fannie and freddie ceos will make up to 6 mil each

[sealybobo]

Business & Technology | Treasury removes cap for Fannie and Freddie aid | Seattle Times Newspaper

socialism for the rich and capitalism for the poor. and the poor dumbasses won't retaliate against the rich in their asinine defense of "capitalism" which is really corporatism to the extreme

I'm assuming you are a liberal?

I don't know why Republicans don't like it when Liberals lead. They always seem to get their way regardless, huh? I mean, Clinton gave the right what they wanted and so far, so has Obama.

That's why it bugs me to see righties say Obama or Clinton are "no different" than their right wing counter parts.

I know Clinton gave the right a lot and I know Obama will too. But at least they aren't the right, like Bush or McCain. Those guys don't giive a shit about the middle class. But at least Obama and Clinton did/do a little.

I don't know why middle class Americans think they belong to the GOP. WRONG!

Merry Xmas!!!

 

[GWV5903]

Freddie/Fannie controlled more than 70% of the mortgages. But at least with them, to get a mortgage, you had to prove that you had a job and could theoretically pay it back.

Due to the Republican deregulation of Wall Street, that market moved so that it was Wall Street that was passing out 70% of the mortgages. They didn't make the same requirements of Freddie Mac or Fannie Mae. Wall Street bundled those mortgages together and sold them overseas as "securities" and that is the basis of the housing collapse. No offense, but I thought everyone knew that. Why do you think Bush and Obama sent so much money to Wall Street?

allegedly[/B]-violated-securities-laws.html]Goldman Sachs Allegedly Violated Securities Laws | US Loan Auditors

Wall Street has never done 70% of the loans, not even 70% of the Sub Prime Loans.....

Do you have any clue what a FHA DPA loan required? This was a loan fully controlled by Freddie & Fannie, Wall Street had nothing to do with this loan......

Take some time and do a little research, this is my profession, you're only listening to half of the story, btw it is the wrong half.....

-------Ok, I guess you know more.


The entire chain of events would not have happened had Wall Street not been buying. Investment banks upended the traditional buy-and-hold model for lending (which dictated prudent underwriting, since mortgages stayed on the books) and instead seized on the liquidity of secondary markets, where loans were bundled into securities and sold off to investors who assumed the risk. Wall Street took a lucrative cut for the packaging services—a total of $26.6 billion from 2002 to 2007.

The Credit Crisis: Put the Blame on Wall Street

Wall Street made a killing off of derivatives, thanks to Clinton....

Sellers/Lenders couldn't tell buyers that SubPrime or FHA DPA loans where terrible loans, that is a direct violation of the Equal Housing Act, that carry severe penalties.....

The Carter & Clinton Administrations sucked the underprivileged into the trap, where are those poor people today? Without a home of their own, and they will probably never go back into a home loan based on their bad experience.....

Everyone deserves a second chance, but these loans set people up for failure too many times....

 

[Big Fitz]

Analogy of the whole housing bubble, and the liberal view of why it happened.

After a plane crash:

Reporter: "Officer, what do you think the cause of the crash?"

Officer: "Frankly, we're stumped. The plane was perfectly fine. There was no problem with a failure of any part on the plane."

Reporter: "Witnesses report seeing the engines fall off in mid flight. How can you say there was no mechanical problem with the plane."

Officer: "They would be wrong, sir. There was no problem ON the plane. Them engines that fell off, though, were pieces of junk. But we still don't know what caused the crash ON the airplane."

Reporter: "So there was a maintenance issue?"

Officer: "No. There were no maintenance personnel on the plane so it could not have been a maintenance issue."

Reporter: "So why'd the engines fall of the wing?"

Officer: "As I said before, them engines are a piece of junk, but the plane was fine till it hit ground. Then it became not fine and we are still trying to assess why the plane crashed. The current theory is pilot error as they were in control of the plane at the time."