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Let me introduce you to the American Dream Downpayment Act......you cannot allow anyone to purchase an asset with the value of a home for no money down and the lending guidelines for this type of product was made available to the public under the behest of Democrat Administrations.
President Bush Signs American Dream Downpayment Act of 2003
"One of the biggest hurdles to homeownership is getting money for a down payment. This administration has recognized that, and so today I'm honored to be here to sign a law that will help many low-income buyers to overcome that hurdle, and to achieve an important part of the American Dream."
Stop kazzing, the bill states no such thing....Let me introduce you to the American Dream Downpayment Act......you cannot allow anyone to purchase an asset with the value of a home for no money down and the lending guidelines for this type of product was made available to the public under the behest of Democrat Administrations.
President Bush Signs American Dream Downpayment Act of 2003
"One of the biggest hurdles to homeownership is getting money for a down payment. This administration has recognized that, and so today I'm honored to be here to sign a law that will help many low-income buyers to overcome that hurdle, and to achieve an important part of the American Dream."
This loan is a grant for teachers, police, fire fighters, basically civil servants. You have to fall in such tight parameters it's hard to get the loan...
They didn't have sub 600 FICO scores, your not equiped to debate this subject with me I assure you...
FHA DPA & Sub Prime loans were available to all...
Whenever democrats want to say that it was the economic policies of the repubican party that led to the recession of 2008, 2009, 2010, 2012, 2013, 2014, 2015, and 2016 then someone should just point out this video
There are plenty of other videos of democrats preventing people from addressing the issues that led to the housing bubble and collapse.
The Democrats didn't cause the collapse, but they had a chance to head it off and did nothing. In fact they were warned by Bush and he asked them to act 5 times. Each time they said no. They wanted it to happen so they could blame Bush and win elections.
You are clearly entirely unfamiliar with the FCIC report.....
Look who's calling the kettle BLACK, no pun intended...
The Housing Crisis / Mortgage Meltdown was directly linked to the belief you could own an asset of a home for no money of your own being invested, this mentality was born under CRA. Nothing prior to CRA allowed you to purchase a home without your own hard earned cash. The FCIC Report is another attempt to spread blame to Bush. The Sub Prime loan product was originally a very solid loan that required 70% to 80% LTV with rates at +3% to +4% over par for the borrower who had poor credit. In '96 Clinton created FHA DPA loans, essentially a Zero Down product with an inflated appraisal to cover the down payment and all closing cost. This loan had a long life until the Crisis had a major meltdown in late 2007. The repeal of Glass - Steagall in 1999 was the beginning of the commercial banks assault on Sub Prime lending. This alone blew the envelope wide open. You don't allow this type of lender into the residential mortgage business. We had millions of borrowers who had no business owning a home, but the combination of DC and Wall Street opened Pandora's Box to everyone.
The birth of the Zero Down Home Loan (which was CRA) is the basis for every bit of this mentality, deny it all you want, but Carter & Clinton made this possible...
The birth of the Zero Down Home Loan (which was CRA)
There is little in this screed which comports with Reality.....
Can you provide any support (not another Bold Assertion, please) for this claim?
Wrong, I have done this for a living the last 25 years, you have no idea of what occurred with mortgage lending post Savings and Loan Crisis...
This loan is a grant for teachers, police, fire fighters, basically civil servants. You have to fall in such tight parameters it's hard to get the loan...
FHA DPA & Sub Prime loans were available to all...
As a former Chairman of the Federal Reserve, I am certain that Carter PRE-dates the S&L crisis
that CRA is not a loan program,
there are borrower qualifications for FHA,
and that the zero down was a Scrub initiative...
Stop kazzing, the bill states no such thing....Let me introduce you to the American Dream Downpayment Act......you cannot allow anyone to purchase an asset with the value of a home for no money down and the lending guidelines for this type of product was made available to the public under the behest of Democrat Administrations.
President Bush Signs American Dream Downpayment Act of 2003
"One of the biggest hurdles to homeownership is getting money for a down payment. This administration has recognized that, and so today I'm honored to be here to sign a law that will help many low-income buyers to overcome that hurdle, and to achieve an important part of the American Dream."
This loan is a grant for teachers, police, fire fighters, basically civil servants. You have to fall in such tight parameters it's hard to get the loan...
They didn't have sub 600 FICO scores, your not equiped to debate this subject with me I assure you...
FHA DPA & Sub Prime loans were available to all...
Text of S. 811 (108th): American Dream Downpayment Act (Passed Congress/Enrolled Bill version) - GovTrack.us
It's not me you need to have go away -- it's S.811 (2003) which exposes you as the imbecile you are. You made a claim not supported by the actual text of that law.Stop kazzing, the bill states no such thing....Let me introduce you to the American Dream Downpayment Act......you cannot allow anyone to purchase an asset with the value of a home for no money down and the lending guidelines for this type of product was made available to the public under the behest of Democrat Administrations.
President Bush Signs American Dream Downpayment Act of 2003
"One of the biggest hurdles to homeownership is getting money for a down payment. This administration has recognized that, and so today I'm honored to be here to sign a law that will help many low-income buyers to overcome that hurdle, and to achieve an important part of the American Dream."
This loan is a grant for teachers, police, fire fighters, basically civil servants. You have to fall in such tight parameters it's hard to get the loan...
They didn't have sub 600 FICO scores, your not equiped to debate this subject with me I assure you...
FHA DPA & Sub Prime loans were available to all...
Text of S. 811 (108th): American Dream Downpayment Act (Passed Congress/Enrolled Bill version) - GovTrack.us
Go away...
Kaz has insisted that O is making this argument in jest......then when O restates his commitment to it, Kaz offers agreement.. .View attachment 84349I wonder why he doesn't use this graph to just look up the cost of a Big Mac is any given year, it's far more accurate....The blue line?No it doesn't
There's truth to that......my heroic efforts notwithstanding, you remain the uninformed imbecile you were yesterday ..
He's still trying to figure out the discount rate to figure out the time value of money of buying lettuce and tomatoes and beef and selling them the next week. He's very intelligent. You have to let him work through his process before he can be coherent.
But you see what I mean, liberals like him love to complicate simple issues to a stupid level to obfuscate....
Using a hard indicator, or 'basket of goods' as slim refers to them as, the Cost of a Big Mac is something people understand, and as inflated dramatically under Slims Obama....
Is there a word to describe this?
Anyone?
Bueller?
Whatever you need to believe to salve that self inflicted head woundKaz has insisted that O is making this argument in jest......then when O restates his commitment to it, Kaz offers agreement.. .View attachment 84349I wonder why he doesn't use this graph to just look up the cost of a Big Mac is any given year, it's far more accurate....The blue line?There's truth to that......my heroic efforts notwithstanding, you remain the uninformed imbecile you were yesterday ..
He's still trying to figure out the discount rate to figure out the time value of money of buying lettuce and tomatoes and beef and selling them the next week. He's very intelligent. You have to let him work through his process before he can be coherent.
But you see what I mean, liberals like him love to complicate simple issues to a stupid level to obfuscate....
Using a hard indicator, or 'basket of goods' as slim refers to them as, the Cost of a Big Mac is something people understand, and as inflated dramatically under Slims Obama....
Is there a word to describe this?
Anyone?
Bueller?
Saying he's screwing with you is not the same thing as he's saying it in jest
You mean like the FCIC?If Republicans had actually blocked those, then it would be reasonable to say the majority party Democrats failed to pass them because the minority party blocked them. That works that way for both parties regardless who's in charge.Again.......Again several key Democrats saw nothing wrong with Fannie Mae and Freddie Mac. There was not one ounce of "documented reported rhetoric" coming from among the party, particularly Barnie Frank and Maxine Waters. Why wasn't Democrats really all that concerned with these two government giants that they had to try and convince the rest of congress, and the American people, that they were really quite solid and no kind of economic impact could result from a lack of oversight?
WHO BENEFITED IN PROHIBITING OVERSIGHT OF FANNIE MAE AND FREDDY MAC?
Top Recipients of Fannie Mae and Freddie Mac in the form of Campaign Contributions, 1989-2008
( 1 ) Dodd, Christopher Sen - CT D $133,900
( 2 ) Kerry, John Sen - MA D $111,000
( 3 ) Obama, Barack Sen - IL D $105,849
( 4 ) Clinton, Hillary Sen - NY D $75,550
OpenSecrets | Fannie Mae and Freddie Mac Invest in Democrats - Capital Eye
Republicans controlled the Congress. You can't blame Democrats because Republicans wouldn't do their job.
I find it interesting how this perception of "doing their job" changes when it's liberals claim republicans have gotten in the way when Harry Reed failed at his job in passing a stronger economic jobs bill in creating more jobs to help strengthen the economy. .... or blaming republicans of hindering the ACA vote. Yet the democrats were the party in charge of it all, who could pass whatever they wanted and send it to the desk of Obama, I'm sure.
I can only hope you're capable of comprehending that's not what happened regarding GSE reform as the minority party Democrats did not block any GSE reform bills. Though they were on the wrong side of the issue, it was Senate leadership who wouldn't allow any GSE reform bills to be put to a vote by the full Senate.
You can't blame Democrats for that.
The problem is, you are not aware of the process that actually took place in the senate in trying to create meaningful legislation to place that strict oversight on Fannie Mae and Freddie Mac.
Hearing of the Senate Banking, Housing, and Urban Affairs Committee - "Regulatory Reform of the Housing Government-Sponsored Enterprises"
Hearing
By: Richard Shelby
Date: April 21, 2004
Location: Washington, DC
This morning the Committee concludes its series of hearings on reforming the regulatory system for Fannie Mae, Freddie Mac and the Federal Home Loan Bank System."
The Committee has conducted a comprehensive set of hearings on the Housing GSEs, and we have heard testimony from a range of witnesses representing different perspectives in the Housing GSE reform debate.
Following today's hearing, the Committee will begin to consider legislation to create a new regulatory structure for the Housing GSEs. As evidenced by the hearings, there are a number of difficult issues to confront and resolve. I am hopeful that consensus will develop. With cooperation and consensus, I am hopeful that this Committee can pass a meaningful bill--- and I am only interested in producing meaningful regulatory reform.
Source: U.S. Senate Committee on Banking, Housing, and Urban Affairs
DEMOCRATS ON THE COMMITTEE - 13
- Christopher Dodd(Conn.), Chairman
- Tim Johnson (S.D.)
- Jack Reed (R.I.)
- Chuck Schumer(N.Y.)
- Evan Bayh (Ind.)
- Robert Menendez(N.J.)
- Daniel Akaka(Hawaii)
- Sherrod Brown(Ohio)
- Jon Tester (Mont.)
- Herb Kohl (Wisc.)
- Mark Warner (Va.)
- Jeff Merkley (Ore.)
- Michael Bennet(Colo.)
REPUBLICANS ON THE COMMITTEE - 6
• Richard Shelby (Ala) - Ranking Member
• Robert Bernetti (Utah)
• Jim Bunning (KY)
• Mike Crapo (Idaho)
•. Mel Martinez (Fla)
• Bob Corker (Tenn)
This clearly shows that a vote along party lines in allowing the committee to agree on any strict legislative action would quickly die in the senate without the bipartisan support it needed to move forward. So yes, it was blocked by Democrats.
I think that the responsibility that the Democrats had may rest more in resisting any efforts by Republicans in the Congress, or by me when I was President, to put some standards and tighten up a little on Fannie Mae and Freddie Mac.” – Former President Bill Clinton (D-AR), September 25, 2008
Perhaps your information in placing the responsibility on Republicans "not doing its job" was based by a source unfamiliar with the investigative hearings and legislative process at the time, or its from a biased news source that was looking to spin and politicize such action for political gains during an election year?
You mean like the FCIC?If Republicans had actually blocked those, then it would be reasonable to say the majority party Democrats failed to pass them because the minority party blocked them. That works that way for both parties regardless who's in charge.Again.......
Republicans controlled the Congress. You can't blame Democrats because Republicans wouldn't do their job.
I find it interesting how this perception of "doing their job" changes when it's liberals claim republicans have gotten in the way when Harry Reed failed at his job in passing a stronger economic jobs bill in creating more jobs to help strengthen the economy. .... or blaming republicans of hindering the ACA vote. Yet the democrats were the party in charge of it all, who could pass whatever they wanted and send it to the desk of Obama, I'm sure.
I can only hope you're capable of comprehending that's not what happened regarding GSE reform as the minority party Democrats did not block any GSE reform bills. Though they were on the wrong side of the issue, it was Senate leadership who wouldn't allow any GSE reform bills to be put to a vote by the full Senate.
You can't blame Democrats for that.
The problem is, you are not aware of the process that actually took place in the senate in trying to create meaningful legislation to place that strict oversight on Fannie Mae and Freddie Mac.
Hearing of the Senate Banking, Housing, and Urban Affairs Committee - "Regulatory Reform of the Housing Government-Sponsored Enterprises"
Hearing
By: Richard Shelby
Date: April 21, 2004
Location: Washington, DC
This morning the Committee concludes its series of hearings on reforming the regulatory system for Fannie Mae, Freddie Mac and the Federal Home Loan Bank System."
The Committee has conducted a comprehensive set of hearings on the Housing GSEs, and we have heard testimony from a range of witnesses representing different perspectives in the Housing GSE reform debate.
Following today's hearing, the Committee will begin to consider legislation to create a new regulatory structure for the Housing GSEs. As evidenced by the hearings, there are a number of difficult issues to confront and resolve. I am hopeful that consensus will develop. With cooperation and consensus, I am hopeful that this Committee can pass a meaningful bill--- and I am only interested in producing meaningful regulatory reform.
Source: U.S. Senate Committee on Banking, Housing, and Urban Affairs
DEMOCRATS ON THE COMMITTEE - 13
- Christopher Dodd(Conn.), Chairman
- Tim Johnson (S.D.)
- Jack Reed (R.I.)
- Chuck Schumer(N.Y.)
- Evan Bayh (Ind.)
- Robert Menendez(N.J.)
- Daniel Akaka(Hawaii)
- Sherrod Brown(Ohio)
- Jon Tester (Mont.)
- Herb Kohl (Wisc.)
- Mark Warner (Va.)
- Jeff Merkley (Ore.)
- Michael Bennet(Colo.)
REPUBLICANS ON THE COMMITTEE - 6
• Richard Shelby (Ala) - Ranking Member
• Robert Bernetti (Utah)
• Jim Bunning (KY)
• Mike Crapo (Idaho)
•. Mel Martinez (Fla)
• Bob Corker (Tenn)
This clearly shows that a vote along party lines in allowing the committee to agree on any strict legislative action would quickly die in the senate without the bipartisan support it needed to move forward. So yes, it was blocked by Democrats.
I think that the responsibility that the Democrats had may rest more in resisting any efforts by Republicans in the Congress, or by me when I was President, to put some standards and tighten up a little on Fannie Mae and Freddie Mac.” – Former President Bill Clinton (D-AR), September 25, 2008
Perhaps your information in placing the responsibility on Republicans "not doing its job" was based by a source unfamiliar with the investigative hearings and legislative process at the time, or its from a biased news source that was looking to spin and politicize such action for political gains during an election year?
We can make this about the CRA and how relevant red lining plays to the overall economic outcome if you like? How much of your knowledge of the economic crisis do you think you can prove through various resources? ... there lies the difference.
As a former Chairman of the Federal Reserve, I am certain that Carter PRE-dates the S&L crisis
So now you're Alan Greenspan or are you Ben Bernanke? Yes Carter does pre-date the S&L crisis...
that CRA is not a loan program,
For being a "former Chairman of the Federal Reserve" don't you think you would know what the Community Reinvestment Act was for?
there are borrower qualifications for FHA,
Yes there are, so can you tell us what they are? What is the lowest FICO score a FHA borrower can have?
and that the zero down was a Scrub initiative...
FHA DPA was a Zero Down Payment loan, but obviously you didn't recognize it during your tenure as Fed Chairman...
Im also very familiar with what Clinton did in 1995 and the loosening of regulations with Fannie and Freddie. I have been able to research and find multiple resources on the topic of the economic crisis.You mean like the FCIC?If Republicans had actually blocked those, then it would be reasonable to say the majority party Democrats failed to pass them because the minority party blocked them. That works that way for both parties regardless who's in charge.I find it interesting how this perception of "doing their job" changes when it's liberals claim republicans have gotten in the way when Harry Reed failed at his job in passing a stronger economic jobs bill in creating more jobs to help strengthen the economy. .... or blaming republicans of hindering the ACA vote. Yet the democrats were the party in charge of it all, who could pass whatever they wanted and send it to the desk of Obama, I'm sure.
I can only hope you're capable of comprehending that's not what happened regarding GSE reform as the minority party Democrats did not block any GSE reform bills. Though they were on the wrong side of the issue, it was Senate leadership who wouldn't allow any GSE reform bills to be put to a vote by the full Senate.
You can't blame Democrats for that.
The problem is, you are not aware of the process that actually took place in the senate in trying to create meaningful legislation to place that strict oversight on Fannie Mae and Freddie Mac.
Hearing of the Senate Banking, Housing, and Urban Affairs Committee - "Regulatory Reform of the Housing Government-Sponsored Enterprises"
Hearing
By: Richard Shelby
Date: April 21, 2004
Location: Washington, DC
This morning the Committee concludes its series of hearings on reforming the regulatory system for Fannie Mae, Freddie Mac and the Federal Home Loan Bank System."
The Committee has conducted a comprehensive set of hearings on the Housing GSEs, and we have heard testimony from a range of witnesses representing different perspectives in the Housing GSE reform debate.
Following today's hearing, the Committee will begin to consider legislation to create a new regulatory structure for the Housing GSEs. As evidenced by the hearings, there are a number of difficult issues to confront and resolve. I am hopeful that consensus will develop. With cooperation and consensus, I am hopeful that this Committee can pass a meaningful bill--- and I am only interested in producing meaningful regulatory reform.
Source: U.S. Senate Committee on Banking, Housing, and Urban Affairs
DEMOCRATS ON THE COMMITTEE - 13
- Christopher Dodd(Conn.), Chairman
- Tim Johnson (S.D.)
- Jack Reed (R.I.)
- Chuck Schumer(N.Y.)
- Evan Bayh (Ind.)
- Robert Menendez(N.J.)
- Daniel Akaka(Hawaii)
- Sherrod Brown(Ohio)
- Jon Tester (Mont.)
- Herb Kohl (Wisc.)
- Mark Warner (Va.)
- Jeff Merkley (Ore.)
- Michael Bennet(Colo.)
REPUBLICANS ON THE COMMITTEE - 6
• Richard Shelby (Ala) - Ranking Member
• Robert Bernetti (Utah)
• Jim Bunning (KY)
• Mike Crapo (Idaho)
•. Mel Martinez (Fla)
• Bob Corker (Tenn)
This clearly shows that a vote along party lines in allowing the committee to agree on any strict legislative action would quickly die in the senate without the bipartisan support it needed to move forward. So yes, it was blocked by Democrats.
I think that the responsibility that the Democrats had may rest more in resisting any efforts by Republicans in the Congress, or by me when I was President, to put some standards and tighten up a little on Fannie Mae and Freddie Mac.” – Former President Bill Clinton (D-AR), September 25, 2008
Perhaps your information in placing the responsibility on Republicans "not doing its job" was based by a source unfamiliar with the investigative hearings and legislative process at the time, or its from a biased news source that was looking to spin and politicize such action for political gains during an election year?
We can make this about the CRA and how relevant red lining plays to the overall economic outcome if you like? How much of your knowledge of the economic crisis do you think you can prove through various resources? ... there lies the difference.
I think the FCIC is a pretty good resource on that particular topic......are you familiar with it?
Hey, if you can claim to have been in the mortgage industry since 1648, I don't see why I should be precluded from being a former Chairman of the Federal Reserve.....
Are you maintaining that it was a "loan program"? It wasn't.
Off the top of my head, around 580....
So you have Boldly Asserted........perhaps you could provide a citation supporting that claim?
You really have no clue.Hey, if you can claim to have been in the mortgage industry since 1648, I don't see why I should be precluded from being a former Chairman of the Federal Reserve.....
I am not a lender, just a builder...
Are you maintaining that it was a "loan program"? It wasn't.
No it is not a loan program, it was the seed that started the housing bubble in the early '90's that started crashing in late 2007...
Off the top of my head, around 580....
No, 500 is the low, I have personally seen a 516 close with a 20 year term...
So you have Boldly Asserted........perhaps you could provide a citation supporting that claim?
Here's a link Nehemiah Program for FHA Down Payments Grants , under this program which originated in 1996 the seller rolled in the down payment and closing cost, in essence the buyer would have no more than $500 in to the purchase, at the same time Sub Prime had FICO requirements as low as 560 to 580 for Zero Down, No Escrows, No PMI and again as little as $500 invested...
Today you can still receive Zero Down mortgages from our Federal Government via USDA Loans http://www.rd.usda.gov/files/fact-sheet/RD-FactSheet-RHS-SFH502Direct.pdf
Loan products like these examples didn't exist before the Community Reinvestment Act...
It started a mentality that crashed and burned in 2008...
You really have no clue.Hey, if you can claim to have been in the mortgage industry since 1648, I don't see why I should be precluded from being a former Chairman of the Federal Reserve.....
I am not a lender, just a builder...
Are you maintaining that it was a "loan program"? It wasn't.
No it is not a loan program, it was the seed that started the housing bubble in the early '90's that started crashing in late 2007...
Off the top of my head, around 580....
No, 500 is the low, I have personally seen a 516 close with a 20 year term...
So you have Boldly Asserted........perhaps you could provide a citation supporting that claim?
Here's a link Nehemiah Program for FHA Down Payments Grants , under this program which originated in 1996 the seller rolled in the down payment and closing cost, in essence the buyer would have no more than $500 in to the purchase, at the same time Sub Prime had FICO requirements as low as 560 to 580 for Zero Down, No Escrows, No PMI and again as little as $500 invested...
Today you can still receive Zero Down mortgages from our Federal Government via USDA Loans http://www.rd.usda.gov/files/fact-sheet/RD-FactSheet-RHS-SFH502Direct.pdf
Loan products like these examples didn't exist before the Community Reinvestment Act...
It started a mentality that crashed and burned in 2008...
___________________________________________
The Federal Reserve Board has found no connection between CRA and the subprime mortgage problems. In fact, the Board's analysis (102 KB PDF) found that nearly 60 percent of higher-priced loans went to middle- or higher-income borrowers or neighborhoods, which are not the focus of CRA activity. Additionally, about 20 percent of the higher-priced loans that were extended in low- or moderate-income areas, or to low- or moderate-income borrowers, were loans originated by lenders not covered by the CRA. Our analysis found that only six percent of all higher-priced loans were made by CRA-covered lenders to borrowers and neighborhoods targeted by the CRA. Further, our review of loan performance found that rates of serious mortgage delinquency are high in all neighborhood groups, not just in lower-income areas.
FRB: Did the Community Reinvestment Act (CRA) contribute to foreclosures and the financial crisis? And, is the CRA being reformed?
You really have no clue.Hey, if you can claim to have been in the mortgage industry since 1648, I don't see why I should be precluded from being a former Chairman of the Federal Reserve.....
I am not a lender, just a builder...
Are you maintaining that it was a "loan program"? It wasn't.
No it is not a loan program, it was the seed that started the housing bubble in the early '90's that started crashing in late 2007...
Off the top of my head, around 580....
No, 500 is the low, I have personally seen a 516 close with a 20 year term...
So you have Boldly Asserted........perhaps you could provide a citation supporting that claim?
Here's a link Nehemiah Program for FHA Down Payments Grants , under this program which originated in 1996 the seller rolled in the down payment and closing cost, in essence the buyer would have no more than $500 in to the purchase, at the same time Sub Prime had FICO requirements as low as 560 to 580 for Zero Down, No Escrows, No PMI and again as little as $500 invested...
Today you can still receive Zero Down mortgages from our Federal Government via USDA Loans http://www.rd.usda.gov/files/fact-sheet/RD-FactSheet-RHS-SFH502Direct.pdf
Loan products like these examples didn't exist before the Community Reinvestment Act...
It started a mentality that crashed and burned in 2008...
___________________________________________
The Federal Reserve Board has found no connection between CRA and the subprime mortgage problems. In fact, the Board's analysis (102 KB PDF) found that nearly 60 percent of higher-priced loans went to middle- or higher-income borrowers or neighborhoods, which are not the focus of CRA activity. Additionally, about 20 percent of the higher-priced loans that were extended in low- or moderate-income areas, or to low- or moderate-income borrowers, were loans originated by lenders not covered by the CRA. Our analysis found that only six percent of all higher-priced loans were made by CRA-covered lenders to borrowers and neighborhoods targeted by the CRA. Further, our review of loan performance found that rates of serious mortgage delinquency are high in all neighborhood groups, not just in lower-income areas.
FRB: Did the Community Reinvestment Act (CRA) contribute to foreclosures and the financial crisis? And, is the CRA being reformed?
Really? So tell me your qualifications, besides the obvious BS the Fed Reserve fed you?
Prior to 1977 and the enactment of CRA, Zero Down mortgage loan products didn't exist...
In '96 your hero's husband revised CRA to create FHA DPA, the funding of no down payment loans under FHA guidelines...
The link I provided shows the product ending in 2008, why?
You don't understand shit. What did I get for nothing? Tell me how much I put down on my current home......But I understand the culture you were brought up in taught you to expect something for nothing, a better title for you would be a leech...
What your unable to understand is double digit default rates sent the FHA MIP into a whole new territory that first time home buyers cannot afford, the largest percentage of first time home buyers use FHA, not Conventional and VA is a small percentage of home loans. When the meltdown occurred FHA shut down FHA DPA and had to increase MIP and the down payment from 2.75% to 3.5%...
CRA was the seed dumb ass that caused the bubble and it didn't happen overnight, I know you believe the Federal Reserve, but that's like trusting the fox to watch the hen house...
http://portal.hud.gov/hudportal/documents/huddoc?id=FY2014FHAAnnRep11_17_14.pdf
That's utter bullshit. CRA barely contributed to the collapse and zero commercial loans fell under the CRA. Toxic loans were being written, not because they had to be as CRA influenced -- but because they could be by greedy bankers who didn't care if the loans went bad because by then, they had sold them. And if they were stuck with them, they knew the government would cover them.
None of that appears in your link. Why do you keep posting links where don't corroborate your claims?
Critics have suggested that the complexity inherent in securitization can limit investors' ability to monitor risk, and that competitive securitization markets with multiple securitizers may be particularly prone to sharp declines in underwriting standards. Private, competitive mortgage securitization played an important role in the U.S. subprime mortgage crisis.[1]
What happened to them is that the housing markets began collapsing in 2006. By 2006, many states were already reporting record, or near record, numbers of foreclosures. By 2007, they were in free fall and by 2008, they collapsed entirely and credit markets locked up.Ooooooooooooppppppppppppsssssssssssssss......................
What happened in late 2006 thru late 2007? They went away, poof!!
From inception in '96 they were almost 10% of the market, by 2004 they were up to 21%, peaking at 24%, combine that with the FHA products and you're at nearly 50% of the loan products have no collateral from the borrower, zip, fucking ZERO risk and 20+% had no escrows, guess what happened when those lucky bastards who thought they won the Lotto received their property tax bills?
Wholly Shit Batman, how in the hell am I going to pay $3k to over $10K in property taxes?
Talk about having no clue, you really don't understand what that graph really says...
... only none of that appears in your link.
You don't understand shit.
What did I get for nothing?
Tell me how much I put down on my current home......
That's utter bullshit.
They were doling out 1% ARMs like there was no tomorrow in 2003 and 2004 when the federal fund rate dropped to 1%.
All it took to collapse the housing markets was to begin increasing the federal fund rate for folks with low interest ARMs and little to no equity built up in their property.
None of that appears in your link. Why do you keep posting links where don't corroborate your claims?
But guess what does appear in your link...?
What happened to them is that the housing markets began collapsing in 2006. By 2006, many states were already reporting record, or near record, numbers of foreclosures. By 2007, they were in free fall and by 2008, they collapsed entirely and credit markets locked up.
