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.Giving mortgages to people who failed financial criteria and risk factors caused the recession.
Except that isn't what happened. It wasn't poor people buying houses that caused the 2008 crash, it was middle class people who thought they could buy a McMansion, hold on to it for a few years, and then watch it's value go up and sell out.
The “flip” side are those that felt entitled to a McMansion in the name of equality (class envy) and failed to keep up with payments. Don’t bite off more than you can chew. Same with college loans.
Except that much like the colleges who sell overpriced degrees, no one was interesting in building sensible bungalows in the Oughts or even now.
What did happen was that people - poor, middle class, rich, white, black, Latino, Asian, Indian, citizen, non-citizen- all had the opportunity to get into homes they could not afford because Democrats felt compelled to relax financial risk factors in the name of racial and economic equality..... even mandated banks to do so.
The relaxation of financial rules were as bipartisan as things get.
In order for financial institutions to be able to comply with the Community Reinvestment Act, regulators at Fannie Mae and Freddie Mac had to back subprime loans that were more risky because credit worthiness criteria was relaxed. This was pushed primarily by Democrats like Barney Frank and Jamie Gorelick. Who weee the Republicans pushing this alongside them? Because the Community Reinvestment Act reduced credit worthiness criteria and included potential punishment from regulators for non-compliance, it opened the door across the board for all taxes and all economic classes to take advantage regardless of their credit worthiness.
Bush pushes home ownership opportunities for minorities - The Boston Globe
.Giving mortgages to people who failed financial criteria and risk factors caused the recession.
Except that isn't what happened. It wasn't poor people buying houses that caused the 2008 crash, it was middle class people who thought they could buy a McMansion, hold on to it for a few years, and then watch it's value go up and sell out.
The “flip” side are those that felt entitled to a McMansion in the name of equality (class envy) and failed to keep up with payments. Don’t bite off more than you can chew. Same with college loans.
Except that much like the colleges who sell overpriced degrees, no one was interesting in building sensible bungalows in the Oughts or even now.
What did happen was that people - poor, middle class, rich, white, black, Latino, Asian, Indian, citizen, non-citizen- all had the opportunity to get into homes they could not afford because Democrats felt compelled to relax financial risk factors in the name of racial and economic equality..... even mandated banks to do so.
The relaxation of financial rules were as bipartisan as things get.
In order for financial institutions to be able to comply with the Community Reinvestment Act, regulators at Fannie Mae and Freddie Mac had to back subprime loans that were more risky because credit worthiness criteria was relaxed. This was pushed primarily by Democrats like Barney Frank and Jamie Gorelick. Who weee the Republicans pushing this alongside them? Because the Community Reinvestment Act reduced credit worthiness criteria and included potential punishment from regulators for non-compliance, it opened the door across the board for all taxes and all economic classes to take advantage regardless of their credit worthiness.
Bush pushes home ownership opportunities for minorities - The Boston Globe
.Giving mortgages to people who failed financial criteria and risk factors caused the recession.
Except that isn't what happened. It wasn't poor people buying houses that caused the 2008 crash, it was middle class people who thought they could buy a McMansion, hold on to it for a few years, and then watch it's value go up and sell out.
The “flip” side are those that felt entitled to a McMansion in the name of equality (class envy) and failed to keep up with payments. Don’t bite off more than you can chew. Same with college loans.
Except that much like the colleges who sell overpriced degrees, no one was interesting in building sensible bungalows in the Oughts or even now.
What did happen was that people - poor, middle class, rich, white, black, Latino, Asian, Indian, citizen, non-citizen- all had the opportunity to get into homes they could not afford because Democrats felt compelled to relax financial risk factors in the name of racial and economic equality..... even mandated banks to do so.
The relaxation of financial rules were as bipartisan as things get.
In order for financial institutions to be able to comply with the Community Reinvestment Act, regulators at Fannie Mae and Freddie Mac had to back subprime loans that were more risky because credit worthiness criteria was relaxed. This was pushed primarily by Democrats like Barney Frank and Jamie Gorelick. Who weee the Republicans pushing this alongside them? Because the Community Reinvestment Act reduced credit worthiness criteria and included potential punishment from regulators for non-compliance, it opened the door across the board for all taxes and all economic classes to take advantage regardless of their credit worthiness.
Bush pushes home ownership opportunities for minorities - The Boston Globe.Giving mortgages to people who failed financial criteria and risk factors caused the recession.
Except that isn't what happened. It wasn't poor people buying houses that caused the 2008 crash, it was middle class people who thought they could buy a McMansion, hold on to it for a few years, and then watch it's value go up and sell out.
The “flip” side are those that felt entitled to a McMansion in the name of equality (class envy) and failed to keep up with payments. Don’t bite off more than you can chew. Same with college loans.
Except that much like the colleges who sell overpriced degrees, no one was interesting in building sensible bungalows in the Oughts or even now.
What did happen was that people - poor, middle class, rich, white, black, Latino, Asian, Indian, citizen, non-citizen- all had the opportunity to get into homes they could not afford because Democrats felt compelled to relax financial risk factors in the name of racial and economic equality..... even mandated banks to do so.
The relaxation of financial rules were as bipartisan as things get.
In order for financial institutions to be able to comply with the Community Reinvestment Act, regulators at Fannie Mae and Freddie Mac had to back subprime loans that were more risky because credit worthiness criteria was relaxed. This was pushed primarily by Democrats like Barney Frank and Jamie Gorelick. Who weee the Republicans pushing this alongside them? Because the Community Reinvestment Act reduced credit worthiness criteria and included potential punishment from regulators for non-compliance, it opened the door across the board for all taxes and all economic classes to take advantage regardless of their credit worthiness.
Bush pushes home ownership opportunities for minorities - The Boston Globe
How does pushing for more home ownership among minorities align to fully supporting government-backed subprime mortgages where the creditworthiness criteria is practically ignored? You might want to also note that while Bush pushed for abs celebrated minority home ownership, he was at odds with Frank, Gorelick, and Raines who decided creditworthiness was merely a “nice to have.”
This is your idea of "how to debate",
No, it is teh universally accepted method of debate. Fallacy is unacceptable in debate and that is what you defaulted to.
you might know enough to explain WHY his post is "inane" and "a fallacy".
I did explain, read my post again. Maybe more slowly?
In what way are federal student loans different from and more special than VA or SBA loans, and therefore more deserving of allowing their intelligent, sane adult borrowers to just blow off the repayment?
I did not say student loans were "more special" or that they should be allowed to be blown off.
I guess if you can't follow the written word, I should not expect you to be able to logically reply.
You are not a bright person is what you have written here. Not that you understand at all.
"The problem can't be my post. It must be that you can't understand my brilliance. Anyone who disagrees with me is automatically too stupid for me to ever explain myself."
Your surrender is accepted. You may run away now, and try again later. Because I can keep humiliating you all day long, otherwise.
You are a dumb fuck. My advise to you. heed this:
Better to Remain Silent and Be Thought a Fool than to Speak and Remove All Doubt
ROTFLMAO! What a bone head post.
You are an idiot.
I'm an idiot because you can't answer my question?
ROTFLMAO! What a bone head post.
You are an idiot.
I'm an idiot because you can't answer my question?
Yup, that's about the size of it. Noone - boy, is THAT accurate - is a big fan of the leftist standard retreat tactic.
I applaud him!
You insist on saying the core reason for the Financial crisis of 2008 was the years leading up to that, white people bought McMansions until there was a glut. What is your source(s) to back up that statement?
Look.......I lost a few really good tenants when this took place. They both were over extended on their credit, and both got home loans with 0% down. One of them was actually renting his big screen because he couldn't afford to buy one. Banks didn't make any money on the interest. Banks made money by processing the loans, and then selling them off. It was less risk to them because even they knew those loans weren't secure. But government changed the rules, so what bank didn't get in on the action? They all did.
In order for financial institutions to be able to comply with the Community Reinvestment Act, regulators at Fannie Mae and Freddie Mac had to back subprime loans that were more risky because credit worthiness criteria was relaxed. This was pushed primarily by Democrats like Barney Frank and Jamie Gorelick. Who weee the Republicans pushing this alongside them?
You insist on saying the core reason for the Financial crisis of 2008 was the years leading up to that, white people bought McMansions until there was a glut. What is your source(s) to back up that statement?
Not playing the citation game with you... you nuts just scream "Fake news" or some other such shit. It's not a productive use of my time.
Look.......I lost a few really good tenants when this took place. They both were over extended on their credit, and both got home loans with 0% down. One of them was actually renting his big screen because he couldn't afford to buy one. Banks didn't make any money on the interest. Banks made money by processing the loans, and then selling them off. It was less risk to them because even they knew those loans weren't secure. But government changed the rules, so what bank didn't get in on the action? They all did.
So the banks screwed working people, got themselves into trouble, and then went to the government for a bailout after they wrecked the economy... and Ray blames... Poor people.
In order for financial institutions to be able to comply with the Community Reinvestment Act, regulators at Fannie Mae and Freddie Mac had to back subprime loans that were more risky because credit worthiness criteria was relaxed. This was pushed primarily by Democrats like Barney Frank and Jamie Gorelick. Who weee the Republicans pushing this alongside them?
Actually, it was - GEorge W. Bush.
I guess I have to play the citation game with you. Here's Bush praising how wonderful it was all these poor people were buying houses.
You insist on saying the core reason for the Financial crisis of 2008 was the years leading up to that, white people bought McMansions until there was a glut. What is your source(s) to back up that statement?
Not playing the citation game with you... you nuts just scream "Fake news" or some other such shit. It's not a productive use of my time.
Look.......I lost a few really good tenants when this took place. They both were over extended on their credit, and both got home loans with 0% down. One of them was actually renting his big screen because he couldn't afford to buy one. Banks didn't make any money on the interest. Banks made money by processing the loans, and then selling them off. It was less risk to them because even they knew those loans weren't secure. But government changed the rules, so what bank didn't get in on the action? They all did.
So the banks screwed working people, got themselves into trouble, and then went to the government for a bailout after they wrecked the economy... and Ray blames... Poor people.
In order for financial institutions to be able to comply with the Community Reinvestment Act, regulators at Fannie Mae and Freddie Mac had to back subprime loans that were more risky because credit worthiness criteria was relaxed. This was pushed primarily by Democrats like Barney Frank and Jamie Gorelick. Who weee the Republicans pushing this alongside them?
Actually, it was - GEorge W. Bush.
I guess I have to play the citation game with you. Here's Bush praising how wonderful it was all these poor people were buying houses.
How is praising people owning homes validation of Barney Frank’s egregious reduction of financial risk and credit worthiness? Is that the only path to home ownership?
You insist on saying the core reason for the Financial crisis of 2008 was the years leading up to that, white people bought McMansions until there was a glut. What is your source(s) to back up that statement?
Not playing the citation game with you... you nuts just scream "Fake news" or some other such shit. It's not a productive use of my time.
Look.......I lost a few really good tenants when this took place. They both were over extended on their credit, and both got home loans with 0% down. One of them was actually renting his big screen because he couldn't afford to buy one. Banks didn't make any money on the interest. Banks made money by processing the loans, and then selling them off. It was less risk to them because even they knew those loans weren't secure. But government changed the rules, so what bank didn't get in on the action? They all did.
So the banks screwed working people, got themselves into trouble, and then went to the government for a bailout after they wrecked the economy... and Ray blames... Poor people.
In order for financial institutions to be able to comply with the Community Reinvestment Act, regulators at Fannie Mae and Freddie Mac had to back subprime loans that were more risky because credit worthiness criteria was relaxed. This was pushed primarily by Democrats like Barney Frank and Jamie Gorelick. Who weee the Republicans pushing this alongside them?
Actually, it was - GEorge W. Bush.
I guess I have to play the citation game with you. Here's Bush praising how wonderful it was all these poor people were buying houses.
How is praising people owning homes validation of Barney Frank’s egregious reduction of financial risk and credit worthiness? Is that the only path to home ownership?
It's also a huge misnomer to note that all the people who lost their houses were credit risks. Many were making their payments until the crash. That happened and people lost their jobs. It's hard to make a house payment when you loose your job.
Some markets housing crashed. Values dropped. Many people still would have been able to make their payments if the banks had worked with them. Banks wouldn't do it because they were upside down on their loans. If they could have been able to refinance at 3% like others they may have been able to make their payments. The taxpayers saw to it that the banks got billions for nothing but they would not help homeowners out.
HARP was supposed to address this but it was nothing more than another corrupt bank bail out.
We place all this blame on small homeowners when many tried to stay in their homes. Greedy banks and the politicians that looked out for only the banks interests are mostly to blame.
You insist on saying the core reason for the Financial crisis of 2008 was the years leading up to that, white people bought McMansions until there was a glut. What is your source(s) to back up that statement?
Not playing the citation game with you... you nuts just scream "Fake news" or some other such shit. It's not a productive use of my time.
Look.......I lost a few really good tenants when this took place. They both were over extended on their credit, and both got home loans with 0% down. One of them was actually renting his big screen because he couldn't afford to buy one. Banks didn't make any money on the interest. Banks made money by processing the loans, and then selling them off. It was less risk to them because even they knew those loans weren't secure. But government changed the rules, so what bank didn't get in on the action? They all did.
So the banks screwed working people, got themselves into trouble, and then went to the government for a bailout after they wrecked the economy... and Ray blames... Poor people.
In order for financial institutions to be able to comply with the Community Reinvestment Act, regulators at Fannie Mae and Freddie Mac had to back subprime loans that were more risky because credit worthiness criteria was relaxed. This was pushed primarily by Democrats like Barney Frank and Jamie Gorelick. Who weee the Republicans pushing this alongside them?
Actually, it was - GEorge W. Bush.
I guess I have to play the citation game with you. Here's Bush praising how wonderful it was all these poor people were buying houses.
How is praising people owning homes validation of Barney Frank’s egregious reduction of financial risk and credit worthiness? Is that the only path to home ownership?
It's also a huge misnomer to note that all the people who lost their houses were credit risks. Many were making their payments until the crash. That happened and people lost their jobs. It's hard to make a house payment when you loose your job.
Some markets housing crashed. Values dropped. Many people still would have been able to make their payments if the banks had worked with them. Banks wouldn't do it because they were upside down on their loans. If they could have been able to refinance at 3% like others they may have been able to make their payments. The taxpayers saw to it that the banks got billions for nothing but they would not help homeowners out.
HARP was supposed to address this but it was nothing more than another corrupt bank bail out.
We place all this blame on small homeowners when many tried to stay in their homes. Greedy banks and the politicians that looked out for only the banks interests are mostly to blame.
Large house, small house or shack, financial criteria and egregious reduction in creditworthiness should have never happened. Lesson learned. I hope the government and the banks never go down that path again.
It's also a huge misnomer to note that all the people who lost their houses were credit risks. Many were making their payments until the crash. That happened and people lost their jobs. It's hard to make a house payment when you loose your job.
So the banks screwed working people, got themselves into trouble, and then went to the government for a bailout after they wrecked the economy... and Ray blames... Poor people.
It's also a huge misnomer to note that all the people who lost their houses were credit risks. Many were making their payments until the crash. That happened and people lost their jobs. It's hard to make a house payment when you loose your job.
That may have happened to some responsible borrowers, but what happened to the people that never should have gotten a loan in the first place is they were high risk, and banks put high risk people on adjustable rate mortgage loans. Many of those people were uneducated and didn't have common sense, so they never bothered to hire somebody to read the contract and explain what an interest rate increase could mean for them. Their house payment was $800.00 a month, and they can pay that living paycheck to paycheck.
When the interest rate doubled or more, the house was no longer affordable, and they just sat back until the bank kicked them out of the house, thus the housing collapse.
What happened here is that we got invaded by people from the inner-city who could never afford the house under any circumstance. Moving to the suburbs was just a vacation from the projects. They had no intention on paying the mortgage, and it was a free place to live until the banks foreclosed. They lucked out by the banks having so many it took a year or two to get to them.
Corrupt bankers should have never put them into those loans. They did because they paid better.
Corrupt bankers should have never put them into those loans. They did because they paid better.
They did because government said it was now okay. So they either made those loans or their competitor did and made all the money.
With none of it being OK.
ROTFLMAO! What a bone head post.
You are an idiot.
I'm an idiot because you can't answer my question?
Yup, that's about the size of it. Noone - boy, is THAT accurate - is a big fan of the leftist standard retreat tactic.
I find noonereal to be brilliant! Totally brilliant. The man is impeccable. Even handed, educated, ethical, moral... a man amongst men.
How is praising people owning homes validation of Barney Frank’s egregious reduction of financial risk and credit worthiness? Is that the only path to home ownership?
No, I don't blame the poor people. Poor people are poor for a reason. They're uneducated or just plain stupid. They heard what the banks were doing and decided to get in on a good thing like their friends and family did.
