Here's Your Deregulation You Peons

[WillowTree]

The Congressional Black Caucus




and then of course we don't need this,,



Washington, D.C.- “I am proud of my colleagues in the United States Congress and Members of the Congressional Black Caucus, for our aggressive advocacy behalf of American homeowners and future owners,” said Congresswoman Carolyn C. Kilpatrick (D-MI), Chairwoman of the Congressional Black Caucus. “The CBC has tirelessly worked with House Financial Services Committee Chairman Barney Frank (D-MA) to author a strong housing bill designed to create a safe haven for America’s beleaguered housing market. Today, the House passed a consensus bill which will provide mortgage refinancing assistance to keep at least 400,000 families from losing their homes, expand the Federal Housing Assistance (FHA) program, and provide $180 million for financial counseling and legal assistance to help families remain in their homes.”

“This housing rescue package will help address our nation’s foreclosure crisis and improve our economy,” said Congresswoman Maxine Waters (D-CA), Chair, Financial Services Subcommittee on Housing and Community Opportunity. “It includes $4 billion dollars of vital funding to help states and localities purchase and rehab abandoned and foreclosed homes. This funding has been a priority of the Congressional Black Caucus because we know that minority communities were targeted for high cost, predatory sub prime loans and African-American neighborhoods have been disproportionately affected by foreclosures. Although President Bush made repeated veto threats, the support of CBC along with governors, mayors and housing advocacy groups made this victory for our communities possible.

"Today, the House stabilized the bedrock of the American dream of home ownership,” said Congressman Wm. Lacy Clay. “The American Housing Rescue & Foreclosure Prevention Act of 2008 will provide guaranteed backing for Fannie Mae & Freddie Mac, should they require it. It will also give millions of homeowners, who are in danger of losing their homes because of unsound and deceptive lending practices, a chance to refinance their homes into lower-cost, fixed-rate mortgages. Our bill will also help cities and states hit hardest by the foreclosure crisis, to buy and rehabilitate those homes. This legislation creates a much-needed new fund to boost the nation’s stock of affordable rental housing."

“Members of the Congressional Black Caucus are committed to working with all non-profit, public, and governmental organizations to rebuild our communities, strengthen our economy and make homeownership a viable option for all Americans,” concluded Chairwoman Kilpatrick.

 

[editec]

Right! that's why the corrupt body of ACORN are so eager to reach in and grab what they can.. I think though their asses have been cut outta the deal. but then if what you say is true they didn't need in the deal did they?

I don't know anything about ACORN, Willow.

I don't know who they are, what they want or why they think they deserve anything.

Educate me.

 

[WillowTree]

I don't know anything about ACORN, Willow.

I don't know who they are, what they want or why they think they deserve anything.

Educate me.

are you that friggin lazy? Really?

 

[Care4all]

Care..everybody is a "first time" homeowner at some point in their lives.. Are you saying that every one of them was scammed? Or that just certain people were targeted? I bought my first home only about 4 years ago (apparently when the picking was high by the lenders). I didn't rely on my real estate agent, or my mortgage broker to do my homework for me and tell ME what I should do. I got a list of what my options were, researched them on my own, made my own decision, went to my mortgage broker about 2 weeks before the closing, got an entire set of ALL closing documents and forms, and read each and every one of them (fine print included). By the time my closing came around, I could tell you what each of those papers said, and I knew EXACTLY what I was signing my name to.

Anything less is sheer lazines on the part of the buyer, since this is a 30-ish year contract you're signing, and likely affects your entire life.

yes, i am saying certain cities had poverty areas that were targeted...and part of the 14 institutions under investigation for fraud by the FBI as we speak.

the scam, was that they made up...they created these very unstable, very high risk, very unsound business tactics to put these buyers in to these very at risk loans because they believed that when the variables would come in to play, and the homeowners who were paying interest only on their mortgages could not afford them unless refinanced in to a fixed rate who later could not get a conventional mortgage, (of which the buyers were told that they would be able to get by the bankers) then the homes would come in to the banks ownership, at a much higher value than when they loaned the money to them, thus being NO RISK to them, even in a foreclosure situation...because they were betting, they were gambling, that the bubble they created would not bust....

as long as they continued to offer more risky mortgages and continued to sell off the ones that took the risky loans out in the beginning that had now defaulted....the ponzi scheme continued....when they saw it begin to fall or even midway thru, they began insuring their losses by selling off to others and by betting or hedging or speculating that the industry would fall short....

and all of this was under the radar of our regulating agencies or the agencies went along with the ponzi scheme....alot of other crooked things went on too within these institutions and wall street and the SEC....it's so complicated my head is spinning more than linda blair's in ''the exorcist''....

also, 9 years ago, when my husband and i got our first mortgage...adjustable mortgages or no income mortgages, or no no income no job no asset loans, or interest only mortgages etc etc etc were not available for us to even choose from through bank of america..., we had a choice of VA, FHA, conventional 30 year or 15 year, with points or without points....that's it.

care

 

[WhiteLion]

No sir, it was not entirely the fault of the consumer, customer, nor anyone else outside this institution. It was sheer typical greedy incompetence on behalf of those managing these corporations(in light of their own corporate mandated trends). Consumers(good or bad) couldnt have gotten the loans under any circumstance, had it not been approved by those directly responsible for monitoring and managing these companies. You dont deserve the American dream if you cant afford it, no matter who's willing to gamble on it... regardless of race, religion, and or creed.....

 

[Ravi]

The Congressional Black Caucus




and then of course we don't need this,,



Washington, D.C.- “I am proud of my colleagues in the United States Congress and Members of the Congressional Black Caucus, for our aggressive advocacy behalf of American homeowners and future owners,” said Congresswoman Carolyn C. Kilpatrick (D-MI), Chairwoman of the Congressional Black Caucus. “The CBC has tirelessly worked with House Financial Services Committee Chairman Barney Frank (D-MA) to author a strong housing bill designed to create a safe haven for America’s beleaguered housing market. Today, the House passed a consensus bill which will provide mortgage refinancing assistance to keep at least 400,000 families from losing their homes, expand the Federal Housing Assistance (FHA) program, and provide $180 million for financial counseling and legal assistance to help families remain in their homes.”

“This housing rescue package will help address our nation’s foreclosure crisis and improve our economy,” said Congresswoman Maxine Waters (D-CA), Chair, Financial Services Subcommittee on Housing and Community Opportunity. “It includes $4 billion dollars of vital funding to help states and localities purchase and rehab abandoned and foreclosed homes. This funding has been a priority of the Congressional Black Caucus because we know that minority communities were targeted for high cost, predatory sub prime loans and African-American neighborhoods have been disproportionately affected by foreclosures. Although President Bush made repeated veto threats, the support of CBC along with governors, mayors and housing advocacy groups made this victory for our communities possible.

"Today, the House stabilized the bedrock of the American dream of home ownership,” said Congressman Wm. Lacy Clay. “The American Housing Rescue & Foreclosure Prevention Act of 2008 will provide guaranteed backing for Fannie Mae & Freddie Mac, should they require it. It will also give millions of homeowners, who are in danger of losing their homes because of unsound and deceptive lending practices, a chance to refinance their homes into lower-cost, fixed-rate mortgages. Our bill will also help cities and states hit hardest by the foreclosure crisis, to buy and rehabilitate those homes. This legislation creates a much-needed new fund to boost the nation’s stock of affordable rental housing."

“Members of the Congressional Black Caucus are committed to working with all non-profit, public, and governmental organizations to rebuild our communities, strengthen our economy and make homeownership a viable option for all Americans,” concluded Chairwoman Kilpatrick.

This was just the previous rescue bill to bail out the taxpayers from the sub-prime mess. You still need to back yourself up in two ways: Prove your claim that banks were forced to make subprime loans, and show us the statistics on who is defaulting on their loans and home much money is involved per group.

This bill you've coughed up was supported by your big hero McCain, idiot.

 

[WillowTree]

This was just the previous rescue bill to bail out the taxpayers from the sub-prime mess. You still need to back yourself up in two ways: Prove your claim that banks were forced to make subprime loans, and show us the statistics on who is defaulting on their loans and home much money is involved per group.

This bill you've coughed up was supported by your big hero McCain, idiot.

dumbass ostrich

 

[WillowTree]

any genuis here with a brain bigger than a bird who cares to step up to the plate and tell us idiots why perfectly legitimate Banks who previoously had made certain that people had income and assets sufficient to guarantee the payback of a loan (known as collateral) suddenly abandoned such sound business practices and started throwing money at people who could never hope to pay it back and did it by the million. Why tweeties we are anxious to hear from you.

 

[Ravi]

any genuis here with a brain bigger than a bird who cares to step up to the plate and tell us idiots why perfectly legitimate Banks who previoously had made certain that people had income and assets sufficient to guarantee the payback of a loan (known as collateral) suddenly abandoned such sound business practices and started throwing money at people who could never hope to pay it back and did it by the million. Why tweeties we are anxious to hear from you.

Quite simply because they turned around and sold them immediately to another financial firm. You don't pay a whole lot of attention to the world around you, do you?

 

[DiveCon]

Quite simply because they turned around and sold them immediately to another financial firm. You don't pay a whole lot of attention to the world around you, do you?

yeah, Fannie and Freddie

 

[WillowTree]

Quite simply because they turned around and sold them immediately to another financial firm. You don't pay a whole lot of attention to the world around you, do you?

dumbass ostrich.

 

[Shattered]

dumbass ostrich.

She actually has a point on that one. I've watched a place I *used* to bank at change hands 4 times in the last 3 years... St Francis (when it was) used to be a decent bank. Now, it's shit. But, people too lazy to research and do their homework prior to signing a contact aren't going to know that.

 

[WillowTree]

She actually has a point on that one. I've watched a place I *used* to bank at change hands 4 times in the last 3 years... St Francis (when it was) used to be a decent bank. Now, it's shit. But, people too lazy to research and do their homework prior to signing a contact aren't going to know that.

go back and read the question? That's what happened toward the end. Toxic paper. But the question was I'll put it a little more simply for Ravi. How did this shit get started? Why? Why would a business smart bank start tossing money at people they knew could not pay it back?

 

[AVG-JOE]

any genuis here with a brain bigger than a bird who cares to step up to the plate and tell us idiots why perfectly legitimate Banks who previoously had made certain that people had income and assets sufficient to guarantee the payback of a loan (known as collateral) suddenly abandoned such sound business practices and started throwing money at people who could never hope to pay it back and did it by the million. Why tweeties we are anxious to hear from you.

You are all still assuming that we are seeing a 'financial melt-down', which GW is about to save us from by handing a ton of money to his friends.

I see banks advertising. It isn't impossible to get a car or house loan. Wal-Mart has inventory. People are still working. Traffic is still jammed every day.

Crisis... What crisis? I still think that history will record this crisis as a lame-ass duck power grab using a crisis as real as WMD's in Sadams sock drawer.

-Joe

 

[PubliusInfinitum]

I find it rather astounding that the notwits on this board keep trying to blame the government, or the Dems or Republicans for what has been essantially at meltdown of the PRIVATELY OWNED banks.

The 2004 video clearly shows the GOP attempts to head off the asinine lending thresholds established by the Left during the Clinton regime...

".... through nearly a dozen hearings where we were frankly trying to fix something that wasn't broke.

Mr. Chairmen we do not have a crisis at Freddy Mac and particularly at Fanny Mae... under the oustanding leadership of Mr. Frank Raines everything in the 1992 Act has worked just fine... our focus should be today, to focus on the regulator and this should be done in a manner so as not to impede on their 'affordable housing mission'; a mission which has seen innovation flourish; from desktop underwriting to 100% loans..."

This the position advanced by Democrat Rep. Maxine Waters and mirrored by the balance of the socialist left in the US house... DEMANDING THAT both of these GSEs be left to float improper accounting that justified the writing of unsound mortgages...

 

[PubliusInfinitum]

No sir, it was not entirely the fault of the consumer, customer, nor anyone else outside this institution. It was sheer typical greedy incompetence on behalf of those managing these corporations(in light of their own corporate mandated trends). Consumers(good or bad) couldnt have gotten the loans under any circumstance, had it not been approved by those directly responsible for monitoring and managing these companies. You dont deserve the American dream if you cant afford it, no matter who's willing to gamble on it... regardless of race, religion, and or creed.....

Well the problem ya have there sir, is that the ideological left establishd regulations which made it impossible for these institutions t odecline these loans... The Clinton justice department made it quite clear that banks and mortgage companies that refused to participate in federal guidelines that provided for lowincome earners to receive home loans would be prosecuted...

Below is how it began, very early in the Clinton years... the congress (Leftist majority) determined that Fanny and Freddy would underwrite such loans...

"Nader Group Cites 'Redlining' in Study of Lenders

Published: August 13, 1993

A computer study that matches loans and neighborhoods provides "strong evidence" that many of the nation's major mortgage lenders fail to serve minority areas, Ralph Nader's public interest group said today.

A computerized nationwide study by the Nader group, Essential Information Inc., suggests that 49 mortgage lenders in 16 big cities engaged in racial redlining, a practice in which banks and other lenders avoid making loans in low-income and minority communities.

The group found evidence of 62 incidents of race-biased lending in violation of Federal fair-lending laws. In these instances, the report said, lenders in effect drew a red line around areas with a minority population of 75 percent or more, and chose not to make loans there."


Nader Group Cites 'Redlining' in Study of Lenders - New York Times

 

[WillowTree]

if you have a brain bigger n a bird maybe you can follow this,, and then go explore a little. it will take some time to get up to speed,



[ame=http://www.youtube.com/watch?v=H5tZc8oH--o]YouTube - Burning Down The House: What Caused Our Economic Crisis?[/ame]

 

[WillowTree]

[ame=http://www.youtube.com/watch?v=cMnSp4qEXNM&feature=related]YouTube - Timeline shows Bush, McCain warning Dems of financial mess[/ame]

 

[Care4all]

Well the problem ya have there sir, is that the ideological left establishd regulations which made it impossible for these institutions t odecline these loans... The Clinton justice department made it quite clear that banks and mortgage companies that refused to participate in federal guidelines that provided for lowincome earners to receive home loans would be prosecuted...

Below is how it began, very early in the Clinton years... the congress (Leftist majority) determined that Fanny and Freddy would underwrite such loans...

"Nader Group Cites 'Redlining' in Study of Lenders

Published: August 13, 1993

A computer study that matches loans and neighborhoods provides "strong evidence" that many of the nation's major mortgage lenders fail to serve minority areas, Ralph Nader's public interest group said today.

A computerized nationwide study by the Nader group, Essential Information Inc., suggests that 49 mortgage lenders in 16 big cities engaged in racial redlining, a practice in which banks and other lenders avoid making loans in low-income and minority communities.

The group found evidence of 62 incidents of race-biased lending in violation of Federal fair-lending laws. In these instances, the report said, lenders in effect drew a red line around areas with a minority population of 75 percent or more, and chose not to make loans there."


Nader Group Cites 'Redlining' in Study of Lenders - New York Times

PI,
redlining IS AGAINST THE LAW....it is discrimination.

NOT in this article you gave as a link, NOT in any ACT or law were banks required to service people with bad credit. this is not redlining....redlining is giving NO ONE in a specific area, a loan....without cause.

the banks created these slick loans themselves and were NEVER MANDATED by any law or act or federal agency to create them or use them in any proportion to their business or in any manner....

end of story.

 

[WillowTree]

rewind, you missed the part about suing banks for not issuing subprime loans, I told ya to go slow.