Housing Starts Soar

[Dad2three]

and Gov't backed loans performed nearly 450%-600% better

dear, you've learned 100 times it was because Fanny Freddie took all the good loans and
had no need to make a profit

Wait, F/F toook the good loans, AND that private Corp didn't need to make a profit? Grow a fukking brain

“The idea that they were leading this charge is just absurd,” said Guy Cecala, publisher of Inside Mortgage Finance, an authoritative trade publication. “Fannie and Freddie have always had the tightest underwriting on earth…They were opposite of subprime.”

Wall Street Not Fannie and Freddie Led Mortgage Meltdown - The Daily Beast

Start with the most basic fact of all: virtually none of the $1.5 trillion of cratering subprime mortgages were backed by Fannie or Freddie. That’s right — most subprime mortgages did not meet Fannie or Freddie’s strict lending standards. All those no money down, no interest for a year, low teaser rate loans? All the loans made without checking a borrower’s income or employment history? All made in the private sector, without any support from Fannie and Freddie.

The Myth of Fannie Mae Freddie Mac Barney Frank the Housing Bubble and the Recession The Long Goodbye

•Nonbank mortgage underwriting exploded from 2001 to 2007, along with the private label securitization market, which eclipsed Fannie and Freddie during the boom.

Check the mortgage origination data: The vast majority of subprime mortgages — the loans at the heart of the global crisis — were underwritten by unregulated private firms. These were lenders who sold the bulk of their mortgages to Wall Street, not to Fannie or Freddie. Indeed, these firms had no deposits, so they were not under the jurisdiction of the Federal Deposit Insurance Corp or the Office of Thrift Supervision. The relative market share of Fannie Mae and Freddie Mac dropped from a high of 57 percent of all new mortgage originations in 2003, down to 37 percent as the bubble was developing in 2005-06.


Nonbank mortgage underwriting exploded from 2001 to 2007, along with the private label securitization market, which eclipsed Fannie and Freddie during the boom – Source: University of North Carolina at Chapel Hill


Examining the big lie How the facts of the economic crisis stack up The Big Picture

GROW A BRAIN BUBBA

 

[EdwardBaiamonte]

GROW A BRAIN BUBBA

please show best example of where you find conservative brains lacking.

 

[GWV5903]

More from the C&P champion...

He has no clue and keeps C&P'in his BS...

 

[Dad2three]

GROW A BRAIN BUBBA

please show best example of where you find conservative brains lacking.

^^^YOU^^^


Please tell me ONE policy conservatives have EVER been on the correct side of history Bubba? Just one?

 

[Dad2three]

GROW A BRAIN BUBBA

please show best example of where you find conservative brains lacking.

More from the C&P champion...

He has no clue and keeps C&P'in his BS...

It would be nice to see actual, credible attempts at refuting HISTORY I post, but how could conservatives do that? They live in a world of delusion and myths

Examples:

Gov't forced Banksters to give out loans to poor people that created the subprime crisis, forget the world wide credit bubble the Banksters created and crashed. It was Gov;t policy, NOT the short term $$$$$ motives of those Banksters

Barney Frank, minority member of the GOP majority House where the minority has ZERO power to stop ANYTHING, was responsible for Dubya's regulator failure with Fannie/Freddie AND the GOP was scared of being called racists, lol


Clinton was responsible for Dubya's 'home ownership' society, even then US household debt doubled in Dubya's first 7 years, and only grew about 20% in Clinton's 8...

 

[EdwardBaiamonte]

^^
Please tell me ONE policy conservatives have EVER been on the correct side of history Bubba? Just one?

conservatives are for freedom as our Founders were and as a result we became the greatest country in human history. Liberals and soviets were/are opposed to freedom and as a result slowly starved to death 150 million human beings and impoverished the rest.


simple for a child to grasp just not dumbto3, a typical liberal.

 

[Dad2three]

^^
Please tell me ONE policy conservatives have EVER been on the correct side of history Bubba? Just one?

conservatives are for freedom as our Founders were and as a result we became the greatest country in human history. Liberals and soviets were/are opposed to freedom and as a result slowly starved to death 150 million human beings and impoverished the rest.


simple for a child to grasp just not dumbto3, a typical liberal.

Good thing the US Founders were mostly the most fukkking liberal left wing radicals of their day then!

 

[HenryBHough]

C'mon, guys! Knock it off with the hard questions. Daddy-0 gets all frustrated, cranky, and starts with the friggin' SHOUTING!

 

[GWV5903]

GROW A BRAIN BUBBA

please show best example of where you find conservative brains lacking.

More from the C&P champion...

He has no clue and keeps C&P'in his BS...

It would be nice to see actual, credible attempts at refuting HISTORY I post, but how could conservatives do that? They live in a world of delusion and myths

Examples:

Gov't forced Banksters to give out loans to poor people that created the subprime crisis, forget the world wide credit bubble the Banksters created and crashed. It was Gov;t policy, NOT the short term $$$$$ motives of those Banksters

Barney Frank, minority member of the GOP majority House where the minority has ZERO power to stop ANYTHING, was responsible for Dubya's regulator failure with Fannie/Freddie AND the GOP was scared of being called racists, lol


Clinton was responsible for Dubya's 'home ownership' society, even then US household debt doubled in Dubya's first 7 years, and only grew about 20% in Clinton's 8...

There is not enough time left to help you understand how wrong you are...

But go on, entertain yourself for the rest of your existence...

The birth of Zero Down is of gift from Clinton dumb dumb...

 

[Dad2three]

GROW A BRAIN BUBBA

please show best example of where you find conservative brains lacking.

More from the C&P champion...

He has no clue and keeps C&P'in his BS...

It would be nice to see actual, credible attempts at refuting HISTORY I post, but how could conservatives do that? They live in a world of delusion and myths

Examples:

Gov't forced Banksters to give out loans to poor people that created the subprime crisis, forget the world wide credit bubble the Banksters created and crashed. It was Gov;t policy, NOT the short term $$$$$ motives of those Banksters

Barney Frank, minority member of the GOP majority House where the minority has ZERO power to stop ANYTHING, was responsible for Dubya's regulator failure with Fannie/Freddie AND the GOP was scared of being called racists, lol


Clinton was responsible for Dubya's 'home ownership' society, even then US household debt doubled in Dubya's first 7 years, and only grew about 20% in Clinton's 8...

There is not enough time left to help you understand how wrong you are...

But go on, entertain yourself for the rest of your existence...

The birth of Zero Down is of gift from Clinton dumb dumb...

Weird, did Clinton cheer on the Banksters as he gutted FBI agents AFTER being warned of an 'EPIDEMIC' of mortgage fraud that could rival the S&L crisis WHILE he fought all 50 states invoking a civil war era rule about Feds ruling on 'predatory' lenders? Oh no, that was Dubya

Clinton? You mean that VERY small amount the HUD tried on a trial basis? AND? How did they perform? Gov't backed loans, even during Dubya's horrible subprime crisis performed 450%-600% % BETTER than loans backed by wall street. Weird right?> lol

“We can put light where there’s darkness, and hope where there’s despondency in this country. And part of it is working together as a nation to encourage folks to own their own home.” — President Bush, Oct. 15, 2002


Passed: December 16, 2003 — American Dream Down Payment Initiative (ADDI)

ADDI aims to increase the homeownership rate, especially among lower income and minority households, and to revitalize and stabilize communities. ADDI will help first-time homebuyers with the biggest hurdle to homeownership: downpayment and closing costs. The program was created to assist low-income first-time homebuyers in purchasing single-family homes by providing funds for downpayment, closing costs, and rehabilitation carried out in conjunction with the assisted home purchase.

President: George W. Bush (R)
US House: Rep. Dennis Hastert (R)
US Senate: Sen. Bill Frist (R)

Q When did the Bush Mortgage Bubble start?

A The general timeframe is it started late 2004.

From Bush’s President’s Working Group on Financial Markets October 2008

“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”

FACTS on Dubya s great recession US Message Board - Political Discussion Forum

 

[Dad2three]

GROW A BRAIN BUBBA

please show best example of where you find conservative brains lacking.

More from the C&P champion...

He has no clue and keeps C&P'in his BS...

It would be nice to see actual, credible attempts at refuting HISTORY I post, but how could conservatives do that? They live in a world of delusion and myths

Examples:

Gov't forced Banksters to give out loans to poor people that created the subprime crisis, forget the world wide credit bubble the Banksters created and crashed. It was Gov;t policy, NOT the short term $$$$$ motives of those Banksters

Barney Frank, minority member of the GOP majority House where the minority has ZERO power to stop ANYTHING, was responsible for Dubya's regulator failure with Fannie/Freddie AND the GOP was scared of being called racists, lol


Clinton was responsible for Dubya's 'home ownership' society, even then US household debt doubled in Dubya's first 7 years, and only grew about 20% in Clinton's 8...

There is not enough time left to help you understand how wrong you are...

But go on, entertain yourself for the rest of your existence...

The birth of Zero Down is of gift from Clinton dumb dumb...

Q Why is it commonly called the “subprime bubble” ?

A Because the Bush Mortgage Bubble coincided with the explosive growth of Subprime mortgage and politics. Also the subprime MBS market was the first to collapse in late 2006. In 2003, 10 % of all mortgages were subprime. In 2006, 40 % were subprime. This is a 300 % increase in subprime lending. (and notice it coincides with the dates of the Bush Mortgage bubble that Bush and the Fed said)

“Some 80 percent of outstanding U.S. mortgages are prime, while 14 percent are subprime and 6 percent fall into the near-prime category. These numbers, however, mask the explosive growth of nonprime mortgages. Subprime and near-prime loans shot up from 9 percent of newly originated securitized mortgages in 2001 to 40 percent in 2006

https://www.dallasfed.org/assets/documents/research/eclett/2007/el0711.pdf

FACTS on Dubya s great recession US Message Board - Political Discussion Forum

 

[EdwardBaiamonte]

FACTS on Dubya s great recession US Message Board - Political Discussion Forum

dear, w is not president and he was not conservative so even if you could pin some of it on him
who cares? Do you have any idea what you are doing here?

 

[EdwardBaiamonte]

Best Example:

Gov't forced Banksters to give out loans to poor people that created the subprime crisis,..

This is so true. Thanks to Fanny/ Fred guarantees and constant Fed inflation distorting the market it seemed like a sure thing to home buyers, mortgage companies, money center banks, and security purchasers all over the world. On top of that the govt actually had 153 programs to get people into homes the free market said they could not afford!

Ask yourself if govt got involved in the auto market to that extend or the banana market what would happen? Would you get the same soviet result? Of course you would!

THe USSR had no good industries because all were heavily regulated by liberals just like our Post Office, health care system , and housing industry are regulated.

Does dumbto3 understand now?

 

[Dad2three]

Best Example:

Gov't forced Banksters to give out loans to poor people that created the subprime crisis,..

This is so true. Thanks to Fanny/ Fred guarantees and constant Fed inflation distorting the market it seemed like a sure thing to home buyers, mortgage companies, money center banks, and security purchasers all over the world. On top of that the govt actually had 153 programs to get people into homes the free market said they could not afford!

Ask yourself if govt got involved in the auto market to that extend or the banana market what would happen? Would you get the same soviet result? Of course you would!

THe USSR had no good industries because all were heavily regulated by liberals just like our Post Office, health care system , and housing industry are regulated.

Does dumbto3 understand now?

Got it, you'll stick to keeping your head stuck up your ass. NO ONE FORCED the Banksters to go from 9% subprimes to 40% subprimes, they did it chasing short term profits (BONUSES), dummy!

 

[GWV5903]

Clinton? You mean that VERY small amount the HUD tried on a trial basis? AND? How did they perform? Gov't backed loans, even during Dubya's horrible subprime crisis performed 450%-600% % BETTER than loans backed by wall street. Weird right?> lol

Dumb dumb, FHA DPA was birthed by Clinton you dumbass fool in late '96 and continued until '08...

You have C&P'ed the same tired shit for months fool...

You have no clue what happened during this period moron...

Sub Prime lending was originally a 80% to 70% LTV usually 4 points over par, but you would have to know what you're talking about to understand dumb fuck...

 

[Dad2three]

Clinton? You mean that VERY small amount the HUD tried on a trial basis? AND? How did they perform? Gov't backed loans, even during Dubya's horrible subprime crisis performed 450%-600% % BETTER than loans backed by wall street. Weird right?> lol

Dumb dumb, FHA DPA was birthed by Clinton you dumbass fool in late '96 and continued until '08...

You have C&P'ed the same tired shit for months fool...

You have no clue what happened during this period moron...

Sub Prime lending was originally a 80% to 70% LTV usually 4 points over par, but you would have to know what you're talking about to understand dumb fuck...

Weird you fukkking retarded conservative fukkk


Q When did the Bush Mortgage Bubble start?

A The general timeframe is it started late 2004.

From Bush’s President’s Working Group on Financial Markets October 2008

“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”




Some 80 percent of outstanding U.S. mortgages are prime, while 14 percent are subprime and 6 percent fall into the near-prime category. These numbers, however, mask the explosive growth of nonprime mortgages. Subprime and near-prime loans shot up from 9 percent of newly originated securitized mortgages in 2001 to 40 percent in 2006

https://www.dallasfed.org/assets/documents/research/eclett/2007/el0711.pdf

Bushs documented policies and statements in timeframe leading up to the start of the Bush Mortgage Bubble include (but not limited to)

Wanting 5.5 million more minority homeowners
Tells congress there is nothing wrong with GSEs
Pledging to use federal policy to increase home ownership
Routinely taking credit for the housing market
Forcing GSEs to buy more low income home loans by raising their Housing Goals
Lowering Invesntment banks capital requirements, Net Capital rule
Reversing the Clinton rule that restricted GSEs purchases of subprime loans
Lowering down payment requirements to 0%
Forcing GSEs to spend an additional $440 billion in the secondary markets
Giving away 40,000 free down payments


PREEMPTING ALL STATE LAWS AGAINST PREDATORY LENDING


But the biggest policy was regulators not enforcing lending standards.



FACTS on Dubya s great recession US Message Board - Political Discussion Forum

 

[Dad2three]

Clinton? You mean that VERY small amount the HUD tried on a trial basis? AND? How did they perform? Gov't backed loans, even during Dubya's horrible subprime crisis performed 450%-600% % BETTER than loans backed by wall street. Weird right?> lol

Dumb dumb, FHA DPA was birthed by Clinton you dumbass fool in late '96 and continued until '08...

You have C&P'ed the same tired shit for months fool...

You have no clue what happened during this period moron...

Sub Prime lending was originally a 80% to 70% LTV usually 4 points over par, but you would have to know what you're talking about to understand dumb fuck...

“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”


DUBYA FOUGHT ALL 50 STATE AG'S IN 2003, INVOKING A CIVIL WAR ERA RULE SAYING FEDS RULE ON "PREDATORY" LENDERS!
Predatory lending was widely understood to present a looming national crisis.

What did the Bush administration do in response? Did it reverse course and decide to take action to halt this burgeoning scourge?

Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye


Eliot Spitzer - Predatory Lenders' Partner in Crime


"The sub-prime loans would not have been made if there were not buyers and sellers for them on secondary markets via MBS's.

The MBS's would not have existed if regulators had taken a look at them, realized pretty much no one knew what the hell they were, and acted accordingly.

There would not have been buyers for the MBS's if the ratings agencies had given them appropriate ratings, such as S&P's CCC, about where they should have been.

Those selling the MBS's would not have been able to move risk off their books if someone not been willing to sell them CDS's."


WHO WAS IN CHARGE IN THIS PERIOD? WHO HAD THE SEC, FBI, GSE'S, ETC AS PART OF THEIR EXECUTIVE BRANCH OVERSIGHT?


"The FBI correctly identified the epidemic of mortgage control fraud at such an early point that the financial crisis could have been averted had the Bush administration acted with even minimal competence." William K. Black Sr. regulator during S&L debacle



“When regulators don’t believe in regulation and don’t get what is going on at the companies they oversee, there can be no major white-collar crime prosecutions,”...“If they don’t understand what we call collective embezzlement, where people are literally looting their own firms, then it’s impossible to bring cases.”


http://www.nytimes.com/2011/04/14/business/14prosecute.html?pagewanted=all&_r=0



Dubya was warned by the FBI of an "epidemic" of mortgage fraud in 2004. He gave them less resources.


FBI saw threat of loan crisis - Los Angeles Times



Shockingly, the FBI clearly makes the case for the need to combat mortgage fraud in 2005, the height of the housing crisis:

Financial Crimes Report to the Public 2005

FBI ? Financial Crimes Report 2005


The Bush Rubber Stamp Congress ignored the obvious and extremely detailed and well reported crime spree by the FBI.

THE BUSH ADMINISTRATION and GOP CONGRESS stripped the White Collar Crime divisions of money and manpower.



"Those selling the CDS's would not have been able to sell them if they had been required by regulators to maintain standard insurance reserves."


2004 Dubya allowed the leverage rules to go from 12-1 to 35-1 which flooded the market with cheap money!

The SEC Rule That Broke Wall Street

The SEC Rule That Broke Wall Street

 

[GWV5903]

Clinton? You mean that VERY small amount the HUD tried on a trial basis? AND? How did they perform? Gov't backed loans, even during Dubya's horrible subprime crisis performed 450%-600% % BETTER than loans backed by wall street. Weird right?> lol

Dumb dumb, FHA DPA was birthed by Clinton you dumbass fool in late '96 and continued until '08...

You have C&P'ed the same tired shit for months fool...

You have no clue what happened during this period moron...

Sub Prime lending was originally a 80% to 70% LTV usually 4 points over par, but you would have to know what you're talking about to understand dumb fuck...

“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”


DUBYA FOUGHT ALL 50 STATE AG'S IN 2003, INVOKING A CIVIL WAR ERA RULE SAYING FEDS RULE ON "PREDATORY" LENDERS!
Predatory lending was widely understood to present a looming national crisis.

What did the Bush administration do in response? Did it reverse course and decide to take action to halt this burgeoning scourge?

Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye


Eliot Spitzer - Predatory Lenders' Partner in Crime


"The sub-prime loans would not have been made if there were not buyers and sellers for them on secondary markets via MBS's.

The MBS's would not have existed if regulators had taken a look at them, realized pretty much no one knew what the hell they were, and acted accordingly.

There would not have been buyers for the MBS's if the ratings agencies had given them appropriate ratings, such as S&P's CCC, about where they should have been.

Those selling the MBS's would not have been able to move risk off their books if someone not been willing to sell them CDS's."


WHO WAS IN CHARGE IN THIS PERIOD? WHO HAD THE SEC, FBI, GSE'S, ETC AS PART OF THEIR EXECUTIVE BRANCH OVERSIGHT?


"The FBI correctly identified the epidemic of mortgage control fraud at such an early point that the financial crisis could have been averted had the Bush administration acted with even minimal competence." William K. Black Sr. regulator during S&L debacle



“When regulators don’t believe in regulation and don’t get what is going on at the companies they oversee, there can be no major white-collar crime prosecutions,”...“If they don’t understand what we call collective embezzlement, where people are literally looting their own firms, then it’s impossible to bring cases.”


http://www.nytimes.com/2011/04/14/business/14prosecute.html?pagewanted=all&_r=0



Dubya was warned by the FBI of an "epidemic" of mortgage fraud in 2004. He gave them less resources.


FBI saw threat of loan crisis - Los Angeles Times



Shockingly, the FBI clearly makes the case for the need to combat mortgage fraud in 2005, the height of the housing crisis:

Financial Crimes Report to the Public 2005

FBI ? Financial Crimes Report 2005


The Bush Rubber Stamp Congress ignored the obvious and extremely detailed and well reported crime spree by the FBI.

THE BUSH ADMINISTRATION and GOP CONGRESS stripped the White Collar Crime divisions of money and manpower.



"Those selling the CDS's would not have been able to sell them if they had been required by regulators to maintain standard insurance reserves."


2004 Dubya allowed the leverage rules to go from 12-1 to 35-1 which flooded the market with cheap money!

The SEC Rule That Broke Wall Street

The SEC Rule That Broke Wall Street

It's all Bush's fault...

Got it...

 

[EdwardBaiamonte]

The MBS's would not have existed if regulators had taken a look at them, realized pretty much no one knew what the hell they were, and acted accordingly.

yes dear the USSR and 132 other libcommie countries would have all succeeded too if only the regulators were Gods who knew everything.

See now why we say liberalism is based in pure ignorance?

 

[Dad2three]

The MBS's would not have existed if regulators had taken a look at them, realized pretty much no one knew what the hell they were, and acted accordingly.

yes dear the USSR and 132 other libcommie countries would have all succeeded too if only the regulators were Gods who knew everything.

See now why we say liberalism is based in pure ignorance?

Nope, but YOU keep showing what a low info conservative really is, ignorant, dishonest and slow...