Democrats blocked the legislation that "could" have prevented this economic crisis

[edthecynic]

He was a minority congressman at the time, which to CON$ made him more powerful than the GOP president and all the GOP members of the House and Senate combined.

Really? Weren't he and Princess Pelosi in power at the time?
Of course they were.

Carry on stupidly....

At the time the legislation was being debated the gop did have control. It was before 2007

Not only that, after Pelosi and the Dems took control and PASSED H.R.3221 the Housing and Economic Recovery Act of 2008, sponsored by Rep Nancy Pelosi [CA-8] (introduced 7/30/2007) which granted the newly formed Federal Housing Finance Agency supervisory and regulatory authority over Fannie Mae, Freddie Mac, and the federal home loan banks (enterprises). So the Dems actually did what the GOP only gave lip service to!!!

Bill Summary & Status - 110th Congress (2007 - 2008) - H.R.3221 - CRS Summary - THOMAS (Library of Congress)

 

[Full-Auto]

S.190 - The Federal Housing Enterprise Regulatory Reform Act of 2005 never came up for a vote. It died in committee...

Plus, Fannie and Freddie were not the cause of the financial crisis.


Everyone is entitled to his own opinion, but not his own facts.
Daniel Patrick Moynihan

and you are not entitled to mischaracterizations either, so I won't quibble or take the easy way out-

the gov. via a set prescribed outcome the dove via F&F, and theereafter strictures or lack there of that allowed F&F, the banks hence wall. st to take us down are at their doorstep.

I am not wrongly characterizing what happened, and what didn't happen.

Private sector loans, not Fannie or Freddie, triggered crisis

* More than 84 percent of the subprime mortgages in 2006 were issued by private lending institutions.

* Private firms made nearly 83 percent of the subprime loans to low- and moderate-income borrowers that year.

* Only one of the top 25 subprime lenders in 2006 was directly subject to the housing law that's being lambasted by conservative critics.

Fannie, the Federal National Mortgage Association, and Freddie, the Federal Home Loan Mortgage Corp., don't lend money, to minorities or anyone else, however. They purchase loans from the private lenders who actually underwrite the loans.

It's a process called securitization, and by passing on the loans, banks have more capital on hand so they can lend even more.

This much is true. In an effort to promote affordable home ownership for minorities and rural whites, the Department of Housing and Urban Development set targets for Fannie and Freddie in 1992 to purchase low-income loans for sale into the secondary market that eventually reached this number: 52 percent of loans given to low-to moderate-income families.

To be sure, encouraging lower-income Americans to become homeowners gave unsophisticated borrowers and unscrupulous lenders and mortgage brokers more chances to turn dreams of homeownership in nightmares.

But these loans, and those to low- and moderate-income families represent a small portion of overall lending. And at the height of the housing boom in 2005 and 2006, Republicans and their party's standard bearer, President Bush, didn't criticize any sort of lending, frequently boasting that they were presiding over the highest-ever rates of U.S. homeownership.

Between 2004 and 2006, when subprime lending was exploding, Fannie and Freddie went from holding a high of 48 percent of the subprime loans that were sold into the secondary market to holding about 24 percent, according to data from Inside Mortgage Finance, a specialty publication. One reason is that Fannie and Freddie were subject to tougher standards than many of the unregulated players in the private sector who weakened lending standards, most of whom have gone bankrupt or are now in deep trouble.

During those same explosive three years, private investment banks — not Fannie and Freddie — dominated the mortgage loans that were packaged and sold into the secondary mortgage market. In 2005 and 2006, the private sector securitized almost two thirds of all U.S. mortgages, supplanting Fannie and Freddie, according to a number of specialty publications that track this data.

In 1999, the year many critics charge that the Clinton administration pressured Fannie and Freddie, the private sector sold into the secondary market just 18 percent of all mortgages.

Read more: Private sector loans, not Fannie or Freddie, triggered crisis | McClatchy

EVIDENCE FOUND!!! Clinton administration's "BANK AFFIRMATIVE ACTION" They forced banks to make BAD LOANS and ACORN and Obama's tie to all of it!!! - YouTube


Andrew Cuomo: CRA Should be Abused to Force Banks to Give Risky Loans - YouTube


Democrats are innocent I tell ya. Innocent!

 

[Photonic]

This thread is fucking hilarious. Everyone knows that both parties caused this.

Why attempt to pin it on the other side except for being partisan?

 

[Vaard]

I've laid out plenty of facts, dates and involved parties. Tea party or insane liberals don't change those facts. Liberals and Barney Frank bare the larger portion of the blame. Period. These policies were instituted by democrats long before Bush and the culmination of the disaster took years to develop. We see what started it and now see who is trying to continue it.

As long as the govt is involved in the free market to "level the field" these risks will be present. Let the markets and American people rise and fall of their own merits rather than spreading the misery to all by interfering.

you have provided no facts....

i asked you repeatedly to provide the links to the legislation you claim the dems blocked......

the only links you provided to actual bills showed that the legisilation all died in republican controlled committees.......

all you have given in the way of evidence is youtube clips to house hearing about a bill that passed with massive dem suport in the house and then again died in republican controlled senate committees.......

 

[Zoom-boing]

I don't get this. At all.

"It's the R's fault!" No! "It's the D's fault!"

blah, blah, blah

What part don't most of you get?

Its' GOVERNMENT'S fault. Period. Who cares which side is 'more' at fault? What is this constant R vs. D game that you all play? What's the point?

It isn't R vs. D; it's G (government) vs. US (we, the people). Until people realize this get over this whole blame game, nothing will change.

And that's the way, uh huh uh huh, D.C. likes it, uh huh uh huh.

 

[JakeStarkey]

All of the arguing demonstrates that both parties and American greed from top to bottom were at fault.

We are the enemy folks, and either we stop playing 'gotcha'' and start working together, or it will get far worse.

Vaard has had the best of it here. You Hard Righties look absolutely stupid.

Not in the 2003 committe nor the other two times the GOP had the House and the bill was killed.

Americano, your lies won't save you or the party from its guilt.

Well, Mr. Starkey, is it "stop playing 'gotcha' and start working together or it will get far worse," or is it 'you hard righties look absolutely stupid' and 'your lies, your party's guilt?' when the count was said to be 12-D, 10-R for a total of 22 on the committee?

I am stopping the lying, freedombecki; that is not "gotcha".

We either all recognize that we all screwed up the past, or we are finished.

 

[edthecynic]

I don't get this. At all.

"It's the R's fault!" No! "It's the D's fault!"

blah, blah, blah

What part don't most of you get?

Its' GOVERNMENT'S fault. Period. Who cares which side is 'more' at fault? What is this constant R vs. D game that you all play? What's the point?

It isn't R vs. D; it's G (government) vs. US (we, the people). Until people realize this get over this whole blame game, nothing will change.

And that's the way, uh huh uh huh, D.C. likes it, uh huh uh huh.

CON$ always say "It's the government's fault" when they don't want to admit it's the GOP's fault. If something is actually the Dems' fault, the CON$ never say "It's the government's fault" they always say it's the Dems' fault.

So whenever you hear CONS say "It's the government's fault" they are admitting it's the GOP's fault.

 

[Full-Auto]

I've laid out plenty of facts, dates and involved parties. Tea party or insane liberals don't change those facts. Liberals and Barney Frank bare the larger portion of the blame. Period. These policies were instituted by democrats long before Bush and the culmination of the disaster took years to develop. We see what started it and now see who is trying to continue it.

As long as the govt is involved in the free market to "level the field" these risks will be present. Let the markets and American people rise and fall of their own merits rather than spreading the misery to all by interfering.

you have provided no facts....

i asked you repeatedly to provide the links to the legislation you claim the dems blocked......

the only links you provided to actual bills showed that the legisilation all died in republican controlled committees.......

all you have given in the way of evidence is youtube clips to house hearing about a bill that passed with massive dem suport in the house and then again died in republican controlled senate committees.......

We realize your attention span is a bit short. But if you could take a few minutes.

http://www.bing.com/search?q=democr...+fannie+reform&x=18&y=24&form=MSNH14&qs=n&sk=

The you tube videos are really fun. Would you like those too?

 

[JakeStarkey]

I've laid out plenty of facts, dates and involved parties. Tea party or insane liberals don't change those facts. Liberals and Barney Frank bare the larger portion of the blame. Period. These policies were instituted by democrats long before Bush and the culmination of the disaster took years to develop. We see what started it and now see who is trying to continue it.

As long as the govt is involved in the free market to "level the field" these risks will be present. Let the markets and American people rise and fall of their own merits rather than spreading the misery to all by interfering.

you have provided no facts....

i asked you repeatedly to provide the links to the legislation you claim the dems blocked......

the only links you provided to actual bills showed that the legisilation all died in republican controlled committees.......

all you have given in the way of evidence is youtube clips to house hearing about a bill that passed with massive dem suport in the house and then again died in republican controlled senate committees.......

We realize your attention span is a bit short. But of you could take a few minutes.

democrats block freddie and fannie reform - Bing

The you tube videos are really fun. Would you like those too?

You tube is propaganda, not objective, clear evidence. Full Auto's position has been overrun, he has been taken prisoner, and he is going to be forced to make lefty talking points very soon.

 

[Full-Auto]

you have provided no facts....

i asked you repeatedly to provide the links to the legislation you claim the dems blocked......

the only links you provided to actual bills showed that the legisilation all died in republican controlled committees.......

all you have given in the way of evidence is youtube clips to house hearing about a bill that passed with massive dem suport in the house and then again died in republican controlled senate committees.......

We realize your attention span is a bit short. But of you could take a few minutes.

- Bing

The you tube videos are really fun. Would you like those too?

You tube is propaganda, not objective, clear evidence. Full Auto's position has been overrun, he has been taken prisoner, and he is going to be forced to make lefty talking points very soon.

I understand you wish to deny what has been caught on tape.

 

[JakeStarkey]

The Republican Congress let it die in committee three times. True beans.

The one time it came to the floor for a vote, the GOP voted it down, while the Dems gave it a majority of their votes. True beans.

These instances occurred in GOP controlled houses. True beans.

You need to eat the magical fruit so you can clean your bowels, Full auto.

 

[Full-Auto]

The Republican Congress let it die in committee three times. True beans.

The one time it came to the floor for a vote, the GOP voted it down, while the Dems gave it a majority of their votes. True beans.

These instances occurred in GOP controlled houses. True beans.

You need to eat the magical fruit so you can clean your bowels, Full auto.

I am well aware of the governments failings and have never denied the repubs were also culpable. Once reform was a non starter they embraced it with the same vigor as democrats.

Try to pay attention. you do so poorly.

 

[JakeStarkey]

Thank you. The GOP and the Dems are at fault together, and the GOP had the Congress for 12 years. Thus . . .

Thank you for admitting the truth. Now we can work together.

 

[Zoom-boing]

I don't get this. At all.

"It's the R's fault!" No! "It's the D's fault!"

blah, blah, blah

What part don't most of you get?

Its' GOVERNMENT'S fault. Period. Who cares which side is 'more' at fault? What is this constant R vs. D game that you all play? What's the point?

It isn't R vs. D; it's G (government) vs. US (we, the people). Until people realize this get over this whole blame game, nothing will change.

And that's the way, uh huh uh huh, D.C. likes it, uh huh uh huh.

CON$ always say "It's the government's fault" when they don't want to admit it's the GOP's fault. If something is actually the Dems' fault, the CON$ never say "It's the government's fault" they always say it's the Dems' fault.

So whenever you hear CONS say "It's the government's fault" they are admitting it's the GOP's fault.

Add President Clinton to the long list of people who deserve a share of the blame for the housing bubble and bust. A recently re-exposed document shows that his administration went to ridiculous lengths to increase the national homeownership rate. It promoted paper-thin downpayments and pushed for ways to get lenders to give mortgage loans to first-time buyers with shaky financing and incomes. It’s clear now that the erosion of lending standards pushed prices up by increasing demand, and later led to waves of defaults by people who never should have bought a home in the first place.

President Bush continued the practices because they dovetailed with his Ownership Society goals, and of course Congress was strongly behind the push. But Clinton and his administration must shoulder some of the blame.

Bill Clinton's drive to increase homeownership went way too far - BusinessWeek

For this mess? Yes, government. But seeing as you're a partisan of the uber partisan on here you'll continue on your Republican rant with a Rush hard-on. Typical.

 

[The T]

I don't get this. At all.

"It's the R's fault!" No! "It's the D's fault!"

blah, blah, blah

What part don't most of you get?

Its' GOVERNMENT'S fault. Period. Who cares which side is 'more' at fault? What is this constant R vs. D game that you all play? What's the point?

It isn't R vs. D; it's G (government) vs. US (we, the people). Until people realize this get over this whole blame game, nothing will change.

And that's the way, uh huh uh huh, D.C. likes it, uh huh uh huh.

CON$ always say "It's the government's fault" when they don't want to admit it's the GOP's fault. If something is actually the Dems' fault, the CON$ never say "It's the government's fault" they always say it's the Dems' fault.

So whenever you hear CONS say "It's the government's fault" they are admitting it's the GOP's fault.

Add President Clinton to the long list of people who deserve a share of the blame for the housing bubble and bust. A recently re-exposed document shows that his administration went to ridiculous lengths to increase the national homeownership rate. It promoted paper-thin downpayments and pushed for ways to get lenders to give mortgage loans to first-time buyers with shaky financing and incomes. It’s clear now that the erosion of lending standards pushed prices up by increasing demand, and later led to waves of defaults by people who never should have bought a home in the first place.

President Bush continued the practices because they dovetailed with his Ownership Society goals, and of course Congress was strongly behind the push. But Clinton and his administration must shoulder some of the blame.

Bill Clinton's drive to increase homeownership went way too far - BusinessWeek

For this mess? Yes, government. But seeing as you're a partisan of the uber partisan on here you'll continue on your Republican rant with a Rush hard-on. Typical.

Edith can't help himself. He must have tried to call in and either got rejected or got nailed as a seminar caller...

 

[logical4u]

Republicans had the majorities, Gramps, Republicans are the most responsible, though I think Dodd and Frank should be held culpable for their nonsense.

in 2003 and 2005, chris and dodd had zero power in the senate and house.......

they had zero power to stop or start any bills fomr being passed.......

This was blocked way back when the congress did not vote unethically (use proceedures designed for one thing, just a majority vote) to go against the majority of the American people. The repubs just are not as devious when it comes to getting congressional bills passed, against the majority of the population.

 

[Vaard]

I've laid out plenty of facts, dates and involved parties. Tea party or insane liberals don't change those facts. Liberals and Barney Frank bare the larger portion of the blame. Period. These policies were instituted by democrats long before Bush and the culmination of the disaster took years to develop. We see what started it and now see who is trying to continue it.

As long as the govt is involved in the free market to "level the field" these risks will be present. Let the markets and American people rise and fall of their own merits rather than spreading the misery to all by interfering.

you have provided no facts....

i asked you repeatedly to provide the links to the legislation you claim the dems blocked......

the only links you provided to actual bills showed that the legisilation all died in republican controlled committees.......

all you have given in the way of evidence is youtube clips to house hearing about a bill that passed with massive dem suport in the house and then again died in republican controlled senate committees.......

We realize your attention span is a bit short. But if you could take a few minutes.

democrats block freddie and fannie reform - Bing

The you tube videos are really fun. Would you like those too?

right, you have no links to any legisilation that was blocked by dems......

my attention span is long enough to go to any link that provides an actual bill that was blocked by dems..... got one?

all you have is a youtube videos of a house hearing about a bill where 133 out of 200 dems voted in favor of that later died in a republican controlled senate committee........

 

[edthecynic]

Republicans had the majorities, Gramps, Republicans are the most responsible, though I think Dodd and Frank should be held culpable for their nonsense.

in 2003 and 2005, chris and dodd had zero power in the senate and house.......

they had zero power to stop or start any bills fomr being passed.......

This was blocked way back when the congress did not vote unethically (use proceedures designed for one thing, just a majority vote) to go against the majority of the American people. The repubs just are not as devious when it comes to getting congressional bills passed, against the majority of the population.

Oh BULLSHIT! Both of Bush's tax cuts were passed with reconciliation!!!

 

[Vaard]

Republicans had the majorities, Gramps, Republicans are the most responsible, though I think Dodd and Frank should be held culpable for their nonsense.

in 2003 and 2005, chris and dodd had zero power in the senate and house.......

they had zero power to stop or start any bills fomr being passed.......

This was blocked way back when the congress did not vote unethically (use proceedures designed for one thing, just a majority vote) to go against the majority of the American people. The repubs just are not as devious when it comes to getting congressional bills passed, against the majority of the population.

what was blocked? which bill was blocked?

thomas.loc.gov/ lists every bill ever submitted by congress.. just link the bill that was blocked.......


110+ posts and republicans have yet to link one bill that was blocked by dems........

 

[Mr. Shaman]

Democrats blocked the legislation that "could" have prevented this economic crisis.

Not only that but Obama abstained from taking a position. McCain WAS right in his assessment. Granted both parties got us to this point but is was republicans that identified the red flags prior to the collapse and tried to push democrats into instituting stiffer oversight of Freddie & Fannie. Republicans should have pushed forward anyway even after the legislation was defeated. Democrats clearly were the party that DIDN'T want more regulations yet the gop seems to get the label pasted on them. The biggest disaster in a century was caused because democrats DIDN'T want further oversight like the gop did.

You poor, dim-witted Teabaggers really shouldn't try to think-thru....or, comment-on.....such subjects (that are beyond your scope of comprehension).​

".....the case will focus on what constitutes a “subprime” mortgage, a term that does not have any fixed meaning."

Mortgage Fraud Charges​

"Over at the conservative American Enterprise Institute, two resident scholars, Peter Wallison and Edward Pinto, have concocted what has since become a Republican meme: namely, that Fannie Mae and Freddie Mac were ground zero for the entire crisis, leading the private sector off the cliff with their affordable housing mandates and massive subprime holdings.

The truth is the opposite: Fannie and Freddie got into subprime mortgages, with great trepidation, only in 2005 and 2006, and only because they were losing so much market share to Wall Street. Among other things, the Wallison-Pinto case relies on inflated data — Pinto classifies just about anything that is not a 30-year-fixed mortgage as “subprime.” The reality is that Fannie and Freddie followed the private sector off the cliff instead of the other way around."

Lies That "The Marketplace" Tells​