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DAD2THREE SAID: ↑
Rendargment is just ghost written by AEI, lol
simple and obvious causes:
1) 132 Federal and state liberal programs to regulate the free market in order get people into homes the free market said they could not afford. When they indeed could not afford the homes, of course, it had nothing to do with the liberal regulations but miraculously with the free market that no longer existed.
2) banks, mortgage companies, home buyers, and derivative/security buyers all over the world bought into the housing market, not the banana market, wheat market, or iron ore market counting on liberal regulation or subversion of the free market money supply to always inflate the value of the housing market. Obviously, this was a free market failure , according to liberals, even though they had eliminated the free market.
See why we are 100% positive that liberalism is based in pure ignorance. Is any other conclusion possible?
Why was there a WORLD WIDE credit bubble if US Gov't policy forced Banksters to loan to the 'poor'? lol
Why was there a WORLD WIDE credit bubble if US Gov't policy forced Banksters to loan to the 'poor'? lol
1) because most countries pursued the same policies
2) according to Greenspan there was a world wide glut of Western currency in China India and Japan that became easy credit in the West.
Any more questions,liberal, or will you wait a day and then ask the same question again for the 23rd time.
Why was there a WORLD WIDE credit bubble if US Gov't policy forced Banksters to loan to the 'poor'? lol
Why was there a WORLD WIDE credit bubble if US Gov't policy forced Banksters to loan to the 'poor'? lol
1) because most countries pursued the same policies
2) according to Greenspan there was a world wide glut of Western currency in China India and Japan that became easy credit in the West.
Any more questions,liberal.
Why was there a WORLD WIDE credit bubble if US Gov't policy forced Banksters to loan to the 'poor'? lol
1) because most countries pursued the same policies
2) according to Greenspan there was a world wide glut of Western currency in China India and Japan that became easy credit in the West.
Any more questions,liberal.
So other nations FORCED Banksters to take bad loans that Fannie/Freddie didn't want too? lol
Other nations REQUIRED Banksters to loan to the poor?
MORON
Why was there a WORLD WIDE credit bubble if US Gov't policy forced Banksters to loan to the 'poor'? lol
1) because most countries pursued the same policies
2) according to Greenspan there was a world wide glut of Western currency in China India and Japan that became easy credit in the West.
Any more questions,liberal.
So other nations FORCED Banksters to take bad loans that Fannie/Freddie didn't want too? lol
Other nations REQUIRED Banksters to loan to the poor?
MORON
dear other countries had much the same policies that we had. What don't you understand?
Why was there a WORLD WIDE credit bubble if US Gov't policy forced Banksters to loan to the 'poor'? lol
1) because most countries pursued the same policies
2) according to Greenspan there was a world wide glut of Western currency in China India and Japan that became easy credit in the West.
Any more questions,liberal.
So other nations FORCED Banksters to take bad loans that Fannie/Freddie didn't want too? lol
Other nations REQUIRED Banksters to loan to the poor?
MORON
dear other countries had much the same policies that we had. What don't you understand?
Much the same? So China FORCED Banksters to loan to the poor? And Spain? And Ireland?
Fannie and Freddie SOMEHOW appeared in the UK and forced Banksters to loan to the poor?
Argentina had 132 'liberal' programs that forced Banksters to loan to people using subprime loans?
Why was there a WORLD WIDE credit bubble if US Gov't policy forced Banksters to loan to the 'poor'? lol
1) because most countries pursued the same policies
2) according to Greenspan there was a world wide glut of Western currency in China India and Japan that became easy credit in the West.
Any more questions,liberal.
So other nations FORCED Banksters to take bad loans that Fannie/Freddie didn't want too? lol
Other nations REQUIRED Banksters to loan to the poor?
MORON
dear other countries had much the same policies that we had. What don't you understand?
Much the same? So China FORCED Banksters to loan to the poor? And Spain? And Ireland?
Fannie and Freddie SOMEHOW appeared in the UK and forced Banksters to loan to the poor?
Argentina had 132 'liberal' programs that forced Banksters to loan to people using subprime loans?
too stupid as usual all of the world is more liberal than we are dear!!
What's that, that loans done under Gov't regulations 2004-2007 were better performing by 450%-600%? lol
What's that, that loans done under Gov't regulations 2004-2007 were better performing by 450%-600%? lol
VA loans are a very small percentage of the overall mortgage portfolio, in fact when a VA loan is 30 days late the VA has created The Loan Guaranty Program to assist in helping veterans avoid foreclosure. The Zero Down Payment VA Loan doesn't really exist anymore. There is a funding fee that starts at 3% and varies depending on a number of issues, i.e. disability, number of times it has been used by the veteran, not to mention it is one of the toughest to make appraised value, and in most cases the seller will not come down so the veteran has to make up the difference out of pocket or walk away. But you would have to know what you where talking about. I'll keep teeing your dumb dumb ass up...
Your buddy Jimmy Carter the 2nd biggest f'up behind Oblammer to occupy the POTUS created CRA in '77. In 1995 Bubba Clintoon revised CRA and by the 4th quarter of '96 he created FHA Down Payment Assistance. This FHA program dominated the FHA portfolio for over the next decade plus. For as little as $0 down you could own the American Dream. During this housing boom FHA Loans were 40% of Loan Originations. These are simple facts you can find with your friend Google.
Just a little fact that you seem to not know about...
"Elimination of Non Profit Down Payment Assistance: On July 30, 2008, President Bush signed the Housing and Economic Recovery Act of 2008 which prohibits seller-funded DPA (Down Payment Assistance) for loans backed by the Federal Housing Administration. Prior to this bill, the seller could contribute up to 6% to the buyer to cover either a down payment or closing costs on an FHA loan. The changes took effect on Oct. 1, 2008. We provide this information for reference only. These grants are no longer available."
Funny how the IRS thought Bubba Clintoon's FHA DPA programs where a scam...
"On May 27, 2006, the IRS issued Revenue Ruling 2006-27, categorizing the non-profit seller funded down payment assistance programs (DPA programs) as "scams."[11] The IRS ruled that organizations such as AmeriDream and Partners in Charity are no longer eligible for non-profit status and are not acting as "charitable organizations" as defined by the IRS. This ruling was based largely on the circular nature of the cash flows, in which the seller pays the charity a "fee" after closing. Many believe that the "grant" is really being rolled into the price of the home. According to the Government Accountability Office, there are higher default and foreclosure rates for these mortgages.[12]"
The grant was rolled into the price and absorbed through the appraisal. Today there is a buffer between loan officer and appraisal group by design. LO's cannot speak directly with the appraiser, I wonder why?!?!?!
As I have pointed out before Sub Prime was a minimum 80% to 70% LTV before the FHA DPA mentality was born by Bubba Clintoon, but you would have to know what you were talking about to understand this...
The copy below is where it really sticks to Clintoon's ass, I can't make this shit up...
"Born was appointed to the CFTC on April 15, 1994 by President Bill Clinton. Due to litigation against Bankers Trust Company by Procter and Gamble and other corporate clients, Born and her team at the CFTC sought comments on the regulation of over-the-counter derivatives,[4] a first step in the process of writing CFTC regulations to supplement the existing regulations of the Federal Reserve System, the OCC, and the National Association of Insurance Commissioners. Born was particularly concerned about swaps, financial instruments that are traded over the counter between banks, insurance companies or other funds or companies, and thus have no transparency except to the two counterparties and the counterparties' regulators, if any. CFTC regulation was strenuously opposed by Federal Reserve chairman Alan Greenspan, and by Treasury Secretaries Robert Rubin and Lawrence Summers.[5] On May 7, 1998, former SEC Chairman Arthur Levitt joined Rubin and Greenspan in objecting to the issuance of the CFTC’s concept release. Their response dismissed Born's analysis and focused on the hypothetical possibility that CFTC regulation of swaps and other OTC derivative instruments could create a "legal uncertainty" regarding such financial instruments, hypothetically reducing the value of the instruments. They argued that the imposition of regulatory costs would "stifle financial innovation" and encourage financial capital to transfer its transactions offshore.[11] The disagreement between Born and the Executive Office's top economic policy advisors has been described not only as a classic Washington turf war,[9] but also a war of ideologies,[12] insofar as it is possible to argue that Born's actions were consistent with Keynesian and neoclassical economics while Greenspan, Rubin, Levitt, and Summers consistently espoused neoliberal, and neoconservative policies."
Are you having a problem with a rebuttal on USDA Loans Census Tract question I gave you? Did you finally figure out what the population limit is and that one of your hero's keeps signing Executive Orders forgoing the laws requirements on population?
The three year period you keep harping on had a long road before the Mortgage Meltdown and two of your hero's laid the eggs that ultimately hatched the 3rd QTR '08 collapse...
You're not alone, there are a lot of f'ing idiots that will keep you company that do not want to accept the burden is on Carter and Clinton...
It's pretty clear you're lineage was part of the "Flat Earth" society...
Also, I think it's safe to say you will probably never learn the Mortgage Meltdown of 2008 was born long before Bush 43 took office...
I am starting to feel embarrassed for you...
Does motherto3 know how someone on the internet owns your ass?
What's that, that loans done under Gov't regulations 2004-2007 were better performing by 450%-600%? lol
VA loans are a very small percentage of the overall mortgage portfolio, in fact when a VA loan is 30 days late the VA has created The Loan Guaranty Program to assist in helping veterans avoid foreclosure. The Zero Down Payment VA Loan doesn't really exist anymore. There is a funding fee that starts at 3% and varies depending on a number of issues, i.e. disability, number of times it has been used by the veteran, not to mention it is one of the toughest to make appraised value, and in most cases the seller will not come down so the veteran has to make up the difference out of pocket or walk away. But you would have to know what you where talking about. I'll keep teeing your dumb dumb ass up...
Your buddy Jimmy Carter the 2nd biggest f'up behind Oblammer to occupy the POTUS created CRA in '77. In 1995 Bubba Clintoon revised CRA and by the 4th quarter of '96 he created FHA Down Payment Assistance. This FHA program dominated the FHA portfolio for over the next decade plus. For as little as $0 down you could own the American Dream. During this housing boom FHA Loans were 40% of Loan Originations. These are simple facts you can find with your friend Google.
Just a little fact that you seem to not know about...
"Elimination of Non Profit Down Payment Assistance: On July 30, 2008, President Bush signed the Housing and Economic Recovery Act of 2008 which prohibits seller-funded DPA (Down Payment Assistance) for loans backed by the Federal Housing Administration. Prior to this bill, the seller could contribute up to 6% to the buyer to cover either a down payment or closing costs on an FHA loan. The changes took effect on Oct. 1, 2008. We provide this information for reference only. These grants are no longer available."
Funny how the IRS thought Bubba Clintoon's FHA DPA programs where a scam...
"On May 27, 2006, the IRS issued Revenue Ruling 2006-27, categorizing the non-profit seller funded down payment assistance programs (DPA programs) as "scams."[11] The IRS ruled that organizations such as AmeriDream and Partners in Charity are no longer eligible for non-profit status and are not acting as "charitable organizations" as defined by the IRS. This ruling was based largely on the circular nature of the cash flows, in which the seller pays the charity a "fee" after closing. Many believe that the "grant" is really being rolled into the price of the home. According to the Government Accountability Office, there are higher default and foreclosure rates for these mortgages.[12]"
The grant was rolled into the price and absorbed through the appraisal. Today there is a buffer between loan officer and appraisal group by design. LO's cannot speak directly with the appraiser, I wonder why?!?!?!
As I have pointed out before Sub Prime was a minimum 80% to 70% LTV before the FHA DPA mentality was born by Bubba Clintoon, but you would have to know what you were talking about to understand this...
The copy below is where it really sticks to Clintoon's ass, I can't make this shit up...
"Born was appointed to the CFTC on April 15, 1994 by President Bill Clinton. Due to litigation against Bankers Trust Company by Procter and Gamble and other corporate clients, Born and her team at the CFTC sought comments on the regulation of over-the-counter derivatives,[4] a first step in the process of writing CFTC regulations to supplement the existing regulations of the Federal Reserve System, the OCC, and the National Association of Insurance Commissioners. Born was particularly concerned about swaps, financial instruments that are traded over the counter between banks, insurance companies or other funds or companies, and thus have no transparency except to the two counterparties and the counterparties' regulators, if any. CFTC regulation was strenuously opposed by Federal Reserve chairman Alan Greenspan, and by Treasury Secretaries Robert Rubin and Lawrence Summers.[5] On May 7, 1998, former SEC Chairman Arthur Levitt joined Rubin and Greenspan in objecting to the issuance of the CFTC’s concept release. Their response dismissed Born's analysis and focused on the hypothetical possibility that CFTC regulation of swaps and other OTC derivative instruments could create a "legal uncertainty" regarding such financial instruments, hypothetically reducing the value of the instruments. They argued that the imposition of regulatory costs would "stifle financial innovation" and encourage financial capital to transfer its transactions offshore.[11] The disagreement between Born and the Executive Office's top economic policy advisors has been described not only as a classic Washington turf war,[9] but also a war of ideologies,[12] insofar as it is possible to argue that Born's actions were consistent with Keynesian and neoclassical economics while Greenspan, Rubin, Levitt, and Summers consistently espoused neoliberal, and neoconservative policies."
Are you having a problem with a rebuttal on USDA Loans Census Tract question I gave you? Did you finally figure out what the population limit is and that one of your hero's keeps signing Executive Orders forgoing the laws requirements on population?
The three year period you keep harping on had a long road before the Mortgage Meltdown and two of your hero's laid the eggs that ultimately hatched the 3rd QTR '08 collapse...
You're not alone, there are a lot of f'ing idiots that will keep you company that do not want to accept the burden is on Carter and Clinton...
It's pretty clear you're lineage was part of the "Flat Earth" society...
Also, I think it's safe to say you will probably never learn the Mortgage Meltdown of 2008 was born long before Bush 43 took office...
I am starting to feel embarrassed for you...
Does motherto3 know how someone on the internet owns your ass?
What's that, that loans done under Gov't regulations 2004-2007 were better performing by 450%-600%? lol
VA loans are a very small percentage of the overall mortgage portfolio, in fact when a VA loan is 30 days late the VA has created The Loan Guaranty Program to assist in helping veterans avoid foreclosure. The Zero Down Payment VA Loan doesn't really exist anymore. There is a funding fee that starts at 3% and varies depending on a number of issues, i.e. disability, number of times it has been used by the veteran, not to mention it is one of the toughest to make appraised value, and in most cases the seller will not come down so the veteran has to make up the difference out of pocket or walk away. But you would have to know what you where talking about. I'll keep teeing your dumb dumb ass up...
Your buddy Jimmy Carter the 2nd biggest f'up behind Oblammer to occupy the POTUS created CRA in '77. In 1995 Bubba Clintoon revised CRA and by the 4th quarter of '96 he created FHA Down Payment Assistance. This FHA program dominated the FHA portfolio for over the next decade plus. For as little as $0 down you could own the American Dream. During this housing boom FHA Loans were 40% of Loan Originations. These are simple facts you can find with your friend Google.
Just a little fact that you seem to not know about...
"Elimination of Non Profit Down Payment Assistance: On July 30, 2008, President Bush signed the Housing and Economic Recovery Act of 2008 which prohibits seller-funded DPA (Down Payment Assistance) for loans backed by the Federal Housing Administration. Prior to this bill, the seller could contribute up to 6% to the buyer to cover either a down payment or closing costs on an FHA loan. The changes took effect on Oct. 1, 2008. We provide this information for reference only. These grants are no longer available."
Funny how the IRS thought Bubba Clintoon's FHA DPA programs where a scam...
"On May 27, 2006, the IRS issued Revenue Ruling 2006-27, categorizing the non-profit seller funded down payment assistance programs (DPA programs) as "scams."[11] The IRS ruled that organizations such as AmeriDream and Partners in Charity are no longer eligible for non-profit status and are not acting as "charitable organizations" as defined by the IRS. This ruling was based largely on the circular nature of the cash flows, in which the seller pays the charity a "fee" after closing. Many believe that the "grant" is really being rolled into the price of the home. According to the Government Accountability Office, there are higher default and foreclosure rates for these mortgages.[12]"
The grant was rolled into the price and absorbed through the appraisal. Today there is a buffer between loan officer and appraisal group by design. LO's cannot speak directly with the appraiser, I wonder why?!?!?!
As I have pointed out before Sub Prime was a minimum 80% to 70% LTV before the FHA DPA mentality was born by Bubba Clintoon, but you would have to know what you were talking about to understand this...
The copy below is where it really sticks to Clintoon's ass, I can't make this shit up...
"Born was appointed to the CFTC on April 15, 1994 by President Bill Clinton. Due to litigation against Bankers Trust Company by Procter and Gamble and other corporate clients, Born and her team at the CFTC sought comments on the regulation of over-the-counter derivatives,[4] a first step in the process of writing CFTC regulations to supplement the existing regulations of the Federal Reserve System, the OCC, and the National Association of Insurance Commissioners. Born was particularly concerned about swaps, financial instruments that are traded over the counter between banks, insurance companies or other funds or companies, and thus have no transparency except to the two counterparties and the counterparties' regulators, if any. CFTC regulation was strenuously opposed by Federal Reserve chairman Alan Greenspan, and by Treasury Secretaries Robert Rubin and Lawrence Summers.[5] On May 7, 1998, former SEC Chairman Arthur Levitt joined Rubin and Greenspan in objecting to the issuance of the CFTC’s concept release. Their response dismissed Born's analysis and focused on the hypothetical possibility that CFTC regulation of swaps and other OTC derivative instruments could create a "legal uncertainty" regarding such financial instruments, hypothetically reducing the value of the instruments. They argued that the imposition of regulatory costs would "stifle financial innovation" and encourage financial capital to transfer its transactions offshore.[11] The disagreement between Born and the Executive Office's top economic policy advisors has been described not only as a classic Washington turf war,[9] but also a war of ideologies,[12] insofar as it is possible to argue that Born's actions were consistent with Keynesian and neoclassical economics while Greenspan, Rubin, Levitt, and Summers consistently espoused neoliberal, and neoconservative policies."
Are you having a problem with a rebuttal on USDA Loans Census Tract question I gave you? Did you finally figure out what the population limit is and that one of your hero's keeps signing Executive Orders forgoing the laws requirements on population?
The three year period you keep harping on had a long road before the Mortgage Meltdown and two of your hero's laid the eggs that ultimately hatched the 3rd QTR '08 collapse...
You're not alone, there are a lot of f'ing idiots that will keep you company that do not want to accept the burden is on Carter and Clinton...
It's pretty clear you're lineage was part of the "Flat Earth" society...
Also, I think it's safe to say you will probably never learn the Mortgage Meltdown of 2008 was born long before Bush 43 took office...
I am starting to feel embarrassed for you...
Does motherto3 know how someone on the internet owns your ass?
What's that, that loans done under Gov't regulations 2004-2007 were better performing by 450%-600%? lol
VA loans are a very small percentage of the overall mortgage portfolio, in fact when a VA loan is 30 days late the VA has created The Loan Guaranty Program to assist in helping veterans avoid foreclosure. The Zero Down Payment VA Loan doesn't really exist anymore. There is a funding fee that starts at 3% and varies depending on a number of issues, i.e. disability, number of times it has been used by the veteran, not to mention it is one of the toughest to make appraised value, and in most cases the seller will not come down so the veteran has to make up the difference out of pocket or walk away. But you would have to know what you where talking about. I'll keep teeing your dumb dumb ass up...
Your buddy Jimmy Carter the 2nd biggest f'up behind Oblammer to occupy the POTUS created CRA in '77. In 1995 Bubba Clintoon revised CRA and by the 4th quarter of '96 he created FHA Down Payment Assistance. This FHA program dominated the FHA portfolio for over the next decade plus. For as little as $0 down you could own the American Dream. During this housing boom FHA Loans were 40% of Loan Originations. These are simple facts you can find with your friend Google.
Just a little fact that you seem to not know about...
"Elimination of Non Profit Down Payment Assistance: On July 30, 2008, President Bush signed the Housing and Economic Recovery Act of 2008 which prohibits seller-funded DPA (Down Payment Assistance) for loans backed by the Federal Housing Administration. Prior to this bill, the seller could contribute up to 6% to the buyer to cover either a down payment or closing costs on an FHA loan. The changes took effect on Oct. 1, 2008. We provide this information for reference only. These grants are no longer available."
Funny how the IRS thought Bubba Clintoon's FHA DPA programs where a scam...
"On May 27, 2006, the IRS issued Revenue Ruling 2006-27, categorizing the non-profit seller funded down payment assistance programs (DPA programs) as "scams."[11] The IRS ruled that organizations such as AmeriDream and Partners in Charity are no longer eligible for non-profit status and are not acting as "charitable organizations" as defined by the IRS. This ruling was based largely on the circular nature of the cash flows, in which the seller pays the charity a "fee" after closing. Many believe that the "grant" is really being rolled into the price of the home. According to the Government Accountability Office, there are higher default and foreclosure rates for these mortgages.[12]"
The grant was rolled into the price and absorbed through the appraisal. Today there is a buffer between loan officer and appraisal group by design. LO's cannot speak directly with the appraiser, I wonder why?!?!?!
As I have pointed out before Sub Prime was a minimum 80% to 70% LTV before the FHA DPA mentality was born by Bubba Clintoon, but you would have to know what you were talking about to understand this...
The copy below is where it really sticks to Clintoon's ass, I can't make this shit up...
"Born was appointed to the CFTC on April 15, 1994 by President Bill Clinton. Due to litigation against Bankers Trust Company by Procter and Gamble and other corporate clients, Born and her team at the CFTC sought comments on the regulation of over-the-counter derivatives,[4] a first step in the process of writing CFTC regulations to supplement the existing regulations of the Federal Reserve System, the OCC, and the National Association of Insurance Commissioners. Born was particularly concerned about swaps, financial instruments that are traded over the counter between banks, insurance companies or other funds or companies, and thus have no transparency except to the two counterparties and the counterparties' regulators, if any. CFTC regulation was strenuously opposed by Federal Reserve chairman Alan Greenspan, and by Treasury Secretaries Robert Rubin and Lawrence Summers.[5] On May 7, 1998, former SEC Chairman Arthur Levitt joined Rubin and Greenspan in objecting to the issuance of the CFTC’s concept release. Their response dismissed Born's analysis and focused on the hypothetical possibility that CFTC regulation of swaps and other OTC derivative instruments could create a "legal uncertainty" regarding such financial instruments, hypothetically reducing the value of the instruments. They argued that the imposition of regulatory costs would "stifle financial innovation" and encourage financial capital to transfer its transactions offshore.[11] The disagreement between Born and the Executive Office's top economic policy advisors has been described not only as a classic Washington turf war,[9] but also a war of ideologies,[12] insofar as it is possible to argue that Born's actions were consistent with Keynesian and neoclassical economics while Greenspan, Rubin, Levitt, and Summers consistently espoused neoliberal, and neoconservative policies."
Are you having a problem with a rebuttal on USDA Loans Census Tract question I gave you? Did you finally figure out what the population limit is and that one of your hero's keeps signing Executive Orders forgoing the laws requirements on population?
The three year period you keep harping on had a long road before the Mortgage Meltdown and two of your hero's laid the eggs that ultimately hatched the 3rd QTR '08 collapse...
You're not alone, there are a lot of f'ing idiots that will keep you company that do not want to accept the burden is on Carter and Clinton...
It's pretty clear you're lineage was part of the "Flat Earth" society...
Also, I think it's safe to say you will probably never learn the Mortgage Meltdown of 2008 was born long before Bush 43 took office...
I am starting to feel embarrassed for you...
Does motherto3 know how someone on the internet owns your ass?
What's that, that loans done under Gov't regulations 2004-2007 were better performing by 450%-600%? lol
VA loans are a very small percentage of the overall mortgage portfolio, in fact when a VA loan is 30 days late the VA has created The Loan Guaranty Program to assist in helping veterans avoid foreclosure. The Zero Down Payment VA Loan doesn't really exist anymore. There is a funding fee that starts at 3% and varies depending on a number of issues, i.e. disability, number of times it has been used by the veteran, not to mention it is one of the toughest to make appraised value, and in most cases the seller will not come down so the veteran has to make up the difference out of pocket or walk away. But you would have to know what you where talking about. I'll keep teeing your dumb dumb ass up...
Your buddy Jimmy Carter the 2nd biggest f'up behind Oblammer to occupy the POTUS created CRA in '77. In 1995 Bubba Clintoon revised CRA and by the 4th quarter of '96 he created FHA Down Payment Assistance. This FHA program dominated the FHA portfolio for over the next decade plus. For as little as $0 down you could own the American Dream. During this housing boom FHA Loans were 40% of Loan Originations. These are simple facts you can find with your friend Google.
Just a little fact that you seem to not know about...
"Elimination of Non Profit Down Payment Assistance: On July 30, 2008, President Bush signed the Housing and Economic Recovery Act of 2008 which prohibits seller-funded DPA (Down Payment Assistance) for loans backed by the Federal Housing Administration. Prior to this bill, the seller could contribute up to 6% to the buyer to cover either a down payment or closing costs on an FHA loan. The changes took effect on Oct. 1, 2008. We provide this information for reference only. These grants are no longer available."
Funny how the IRS thought Bubba Clintoon's FHA DPA programs where a scam...
"On May 27, 2006, the IRS issued Revenue Ruling 2006-27, categorizing the non-profit seller funded down payment assistance programs (DPA programs) as "scams."[11] The IRS ruled that organizations such as AmeriDream and Partners in Charity are no longer eligible for non-profit status and are not acting as "charitable organizations" as defined by the IRS. This ruling was based largely on the circular nature of the cash flows, in which the seller pays the charity a "fee" after closing. Many believe that the "grant" is really being rolled into the price of the home. According to the Government Accountability Office, there are higher default and foreclosure rates for these mortgages.[12]"
The grant was rolled into the price and absorbed through the appraisal. Today there is a buffer between loan officer and appraisal group by design. LO's cannot speak directly with the appraiser, I wonder why?!?!?!
As I have pointed out before Sub Prime was a minimum 80% to 70% LTV before the FHA DPA mentality was born by Bubba Clintoon, but you would have to know what you were talking about to understand this...
The copy below is where it really sticks to Clintoon's ass, I can't make this shit up...
"Born was appointed to the CFTC on April 15, 1994 by President Bill Clinton. Due to litigation against Bankers Trust Company by Procter and Gamble and other corporate clients, Born and her team at the CFTC sought comments on the regulation of over-the-counter derivatives,[4] a first step in the process of writing CFTC regulations to supplement the existing regulations of the Federal Reserve System, the OCC, and the National Association of Insurance Commissioners. Born was particularly concerned about swaps, financial instruments that are traded over the counter between banks, insurance companies or other funds or companies, and thus have no transparency except to the two counterparties and the counterparties' regulators, if any. CFTC regulation was strenuously opposed by Federal Reserve chairman Alan Greenspan, and by Treasury Secretaries Robert Rubin and Lawrence Summers.[5] On May 7, 1998, former SEC Chairman Arthur Levitt joined Rubin and Greenspan in objecting to the issuance of the CFTC’s concept release. Their response dismissed Born's analysis and focused on the hypothetical possibility that CFTC regulation of swaps and other OTC derivative instruments could create a "legal uncertainty" regarding such financial instruments, hypothetically reducing the value of the instruments. They argued that the imposition of regulatory costs would "stifle financial innovation" and encourage financial capital to transfer its transactions offshore.[11] The disagreement between Born and the Executive Office's top economic policy advisors has been described not only as a classic Washington turf war,[9] but also a war of ideologies,[12] insofar as it is possible to argue that Born's actions were consistent with Keynesian and neoclassical economics while Greenspan, Rubin, Levitt, and Summers consistently espoused neoliberal, and neoconservative policies."
Are you having a problem with a rebuttal on USDA Loans Census Tract question I gave you? Did you finally figure out what the population limit is and that one of your hero's keeps signing Executive Orders forgoing the laws requirements on population?
The three year period you keep harping on had a long road before the Mortgage Meltdown and two of your hero's laid the eggs that ultimately hatched the 3rd QTR '08 collapse...
You're not alone, there are a lot of f'ing idiots that will keep you company that do not want to accept the burden is on Carter and Clinton...
It's pretty clear you're lineage was part of the "Flat Earth" society...
Also, I think it's safe to say you will probably never learn the Mortgage Meltdown of 2008 was born long before Bush 43 took office...
I am starting to feel embarrassed for you...
Does motherto3 know how someone on the internet owns your ass?
YOUR LINK BUBBA
YOUR LINK BUBBA
"What GAO Found United States Government Accountability Office Why GAO Did This Study Highlights Accountability Integrity Reliability
Highlights of GAO-06-24, a report to the Chairman, Subcommittee on Housing and Community Opportunity, Committee on Financial Services, House of Representatives
November 2005
MORTGAGE FINANCING
Additional Action Needed to Manage Risks of FHA-Insured Loans with Down Payment Assistance
The Federal Housing Administration (FHA) permits borrowers to obtain down payment assistance from third parties; but, research has raised concerns about the performance of loans with such assistance. Due to these concerns, GAO examined the (1) trends in the use of down payment assistance with FHA-insured loans, (2) the impact that the presence of such assistance has on purchase transactions and house prices, (3) how such assistance influences the performance of these loans, and (4) FHA’s standards and controls for these loans.
What GAO Recommends
The Secretary of Housing and Urban Development should direct the FHA Commissioner to implement additional controls to manage the risks associated with loans that involve down payment assistance. Such controls could involve considering the presence and source of down payment assistance when underwriting loans. Further, the FHA Commissioner should consider additional controls for loans with down payment assistance from seller-funded nonprofits. In written comments, HUD generally agreed with the report’s findings. HUD also commented on certain aspects of selected recommendations.
Almost half of all single-family home purchase mortgages that FHA insured in fiscal year 2004 had down payment assistance. Nonprofit organizations that received at least part of their funding from sellers provided assistance for about 30 percent of these loans and represent a growing source of down payment assistance. However, assistance from seller-funded nonprofits alters the structure of the purchase transaction. First, because many seller-funded nonprofits require property sellers to make a payment to their organization; assistance from these nonprofits creates an indirect funding stream from property sellers to homebuyers. Second, GAO analysis indicated that FHA-insured homes bought with seller-funded nonprofit assistance were appraised at and sold for about 2 to 3 percent more than comparable homes bought without such assistance.
Regardless of the source of assistance and holding other variables constant, GAO analysis indicated that FHA-insured loans with down payment assistance have higher delinquency and claim rates than do similar loans without such assistance. Furthermore, loans with assistance from seller-funded nonprofits do not perform as well as loans with assistance from other sources. This difference may be explained, in part, by the higher sales prices of comparable homes bought with seller-funded assistance."
OOOOOOOOOPPPPPPPPPPPPSSSSSSSSSSSS.....
So 10 years after its origination and when 43 made it painfully clear Clintoon had mortgaged the future for votes, GAO says FHA DPA has higher delinquencies? But this ideology of ZERO DOWNPAYMENT is good in '95 but bad in '04?
Besides VA loans, which I will add you had no real clue about, what mortgage loan other than FHA DPA existed before the Sub Prime Zero Down, No MI, 560 FICO loan rolled out?
So let me get this straight, you believe no significant revisions were made to CRA under the Clintoon Admin, correct?
Regulatory changes 1995[edit]
In July 1993, President Bill Clinton asked regulators to reform the CRA in order to make examinations more consistent, clarify performance standards, and reduce cost and compliance burden.[51] Robert Rubin, the Assistant to the President for Economic Policy, under President Clinton, explained that this was in line with President Clinton's strategy to "deal with the problems of the inner city and distressed rural communities". Discussing the reasons for the Clinton administration's proposal to strengthen the CRA and further reduce red-lining, Lloyd Bentsen, Secretary of the Treasury at that time, affirmed his belief that availability of credit should not depend on where a person lives, "The only thing that ought to matter on a loan application is whether or not you can pay it back, not where you live." Bentsen said that the proposed changes would "make it easier for lenders to show how they're complying with the Community Reinvestment Act", and "cut back a lot of the paperwork and the cost on small business loans".[36]
By early 1995, the proposed CRA regulations were substantially revised to address criticisms that the regulations, and the agencies' implementation of them through the examination process to date, were too process-oriented, burdensome, and not sufficiently focused on actual results.[52] The CRA examination process itself was reformed to incorporate the pending changes.[40] Information about banking institutions' CRA ratings was made available via web page for public review as well.[36] The Office of the Comptroller of the Currency (OCC) also moved to revise its regulation structure allowing lenders subject to the CRA to claim community development loan credits for loans made to help finance the environmental cleanup or redevelopment of industrial sites when it was part of an effort to revitalize the low- and moderate-income community where the site was located.[53]
During one of the Congressional hearings addressing the proposed changes in 1995, William A. Niskanen, chair of the Cato Institute, criticized both the 1993 and 1994 sets of proposals for political favoritism in allocating credit, for micromanagement by regulators and for the lack of assurances that banks would not be expected to operate at a loss to achieve CRA compliance. He predicted the proposed changes would be very costly to the economy and the banking system in general. Niskanen believed that the primary long term effect would be an artificial contraction of the banking system. Niskanen recommended Congress repeal the Act.[54]
Niskanen's, and other respondents to the proposed changes, voiced their concerns during the public comment & testimony periods in late 1993 through early 1995. In response to the aggregate concerns recorded by then, the Federal financial supervisory agencies (the OCC, FRB, FDIC, and OTS) made further clarifications relating to definition, assessment, ratings and scope; sufficiently resolving many of the issues raised in the process. The agencies jointly reported their final amended regulations for implementing the Community Reinvestment Act in the Federal Register on May 4, 1995. The final amended regulations replaced the existing CRA regulations in their entirety.[55] (See the notes in the "1995" column of Table I. for the specifics)
And this little blip also happened under Clintoon...
Legislative changes 1999[edit]
In 1999 the Congress enacted and President Clinton signed into law the Gramm-Leach-Bliley Act, also known as the Financial Services Modernization Act. This law repealed the part of the Glass–Steagall Act that had prohibited a bank from offering a full range of investment, commercial banking, and insurance services since its enactment in 1933. A similar bill was introduced in 1998 by Senator Phil Gramm but it was unable to complete the legislative process into law. Resistance to enacting the 1998 bill, as well as the subsequent 1999 bill, centered around the legislation's language which would expand the types of banking institutions of the time into other areas of service but would not be subject to CRA compliance in order to do so. The Senator also demanded full disclosure of any financial "deals" which community groups had with banks, accusing such groups of "extortion"
Yes I do own your dumbass...
Oh one more issue, you continue to avoid the USDA Census Tract question?
I thought you said you where an expert?
