived for 30 years" that forced bansters to make those loans
Tain't there, sport.
I don't say this lightly, I seldom bother, but in your case, it so obviously fits.
You, sir, are a liar.
Would you like my SSN, birth date and street address too?Whether you believe me or not doesn't bother me a bit. This is an interwebz bulletin board. You get what you pay for. That being said, I assure you that my wife and I have both worked in the industry since 1979. There is another side to this story that isn't being told by the media.
I believe you. And I have no doubt that what you have said is true. But I am sorry, I've worked in the financial industry for nearly 20 years, and I strongly disagree with the assertion that the CRA was the primary cause of this disaster. I came out of university as a diehard fire-breathing Ayn Rand / libertarian / Austrian School adherent. But after spending most of my career in financial markets making capital allocation decisions primarily in stocks but also into commodities, currencies, bonds and derivatives, and seeing two spectacular bubbles in a decade that dogmatic free market ideologues said should never theoretically happen, the idea that this one small program caused the global financial crisis precipitating the worst economy since the Depression boggles my mind. Yes, I get the Chaos Theory explanation akin to the butterfly in Brazil flapping it's wings causing a hurricane in Florida, but there have been so many changes in banking laws and regulations which loosened credit over the past 40 years, to boil it down to this one change is just a tad too convenient for those pushing a political narrative.
Actually, most small community banks were not not hurt as bad as big ones. In general, the small community banks are more conservative. They didn't buy into the sub prime mortgage fiasco. I bank with a small community bank. Most of their home mortgages are 30 and 15 year fixed rate with 20% down. They also hold their mortgages so they are much more interested in the credit worthiness of the customer.The whole point is that the banks WERE forced to loan money to people they couldn't afford. This clusterfuck goes waaaay deeper than bad banking practices, Care. Really, it does.
And the result was an extremely high percentage of high risk loans that crippled banks when they faulted. What was happening prior to the crash was smaller, weaker banks were failing. They were the precursors to the larger mess. Their assest, along with the bad debt were purchased by solvent entities. These solvent entities aquired more and more bad debt with their aquisitions to compund the ones they had issued on their own. They got stuk woth the hot potatoes when the market crashed.
What a pack of lies.
Only an idiot would belive that this was caused by what you claim.
Ask an unbiased economics proff and you have your answer.
The sub primes that were written had very little to do with the amount the gov required to be handed out.
Why would they write so many more than the gov required?
Becuase they repackaged them off and sold them as triple A investiments and made a shit load of money.
Would you like my SSN, birth date and street address too?
I believe you. And I have no doubt that what you have said is true. But I am sorry, I've worked in the financial industry for nearly 20 years, and I strongly disagree with the assertion that the CRA was the primary cause of this disaster. I came out of university as a diehard fire-breathing Ayn Rand / libertarian / Austrian School adherent. But after spending most of my career in financial markets making capital allocation decisions primarily in stocks but also into commodities, currencies, bonds and derivatives, and seeing two spectacular bubbles in a decade that dogmatic free market ideologues said should never theoretically happen, the idea that this one small program caused the global financial crisis precipitating the worst economy since the Depression boggles my mind. Yes, I get the Chaos Theory explanation akin to the butterfly in Brazil flapping it's wings causing a hurricane in Florida, but there have been so many changes in banking laws and regulations which loosened credit over the past 40 years, to boil it down to this one change is just a tad too convenient for those pushing a political narrative.
But Toro, you do know that Austrian advocates recognize the Fed as the main culprit in causing the bubbles, and even you yourself have said that.
We don't believe the Fed is conducive to a true free market, and that's why we're not surprised at all that the bubbles happened.
It was a good idea until it was abused.
Why is it a good idea to loan money to people who can't afford to pay it back?
you should ask the Banks that question! NONE of those banks or mortgage companies were FORCED to give ANYONE a loan that they could not afford..........yet they sold loans to millions of people without even a reference.
most homes foreclosed were to middle class people... btw.
What a pack of lies.
Only an idiot would belive that this was caused by what you claim.
Ask an unbiased economics proff and you have your answer.
The sub primes that were written had very little to do with the amount the gov required to be handed out.
Why would they write so many more than the gov required?
Becuase they repackaged them off and sold them as triple A investiments and made a shit load of money.
You need to recheck your premise.
I remember reading a sob story of a family, the husband and wife were school bus drivers in Las Vegas, combined income 65K a year and they were crying and moaning because, they were being foreclosed, they were actually crying because their ARM had adjusted as their 5 years was up, and could not understand why they could not get help to stay in their……get ready for this………… 850K home…….unreal.
I am sorry but as I said, I am more than wiling to help the helpless, but I aint helping the clueless.
I remember reading a sob story of a family, the husband and wife were school bus drivers in Las Vegas, combined income 65K a year and they were crying and moaning because, they were being foreclosed, they were actually crying because their ARM had adjusted as their 5 years was up, and could not understand why they could not get help to stay in their……get ready for this………… 850K home…….unreal.
I am sorry but as I said, I am more than wiling to help the helpless, but I aint helping the clueless.
The best story I read was of a homeless guy in Tampa found dead who was broke but had five deeds to houses in his pocket. Four had been foreclosed upon but one had yet to be. I wish I kept the link because I wouldn't blame people for saying I made this up!
Don't need to.......I'm part of the book. I've lived it.
In what capacity of banking did you live that gives you that vantage to make such specious claims?
I ask since you CLAIM to have inside information. What are your bono fides?
mortgage side of banking is that banks were forced by the government to make loans to people who didn't qualify and couldn't pay them back.
The above is simply not remotely true.
No government regulation made banks give liars loans, NINJA loans, 110% loans, or exploing in your face adjustible rate morgage loans, either. Those were the invention of the bnksters themselves.
If you doubt that, please do feel free to cite the bnaking givenment regulation which you "lived for 30 years" that forced bansters to make those loans
Tain't there, sport.
I don't say this lightly, I seldom bother, but in your case, it so obviously fits.
You, sir, are a liar.
Would you like my SSN, birth date and street address too?
The President is not the lawmaker, Congress is. You are right, the president is inconsequential for the most part in these decisions. Sure they have the right to veto but they rely on Congress to make the regulations for the most part.
Apportioning 'blame' in this fuck up is actually really funny. I find it just hysterical that the Democrats try and blame the GOP and the GOP blame the Democrats. They were ALL responsible. Both sides, the banks, and the American people all have a chunk of mea culpa in this clusterfuck.
I made more money off of AIG these last few years than I did working. A real good friend told me to bet the farm on AIG when they were under $10 and appearing like they were going under. It was a gamble, but I trusted him and did. He told me it was safe because of pending gov't investments. More than safe, a sure thing. So I put in everything I had and sold at over $50, making over 5 times my investment. It just shows you exactly how invested in them government is. Both sides.
I remember reading a sob story of a family, the husband and wife were school bus drivers in Las Vegas, combined income 65K a year and they were crying and moaning because, they were being foreclosed, they were actually crying because their ARM had adjusted as their 5 years was up, and could not understand why they could not get help to stay in their get ready for this 850K home .unreal.
I am sorry but as I said, I am more than wiling to help the helpless, but I aint helping the clueless.
I don't doubt that you sincerely believe that hogwash you just posted, but you have been rather clearly and cleverly misinformed.
Read a book.
Don't need to.......I'm part of the book. I've lived it.
being a bank teller doesn't make you an expert on banking practices and regulations.
In what capacity of banking did you live that gives you that vantage to make such specious claims?
I ask since you CLAIM to have inside information. What are your bono fides?
The above is simply not remotely true.
No government regulation made banks give liars loans, NINJA loans, 110% loans, or exploing in your face adjustible rate morgage loans, either. Those were the invention of the bnksters themselves.
If you doubt that, please do feel free to cite the bnaking givenment regulation which you "lived for 30 years" that forced bansters to make those loans
Tain't there, sport.
I don't say this lightly, I seldom bother, but in your case, it so obviously fits.
You, sir, are a liar.
Would you like my SSN, birth date and street address too?
Spare me your protests.
Show me the REGULATIONS.
You sir, are a liar.
Don't need to.......I'm part of the book. I've lived it.
being a bank teller doesn't make you an expert on banking practices and regulations.
You're absolutely correct brainiac......but this isn't 1979 when I started as a bank teller is it?
32 years later in 2011, I'm a Senior Business Analyst for one of the world's top-ranked technology providers to the banking industry. We have more than 30,000 experts in 100 countries and deliver the most comprehensive range of solutions for the broadest range of financial markets. We are part of the S&P 500 and have been named the number one overall financial technology provider in the world by American Banker and Financial Insights.
What a pack of lies.
Only an idiot would belive that this was caused by what you claim.
Ask an unbiased economics proff and you have your answer.
The sub primes that were written had very little to do with the amount the gov required to be handed out.
Why would they write so many more than the gov required?
Becuase they repackaged them off and sold them as triple A investiments and made a shit load of money.
You need to recheck your premise.
My wife and I have both worked in the banking industry for over 30 years now. What few people realize is that banking is one of the most heavily regulated industries in the country. The other thing that people don't realize about the mortgage side of banking is that banks were forced by the government to make loans to people who didn't qualify and couldn't pay them back. If you want to get to the root cause of the mortgage crisis, it is the government and not the banks. When it comes to lending money, the vast majority of banks are very conservative. They want to make loans to people and businesses that will actually pay the loans back as they make money off the interest payments. When forced to loan some high school dropout who is flipping burgers the money to buy a two bedroom house, they know they will most likely never get paid and the property will wind up in foreclosure.
Not saying you personally, but that is a cop-out.
Indeed the Federal Government strong-armed banks into giving loans to people who likely would not pay them back. Thank Clinton and Frank for this.
However - wall street in concert with banks took this notion to the nth degree.
They sold these mortgages, or should I say...HID...these mortgages in overly complicated bond vehicles and made enormous profits putting the entire system at great risk.
It is like... say you are a car dealer...and I told you that you need to give s few loans to people who can't really afford it. And you complied. Buuuut...realizing you can make a lot of money originating these loans and then selling them - you open 15 more car lots across the country and made $millions. This...is not what I originally encouraged you to do.
