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Bullshit. This is a compilation of Franks and other Democrats fighting regulations the Republicans said were needed on mortgages. It's from late 2004.Franks said that in 2003 folks before the problem was rampant.
Then the mortgage cos went full bore fraud for a couple of years.
What laws did the republicans put in place or change to stop the problem after it built?
Do your research, and I don't mean 'google' then come back and tell us how Franks & Dodds were not hugely responsible for that particular clusterfuck.
They think Franks should have been able to forsee the crimes of the Banks in the future.
========
They also think he had control of a republican controlled committee.
Do your research, and I don't mean 'google' then come back and tell us how Franks & Dodds were not hugely responsible for that particular clusterfuck.
Bullshit. This is a compilation of Franks and other Democrats fighting regulations the Republicans said were needed on mortgages. It's from late 2004.Franks said that in 2003 folks before the problem was rampant.
Then the mortgage cos went full bore fraud for a couple of years.
What laws did the republicans put in place or change to stop the problem after it built?
[ame=http://www.youtube.com/watch?v=y4A0RuXhnQA]Democrats Fighting Regulation of Freddie & Fannie - YouTube[/ame]
Lair! [sic]
CNN.com - FBI warns of mortgage fraud 'epidemic' - Sep 17, 2004
Assistant FBI Director Chris Swecker said the booming mortgage market, fueled by low interest rates and soaring home values, has attracted unscrupulous professionals and criminal groups whose fraudulent activities could cause multibillion-dollar losses to financial institutions.
"It has the potential to be an epidemic," said Swecker, who heads the Criminal Division at FBI headquarters in Washington. "We think we can prevent a problem that could have as much impact as the S&L crisis," he said.
In the 1980s, many Savings and Loans failed because of poor management, risky loans and investments, and in some cases, fraud. Taxpayers were left with a $132 billion tab to cover federal guarantees to S&L customers.
The FBI has dispatched undercover teams across the country in an urgent investigation into dealings by suspect mortgage brokers, appraisers, short-term investors, and loan officers, Swecker, flanked by FBI executives and Justice Department prosecutors, revealed.
In one operation, six individuals were arrested Thursday in Charlotte, charged with bank fraud for their roles in a multimillion-dollar mortgage fraud, officials said. The two-year investigation found fraudulent loans that exposed financial institutions and mortgage companies to $130 million in potential losses, they said.
How did the dems keep the Rs (who owned the whole shebang) from acting?
You mean like Barney Franks and Chris Dodd? The two members of Congress directly responsible for defeating every attempt by Bush to create more regulation? The two responsible for defeating McCain's attempt at more regulation?
Those two went before the American people repeatedly from 2004 to 2008 insisting that the Housing market was save secure and would be hurt by more regulation of Fanny and Freddy. In fact Barney was on National TV just a month or so before the crash telling the American electorate that the Housing market was save, booming and in no danger of anything EXCEPT more regulation.
I wish someone had listened to the FBI in 2004
How did the dems keep the Rs (who owned the whole shebang) from acting?
like the republicans are supposed to have done, while the democrats controlled the whole thing.
How did the dems keep the Rs (who owned the whole shebang) from acting?
like the republicans are supposed to have done, while the democrats controlled the whole thing.
Its called filibustering like filibustering has never been used on our history.
You pretend what you want but anyone who likes the truth can show you the congressional records and who did what.
You mean like Barney Franks and Chris Dodd? The two members of Congress directly responsible for defeating every attempt by Bush to create more regulation? The two responsible for defeating McCain's attempt at more regulation?
Those two went before the American people repeatedly from 2004 to 2008 insisting that the Housing market was save secure and would be hurt by more regulation of Fanny and Freddy. In fact Barney was on National TV just a month or so before the crash telling the American electorate that the Housing market was save, booming and in no danger of anything EXCEPT more regulation.
No Gunny, Men like georgie porgie and dead-eye dick(less).
But being the ConJob/NeoNut/RePug/TeaHadist you are, I expect you get your facts wrong.
Facts do have a of messing with minds of people not used to them.
CNN.com - FBI warns of mortgage fraud 'epidemic' - Sep 17, 2004
Assistant FBI Director Chris Swecker said the booming mortgage market, fueled by low interest rates and soaring home values, has attracted unscrupulous professionals and criminal groups whose fraudulent activities could cause multibillion-dollar losses to financial institutions.
"It has the potential to be an epidemic," said Swecker, who heads the Criminal Division at FBI headquarters in Washington. "We think we can prevent a problem that could have as much impact as the S&L crisis," he said.
In the 1980s, many Savings and Loans failed because of poor management, risky loans and investments, and in some cases, fraud. Taxpayers were left with a $132 billion tab to cover federal guarantees to S&L customers.
The FBI has dispatched undercover teams across the country in an urgent investigation into dealings by suspect mortgage brokers, appraisers, short-term investors, and loan officers, Swecker, flanked by FBI executives and Justice Department prosecutors, revealed.
In one operation, six individuals were arrested Thursday in Charlotte, charged with bank fraud for their roles in a multimillion-dollar mortgage fraud, officials said. The two-year investigation found fraudulent loans that exposed financial institutions and mortgage companies to $130 million in potential losses, they said.
New Agency Proposed to Oversee Freddie Mac and Fannie Mae
By STEPHEN LABATON
Published: September 11, 2003Sign In to E-Mail
Single-Page
The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.
The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.
