If GOP takes Senate, how long until 2nd Great Depression?

[TooTall]

While six years and counting you blame Bush. I find it amusing that when the House and the Senate were controlled by the Dems for two years before Obama came into the picture, you still blame Bush but if the same thing happen in the last two years of the Obama administration, you will blame Republicans. Shows what a hypocrite you are and how you are nothing but a partisan shithead with a fucking partisan agenda. You like other extreme partisans need to go fuck off, because it is stupid and ignorant people like you on both sides of the aisle that are screwing the nation over.

Still waiting for the ONE bill the Dems passed under Dubya that changed his policies?

IF the GOP gets the Senate, nothing changes, the GOP has been dragging Obama down from day one, fighting EVERYTHING that might help US, all in the name of their failed ideology!


THE PREZ USES EXECUTIVE BRANCH POWER WITH THE ABSENCE OF CONGRESS. DUBYA'S REGULATOR FAILURE PROVED IT!

Numb nuts, the same will be said if the GOP wins the Senate next month.

Again, it was policies stated in your own links in another thread that started way before Bush that led to 2008.

You partisan nut jobs on both sides of the aisle create your own problems by not seeing the whole picture. I tire of the mindless partisan BS.

Bush 2008?


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.”


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

Yes, thankfully the Dems got a few things done in Congress 2009 so that Obama could help US get out of ANOTHER GOP shithole!

What did the Democrats do to fix the problem when they took the Congress in 2007?

Passed reforms to begin with, on F/F, the ones Dubya had opposed FINALLY got passed. BUT since Executive Branch HAD the responsibility of these things, what were they supposed to do?

“The Presidents Working Group’s March 2008 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.”

Bush opposed? Did he veto them?

"Seventeen. That's how many times, according to this White House statement (hat tip Gateway Pundit), that the Bush administration has called for tighter regulation of the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. Congress has cooperated only once. In spring 2007, as House Financial Services Committee Chairman Barney Frank likes to point out, the House did pass a bill in response. The Senate did not act until 2008; Senate Banking Committee Chairman Christopher Dodd spent most of 2007 camped out in Iowa running for president. The legislation passed by Congress in 2008 enabled Treasury Secretary Henry Paulson to put Fannie and Freddie into federal conservatorship this summer when they failed.

Much if not all of that could have been prevented by a bill cosponsored by John McCain and supported by all the Republicans and opposed by all the Democrats in the Senate Banking Committee in 2005. That bill, which the Democrats stopped from passing, would have prohibited the GSEs from speculating on the mortgage-based securities they packaged. The GSEs' mission allegedly justifying their quasi-governmental status was to package or securitize such mortgages, but the lion's share of their profits—which determined top executives' bonuses—came from speculation."

 

[Dad2three]

You will also find that many Wall Street firms are big donors to Democrats. Chuck Schumer is completely owned by Wall Street.

The former CEO of Goldman Sachs went on to be the Democratic governor of New Jersey, and then ran a hedge fund into the ground, breaking securities laws along the way.

AND? Who had the regulators, FBI, SEC, HUD, F/F, ETC? Hint EXECUTIVE BRANCH

 

[francoHFW]

You can see it went off the rails in 2003 in the report. Rubin is an idiot, hardly mainstream Dem, an exception who proves the rule. Pubs started this bubble, and banks in other countries say they joined the bandwagon, with Pub crony advice on how to beat the system.

 

[francoHFW]

Some Dems were always complaining the foxes were "regulating" the chicken house, but were drowned out in the Pub propaganda/corporate "news" media. See Iraq tidal wave at the same time...

 

[Dad2three]

Still waiting for the ONE bill the Dems passed under Dubya that changed his policies?

IF the GOP gets the Senate, nothing changes, the GOP has been dragging Obama down from day one, fighting EVERYTHING that might help US, all in the name of their failed ideology!


THE PREZ USES EXECUTIVE BRANCH POWER WITH THE ABSENCE OF CONGRESS. DUBYA'S REGULATOR FAILURE PROVED IT!

Numb nuts, the same will be said if the GOP wins the Senate next month.

Again, it was policies stated in your own links in another thread that started way before Bush that led to 2008.

You partisan nut jobs on both sides of the aisle create your own problems by not seeing the whole picture. I tire of the mindless partisan BS.

Bush 2008?


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.”


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

Yes, thankfully the Dems got a few things done in Congress 2009 so that Obama could help US get out of ANOTHER GOP shithole!

What did the Democrats do to fix the problem when they took the Congress in 2007?

Passed reforms to begin with, on F/F, the ones Dubya had opposed FINALLY got passed. BUT since Executive Branch HAD the responsibility of these things, what were they supposed to do?

“The Presidents Working Group’s March 2008 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.”

Bush opposed? Did he veto them?

"Seventeen. That's how many times, according to this White House statement (hat tip Gateway Pundit), that the Bush administration has called for tighter regulation of the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. Congress has cooperated only once. In spring 2007, as House Financial Services Committee Chairman Barney Frank likes to point out, the House did pass a bill in response. The Senate did not act until 2008; Senate Banking Committee Chairman Christopher Dodd spent most of 2007 camped out in Iowa running for president. The legislation passed by Congress in 2008 enabled Treasury Secretary Henry Paulson to put Fannie and Freddie into federal conservatorship this summer when they failed.

Much if not all of that could have been prevented by a bill cosponsored by John McCain and supported by all the Republicans and opposed by all the Democrats in the Senate Banking Committee in 2005. That bill, which the Democrats stopped from passing, would have prohibited the GSEs from speculating on the mortgage-based securities they packaged. The GSEs' mission allegedly justifying their quasi-governmental status was to package or securitize such mortgages, but the lion's share of their profits—which determined top executives' bonuses—came from speculation."

MORE FUUKKKING NONSENSE FROM YOU? SERIOUSLY? LOL




PLEASE tell me HOW the Dems stopped the 2005 bill that McCain signed onto MONTHS AFTER it died in the Senate, was 'stopped' by the Dems?

Bush talked about reform. He talked and he talked. And then he stopped reform. (read that as many times as necessary. Bush stopped reform). And then he stopped it again.


June 17, 2004:

Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.
Home builders fight Bush s low-income housing - Jun. 17 2004


The Bush Administration repeatedly blocked Government Sponsored Enterprises (GSE) reform. In the 108th Congress, the House Financial Services Committee reached an agreement to markup legislation originally scheduled for October 8, 2003. However, on October 7, 2003, the Treasury Department announced its opposition to this agreement, killing progress on GSE reform. (Congressional Research Service, "Improving the Effectiveness of GSE Oversight: Legislative Proposals in the 108th Congress.")

https://opencrs.com/document/RL32069/

In the 109th Congress, Democrats supported bipartisan legislation drafted by the Republican Chairman of the House Financial Services Committee, Representative Oxley, which would have given the new GSE regulator broad authority over setting capital requirements and limiting portfolio size. This bill passed the House 331-90. Senate Democrats supported and offered the bill in the Senate, but the Bush Administration opposed it and the bill did not receive Republican support in the Senate. According to Mr. Oxley, the White House gave Congress and the GSE reform legislation "a one-finger salute."

·"'We missed a golden opportunity that would have avoided a lot of the problems we're facing now, if we hadn't had such a firm ideological position at the White House and the Treasury and the Fed,' Mr. Oxley says." (Financial Times, 9/11/08)

http://www.ft.com/intl/cms/s/0/8780c35e-7e91-11dd-b1af-000077b07658.html#axzz2n1xnmkQf

·GSE reform "wasn't a priority of this Administration's. They quite frankly put it on the back burner. And now we see what we have." (Douglas Holtz-Eakin, NPR, 9/16/08)

Adviser McCain Wants Reform On Wall Street NPR

STATEMENT OF ADMINISTRATION POLICY


The Administration strongly believes that the housing GSEs should be focused on their core housing mission, particularly with respect to low-income Americans and first-time homebuyers. Instead, provisions of H.R. 1461 that expand mortgage purchasing authority would lessen the housing GSEs' commitment to low-income homebuyers.

George W. Bush: Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005

Yes, he said he was against it because it "would lessen the housing GSEs' commitment to low-income homebuyers".

Bush forced Freddie and Fannie to purchase more low income home loans, $440 billion in MBSs and then reversed the Clinton rule that actually reigned in Freddie and Fannie

 

[Papageorgio]

Jeebus you're an idiot. The nonrich and the country are going to hell under voodoo because they don't work hard enough? LOL. I'm a retired teacher, btw. You hater dupes have the thickest skulls ever lol.

Damn, that explains a lot!

 

[bigrebnc1775]

If we should take a giant leap backwards and put the party of greed and excess back in charge cutting social programs while going hog wild on spending on corporate subsidies, tax breaks, defense contracts, and Federal Salaries and benefits -- the income gap will quickly grow to pre-Depression levels and when people have no money to spend in a Consumer Driven Economy -- the country will fall apart pretty fast.

And while the ship is sinking, the scumbags at Fox will blame Obama.

While six years and counting you blame Bush. I find it amusing that when the House and the Senate were controlled by the Dems for two years before Obama came into the picture, you still blame Bush but if the same thing happen in the last two years of the Obama administration, you will blame Republicans. Shows what a hypocrite you are and how you are nothing but a partisan shithead with a fucking partisan agenda. You like other extreme partisans need to go fuck off, because it is stupid and ignorant people like you on both sides of the aisle that are screwing the nation over.

Still waiting for the ONE bill the Dems passed under Dubya that changed his policies?

IF the GOP gets the Senate, nothing changes, the GOP has been dragging Obama down from day one, fighting EVERYTHING that might help US, all in the name of their failed ideology!


THE PREZ USES EXECUTIVE BRANCH POWER WITH THE ABSENCE OF CONGRESS. DUBYA'S REGULATOR FAILURE PROVED IT!

Even better question what Bush policy has obama done away with or has not extended and made worse?

HE PUT REGULATORS BACK ON THE BEAT!


“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

You're bitching about a failed freddy and Fanny that bush want more regulatory? You do realize it had to be bailed out? Your democrats fat calf needed to be killed but no democrats whined like little bitches and here we are economy crashed

 

[Dad2three]

Still waiting for the ONE bill the Dems passed under Dubya that changed his policies?

IF the GOP gets the Senate, nothing changes, the GOP has been dragging Obama down from day one, fighting EVERYTHING that might help US, all in the name of their failed ideology!


THE PREZ USES EXECUTIVE BRANCH POWER WITH THE ABSENCE OF CONGRESS. DUBYA'S REGULATOR FAILURE PROVED IT!

Numb nuts, the same will be said if the GOP wins the Senate next month.

Again, it was policies stated in your own links in another thread that started way before Bush that led to 2008.

You partisan nut jobs on both sides of the aisle create your own problems by not seeing the whole picture. I tire of the mindless partisan BS.

Bush 2008?


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.”


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

Yes, thankfully the Dems got a few things done in Congress 2009 so that Obama could help US get out of ANOTHER GOP shithole!

What did the Democrats do to fix the problem when they took the Congress in 2007?

Passed reforms to begin with, on F/F, the ones Dubya had opposed FINALLY got passed. BUT since Executive Branch HAD the responsibility of these things, what were they supposed to do?

“The Presidents Working Group’s March 2008 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.”

Bush opposed? Did he veto them?

"Seventeen. That's how many times, according to this White House statement (hat tip Gateway Pundit), that the Bush administration has called for tighter regulation of the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. Congress has cooperated only once. In spring 2007, as House Financial Services Committee Chairman Barney Frank likes to point out, the House did pass a bill in response. The Senate did not act until 2008; Senate Banking Committee Chairman Christopher Dodd spent most of 2007 camped out in Iowa running for president. The legislation passed by Congress in 2008 enabled Treasury Secretary Henry Paulson to put Fannie and Freddie into federal conservatorship this summer when they failed.

Much if not all of that could have been prevented by a bill cosponsored by John McCain and supported by all the Republicans and opposed by all the Democrats in the Senate Banking Committee in 2005. That bill, which the Democrats stopped from passing, would have prohibited the GSEs from speculating on the mortgage-based securities they packaged. The GSEs' mission allegedly justifying their quasi-governmental status was to package or securitize such mortgages, but the lion's share of their profits—which determined top executives' bonuses—came from speculation."

Bush talked about reform. He talked and he talked. And then he stopped reform. (read that as many times as necessary. Bush stopped reform). And then he stopped it again.

One president controlled the regulators that not only let banks stop checking income but cheered them on. And as president Bush could enact the very policies that caused the Bush Mortgage Bubble and he did. And his party controlled congress.


The Bush Mortgage Bubble wasn’t about home prices. It was about banks lowering their lending standards and Bush’s regulators cheering them on. That started late 2004 after Bush preempted all state laws against predatory lending (to name one of his many toxic housing policies) and his successful reelection campaign touting the strength of his housing market.

 

[Dad2three]

If we should take a giant leap backwards and put the party of greed and excess back in charge cutting social programs while going hog wild on spending on corporate subsidies, tax breaks, defense contracts, and Federal Salaries and benefits -- the income gap will quickly grow to pre-Depression levels and when people have no money to spend in a Consumer Driven Economy -- the country will fall apart pretty fast.

And while the ship is sinking, the scumbags at Fox will blame Obama.

While six years and counting you blame Bush. I find it amusing that when the House and the Senate were controlled by the Dems for two years before Obama came into the picture, you still blame Bush but if the same thing happen in the last two years of the Obama administration, you will blame Republicans. Shows what a hypocrite you are and how you are nothing but a partisan shithead with a fucking partisan agenda. You like other extreme partisans need to go fuck off, because it is stupid and ignorant people like you on both sides of the aisle that are screwing the nation over.

Still waiting for the ONE bill the Dems passed under Dubya that changed his policies?

IF the GOP gets the Senate, nothing changes, the GOP has been dragging Obama down from day one, fighting EVERYTHING that might help US, all in the name of their failed ideology!


THE PREZ USES EXECUTIVE BRANCH POWER WITH THE ABSENCE OF CONGRESS. DUBYA'S REGULATOR FAILURE PROVED IT!

Even better question what Bush policy has obama done away with or has not extended and made worse?

HE PUT REGULATORS BACK ON THE BEAT!


“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

You're bitching about a failed freddy and Fanny that bush want more regulatory? You do realize it had to be bailed out? Your democrats fat calf needed to be killed but no democrats whined like little bitches and here we are economy crashed

BUSH WANTED MORE REGULATORY? LOL

One president controlled the regulators that not only let banks stop checking income but cheered them on. And as president Bush could enact the very policies that caused the Bush Mortgage Bubble and he did. And his party controlled congress.

Bush talked about reform. He talked and he talked. And then he stopped reform. (read that as many times as necessary. Bush stopped reform). And then he stopped it again

July 8, 2004

[TBODY] [/TBODY]

HUD DATA SHOWS FANNIE MAE AND FREDDIE MAC HAVE TRAILED THE INDUSTRY IN PROVIDING AFFORDABLE HOUSING IN 44 STATES
New regulations will increase mortgage financing for homebuyers and underserved communities
WASHINGTON - The U.S. Department of Housing and Urban Development released data today giving a state-by-state breakdown of the performance of Government Sponsored Enterprises (GSEs), Fannie Mae and Freddie Mac. This data covering 1999-2002 shows that combined, the GSEs have lagged behind the primary market in 44 states in their commitment to provide affordable housing opportunities for low- and moderate-income families.

"While the GSEs met the affordable housing goals in 2002, they must further utilize their entrepreneurial talents and power in the marketplace to genuinely lead the mortgage finance industry as Congress intended," said HUD Secretary Alphonso Jackson. "HUD recently proposed new housing goals, which over the next four years, would simply push the GSEs to do what is expected of them-helping low- and moderate-income families at least at the same percentage levels as primary market lenders."


HUD estimates that if the GSEs had matched the overall single-family market during this period, they would have acquired an additional 470,000 single-family loans for low- and moderate-income families.

HUD Archives HUD DATA SHOWS FANNIE MAE AND FREDDIE MAC HAVE TRAILED THE INDUSTRY IN PROVIDING AFFORDABLE HOUSING IN 44 STATES


June 2004

Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.

Home builders fight Bush s low-income housing - Jun. 17 2004


STATEMENT OF ADMINISTRATION POLICY
The Administration strongly believes that the housing GSEs should be focused on their core housing mission, particularly with respect to low-income Americans and first-time homebuyers. Instead, provisions of H.R. 1461 that expand mortgage purchasing authority would lessen the housing GSEs' commitment to low-income homebuyers.

George W. Bush: Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005

Yes, he said he was against it because it "would lessen the housing GSEs' commitment to low-income homebuyers". And here's what the House Republican Mike Oxley, Chairman of the House Financial Services committee said

“What did we get from the White House? We got a one-finger salute.”

 

[Dad2three]

If we should take a giant leap backwards and put the party of greed and excess back in charge cutting social programs while going hog wild on spending on corporate subsidies, tax breaks, defense contracts, and Federal Salaries and benefits -- the income gap will quickly grow to pre-Depression levels and when people have no money to spend in a Consumer Driven Economy -- the country will fall apart pretty fast.

And while the ship is sinking, the scumbags at Fox will blame Obama.

While six years and counting you blame Bush. I find it amusing that when the House and the Senate were controlled by the Dems for two years before Obama came into the picture, you still blame Bush but if the same thing happen in the last two years of the Obama administration, you will blame Republicans. Shows what a hypocrite you are and how you are nothing but a partisan shithead with a fucking partisan agenda. You like other extreme partisans need to go fuck off, because it is stupid and ignorant people like you on both sides of the aisle that are screwing the nation over.

Still waiting for the ONE bill the Dems passed under Dubya that changed his policies?

IF the GOP gets the Senate, nothing changes, the GOP has been dragging Obama down from day one, fighting EVERYTHING that might help US, all in the name of their failed ideology!


THE PREZ USES EXECUTIVE BRANCH POWER WITH THE ABSENCE OF CONGRESS. DUBYA'S REGULATOR FAILURE PROVED IT!

Even better question what Bush policy has obama done away with or has not extended and made worse?

HE PUT REGULATORS BACK ON THE BEAT!


“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

You're bitching about a failed freddy and Fanny that bush want more regulatory? You do realize it had to be bailed out? Your democrats fat calf needed to be killed but no democrats whined like little bitches and here we are economy crashed

Wall Street, Not Fannie and Freddie, Led Mortgage Meltdown



Government data show Fannie and Freddie didn’t take the same risks that Wall Street’s mortgage-backed securities machine did. Mortgages financed by Wall Street from 2001 to 2008 were 4½ times more likely to be seriously delinquent than mortgages backed by Fannie and Freddie.

“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

 

[bigrebnc1775]

While six years and counting you blame Bush. I find it amusing that when the House and the Senate were controlled by the Dems for two years before Obama came into the picture, you still blame Bush but if the same thing happen in the last two years of the Obama administration, you will blame Republicans. Shows what a hypocrite you are and how you are nothing but a partisan shithead with a fucking partisan agenda. You like other extreme partisans need to go fuck off, because it is stupid and ignorant people like you on both sides of the aisle that are screwing the nation over.

Still waiting for the ONE bill the Dems passed under Dubya that changed his policies?

IF the GOP gets the Senate, nothing changes, the GOP has been dragging Obama down from day one, fighting EVERYTHING that might help US, all in the name of their failed ideology!


THE PREZ USES EXECUTIVE BRANCH POWER WITH THE ABSENCE OF CONGRESS. DUBYA'S REGULATOR FAILURE PROVED IT!

Even better question what Bush policy has obama done away with or has not extended and made worse?

HE PUT REGULATORS BACK ON THE BEAT!


“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

You're bitching about a failed freddy and Fanny that bush want more regulatory? You do realize it had to be bailed out? Your democrats fat calf needed to be killed but no democrats whined like little bitches and here we are economy crashed

BUSH WANTED MORE REGULATORY? LOL

One president controlled the regulators that not only let banks stop checking income but cheered them on. And as president Bush could enact the very policies that caused the Bush Mortgage Bubble and he did. And his party controlled congress.

Bush talked about reform. He talked and he talked. And then he stopped reform. (read that as many times as necessary. Bush stopped reform). And then he stopped it again

July 8, 2004

[TBODY] [/TBODY]

HUD DATA SHOWS FANNIE MAE AND FREDDIE MAC HAVE TRAILED THE INDUSTRY IN PROVIDING AFFORDABLE HOUSING IN 44 STATES
New regulations will increase mortgage financing for homebuyers and underserved communities
WASHINGTON - The U.S. Department of Housing and Urban Development released data today giving a state-by-state breakdown of the performance of Government Sponsored Enterprises (GSEs), Fannie Mae and Freddie Mac. This data covering 1999-2002 shows that combined, the GSEs have lagged behind the primary market in 44 states in their commitment to provide affordable housing opportunities for low- and moderate-income families.

"While the GSEs met the affordable housing goals in 2002, they must further utilize their entrepreneurial talents and power in the marketplace to genuinely lead the mortgage finance industry as Congress intended," said HUD Secretary Alphonso Jackson. "HUD recently proposed new housing goals, which over the next four years, would simply push the GSEs to do what is expected of them-helping low- and moderate-income families at least at the same percentage levels as primary market lenders."


HUD estimates that if the GSEs had matched the overall single-family market during this period, they would have acquired an additional 470,000 single-family loans for low- and moderate-income families.

HUD Archives HUD DATA SHOWS FANNIE MAE AND FREDDIE MAC HAVE TRAILED THE INDUSTRY IN PROVIDING AFFORDABLE HOUSING IN 44 STATES


June 2004

Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.

Home builders fight Bush s low-income housing - Jun. 17 2004


STATEMENT OF ADMINISTRATION POLICY
The Administration strongly believes that the housing GSEs should be focused on their core housing mission, particularly with respect to low-income Americans and first-time homebuyers. Instead, provisions of H.R. 1461 that expand mortgage purchasing authority would lessen the housing GSEs' commitment to low-income homebuyers.

George W. Bush: Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005

Yes, he said he was against it because it "would lessen the housing GSEs' commitment to low-income homebuyers". And here's what the House Republican Mike Oxley, Chairman of the House Financial Services committee said

“What did we get from the White House? We got a one-finger salute.”

Setting the Record Straight: Six Years of Unheeded Warnings for GSE Reform
Setting the Record Straight Six Years of Unheeded Warnings for GSE Reform

 

[bigrebnc1775]

While six years and counting you blame Bush. I find it amusing that when the House and the Senate were controlled by the Dems for two years before Obama came into the picture, you still blame Bush but if the same thing happen in the last two years of the Obama administration, you will blame Republicans. Shows what a hypocrite you are and how you are nothing but a partisan shithead with a fucking partisan agenda. You like other extreme partisans need to go fuck off, because it is stupid and ignorant people like you on both sides of the aisle that are screwing the nation over.

Still waiting for the ONE bill the Dems passed under Dubya that changed his policies?

IF the GOP gets the Senate, nothing changes, the GOP has been dragging Obama down from day one, fighting EVERYTHING that might help US, all in the name of their failed ideology!


THE PREZ USES EXECUTIVE BRANCH POWER WITH THE ABSENCE OF CONGRESS. DUBYA'S REGULATOR FAILURE PROVED IT!

Even better question what Bush policy has obama done away with or has not extended and made worse?

HE PUT REGULATORS BACK ON THE BEAT!


“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

You're bitching about a failed freddy and Fanny that bush want more regulatory? You do realize it had to be bailed out? Your democrats fat calf needed to be killed but no democrats whined like little bitches and here we are economy crashed

Wall Street, Not Fannie and Freddie, Led Mortgage Meltdown



Government data show Fannie and Freddie didn’t take the same risks that Wall Street’s mortgage-backed securities machine did. Mortgages financed by Wall Street from 2001 to 2008 were 4½ times more likely to be seriously delinquent than mortgages backed by Fannie and Freddie.

“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

Setting the Record Straight Six Years of Unheeded Warnings for GSE Reform

 

[EdwardBaiamonte]

They were not forced to do this.

dear they were not forced becuase it seemed like a great idea. The liberals had always inflated the housing market so values always went up. If it got to a point where someone could not pay, no biggie, just sell and everyone makes a profit. Capitalism is self-correcting, but liberalism is not.

Simple enough??

Simple enough for a simpleton. In the real world. Booosh., greedy Pubs and their business cronies,. . and his regulators caused the real estate meltdown duh. The CRA etc ended discrimination against WORTHY poor woorkers, Boooshies sold scams to unemployed lol, showed bankers around the world how to join in the fun.

The idea that the crash is all on Republicans and not the Democrats, too, is as retarded as the idea that the CRA was to blame for the crash.

HOW WAS IT THE DEMS? Which regulatory power did they have then?

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.”


"Another form of easing facilitated the rapid rise of mortgages that didn't require borrowers to fully document their incomes. In 2006, these low- or no-doc loans comprised 81 percent of near-prime, 55 percent of jumbo, 50 percent of subprime and 36 percent of prime securitized mortgages."

Q HOLY JESUS! DID YOU JUST PROVE THAT OVER 50 % OF ALL MORTGAGES IN 2006 DIDNT REQUIRE BORROWERS TO DOCUMENT THEIR INCOME?!?!?!?

A Yes.




Q WHO THE HELL LOANS HUNDREDS OF THOUSANDS OF DOLLARS TO PEOPLE WITHOUT CHECKING THEIR INCOMES?!?!?

A Banks.

Q WHY??!?!!!?!

A Two reasons, greed and Bush's regulators let them.

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

facts: liberal fed printed money to stimulate houosing market without which a crisis was impossible! Lilberal FF was created to get people into homes the Republican ffree market said they could not afford.

 

[TooTall]

While six years and counting you blame Bush. I find it amusing that when the House and the Senate were controlled by the Dems for two years before Obama came into the picture, you still blame Bush but if the same thing happen in the last two years of the Obama administration, you will blame Republicans. Shows what a hypocrite you are and how you are nothing but a partisan shithead with a fucking partisan agenda. You like other extreme partisans need to go fuck off, because it is stupid and ignorant people like you on both sides of the aisle that are screwing the nation over.

Still waiting for the ONE bill the Dems passed under Dubya that changed his policies?

IF the GOP gets the Senate, nothing changes, the GOP has been dragging Obama down from day one, fighting EVERYTHING that might help US, all in the name of their failed ideology!


THE PREZ USES EXECUTIVE BRANCH POWER WITH THE ABSENCE OF CONGRESS. DUBYA'S REGULATOR FAILURE PROVED IT!

Even better question what Bush policy has obama done away with or has not extended and made worse?

HE PUT REGULATORS BACK ON THE BEAT!


“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

You're bitching about a failed freddy and Fanny that bush want more regulatory? You do realize it had to be bailed out? Your democrats fat calf needed to be killed but no democrats whined like little bitches and here we are economy crashed

BUSH WANTED MORE REGULATORY? LOL

One president controlled the regulators that not only let banks stop checking income but cheered them on. And as president Bush could enact the very policies that caused the Bush Mortgage Bubble and he did. And his party controlled congress.

Bush talked about reform. He talked and he talked. And then he stopped reform. (read that as many times as necessary. Bush stopped reform). And then he stopped it again

July 8, 2004

[TBODY] [/TBODY]

HUD DATA SHOWS FANNIE MAE AND FREDDIE MAC HAVE TRAILED THE INDUSTRY IN PROVIDING AFFORDABLE HOUSING IN 44 STATES
New regulations will increase mortgage financing for homebuyers and underserved communities
WASHINGTON - The U.S. Department of Housing and Urban Development released data today giving a state-by-state breakdown of the performance of Government Sponsored Enterprises (GSEs), Fannie Mae and Freddie Mac. This data covering 1999-2002 shows that combined, the GSEs have lagged behind the primary market in 44 states in their commitment to provide affordable housing opportunities for low- and moderate-income families.

"While the GSEs met the affordable housing goals in 2002, they must further utilize their entrepreneurial talents and power in the marketplace to genuinely lead the mortgage finance industry as Congress intended," said HUD Secretary Alphonso Jackson. "HUD recently proposed new housing goals, which over the next four years, would simply push the GSEs to do what is expected of them-helping low- and moderate-income families at least at the same percentage levels as primary market lenders."


HUD estimates that if the GSEs had matched the overall single-family market during this period, they would have acquired an additional 470,000 single-family loans for low- and moderate-income families.

HUD Archives HUD DATA SHOWS FANNIE MAE AND FREDDIE MAC HAVE TRAILED THE INDUSTRY IN PROVIDING AFFORDABLE HOUSING IN 44 STATES


June 2004

Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.

Home builders fight Bush s low-income housing - Jun. 17 2004


STATEMENT OF ADMINISTRATION POLICY
The Administration strongly believes that the housing GSEs should be focused on their core housing mission, particularly with respect to low-income Americans and first-time homebuyers. Instead, provisions of H.R. 1461 that expand mortgage purchasing authority would lessen the housing GSEs' commitment to low-income homebuyers.

George W. Bush: Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005

Yes, he said he was against it because it "would lessen the housing GSEs' commitment to low-income homebuyers". And here's what the House Republican Mike Oxley, Chairman of the House Financial Services committee said

“What did we get from the White House? We got a one-finger salute.”

You left out the rest of that statement, so here it is.

STATEMENT OF ADMINISTRATION POLICY

[TBODY] [/TBODY]

· The Administration has long called for legislation to create a stronger, more effective regulatory regime to improve oversight of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks ("housing government-sponsored enterprises" or "housing GSEs") and appreciates the considerable efforts of Chairman Oxley and Chairman Baker in crafting H.R. 1461. However,

· H.R. 1461 fails to include key elements that are essential to protect the safety and soundness of the housing finance system and the broader financial system at large. As a result, the Administration opposes the bill.

· The regulatory regime envisioned by H.R. 1461 is considerably weaker than that which governs other large, complex financial institutions. This regime is of particular concern given that Fannie Mae and Freddie Mac currently hold only about half of the capital of comparable financial institutions. In order for a financial regulator to be respected and credible, it must have the authority and ability to adjust capital requirements of the institutions it oversees as circumstances dictate to ensure prudential operations. An effective oversight regime must also provide for clear review of business activities to ensure the integrity of the housing finance system and consistency with the GSEs' housing mission. The Administration does not believe that the housing GSEs should be exempt from these important standards of world-class regulation.

· The dramatic growth of the housing GSEs over the last decade, as well as recent accounting and operational problems, underscore the importance of protecting the broader financial markets from systemic risks caused by their actions. The housing GSEs' outstanding debt is approximately $2.5 trillion, and they provide credit guarantees on another $2.4 trillion of mortgages. By comparison, the privately held debt of the Federal government is $4.1 trillion. Housing GSE debt is issued largely to support sizable portfolio investments that are unnecessary to fulfill the GSEs' housing mission. Given the size and importance of the GSEs, Congress must ensure that their large mortgage portfolios do not place the U.S. financial system at risk. H.R. 1461 fails to provide critical policy guidance in this area.

 

[francoHFW]

They were not forced to do this.

dear they were not forced becuase it seemed like a great idea. The liberals had always inflated the housing market so values always went up. If it got to a point where someone could not pay, no biggie, just sell and everyone makes a profit. Capitalism is self-correcting, but liberalism is not.

Simple enough??

Simple enough for a simpleton. In the real world. Booosh., greedy Pubs and their business cronies,. . and his regulators caused the real estate meltdown duh. The CRA etc ended discrimination against WORTHY poor woorkers, Boooshies sold scams to unemployed lol, showed bankers around the world how to join in the fun.

The idea that the crash is all on Republicans and not the Democrats, too, is as retarded as the idea that the CRA was to blame for the crash.

HOW WAS IT THE DEMS? Which regulatory power did they have then?

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.”


"Another form of easing facilitated the rapid rise of mortgages that didn't require borrowers to fully document their incomes. In 2006, these low- or no-doc loans comprised 81 percent of near-prime, 55 percent of jumbo, 50 percent of subprime and 36 percent of prime securitized mortgages."

Q HOLY JESUS! DID YOU JUST PROVE THAT OVER 50 % OF ALL MORTGAGES IN 2006 DIDNT REQUIRE BORROWERS TO DOCUMENT THEIR INCOME?!?!?!?

A Yes.




Q WHO THE HELL LOANS HUNDREDS OF THOUSANDS OF DOLLARS TO PEOPLE WITHOUT CHECKING THEIR INCOMES?!?!?

A Banks.

Q WHY??!?!!!?!

A Two reasons, greed and Bush's regulators let them.

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

facts: liberal fed printed money to stimulate houosing market without which a crisis was impossible! Lilberal FF was created to get people into homes the Republican ffree market said they could not afford.

You mean it was created to help worthy poorer and minority people Pub cronies discriminated against. Same with CRA. Only under Booosh did regulators approve total bs...

 

[francoHFW]

#154- Yup, Pubs never stop trying to screw up F+F so their pals in private biz can screw everyone over...

 

[Antares]

If we should take a giant leap backwards and put the party of greed and excess back in charge cutting social programs while going hog wild on spending on corporate subsidies, tax breaks, defense contracts, and Federal Salaries and benefits -- the income gap will quickly grow to pre-Depression levels and when people have no money to spend in a Consumer Driven Economy -- the country will fall apart pretty fast.

And while the ship is sinking, the scumbags at Fox will blame Obama.

I doubt much will change at least for the next two years, just more gridlock. Obama would start using his veto power because he has nothing to lose. Now if the Tea Party folks get control of government in two years, then a strong dose of fiscal constraint will send the market tumbling.

Obama won't have to veto- we can filibuster with one guy just like you a-holes did for a year and a half.

Jeebus you're an idiot. The nonrich and the country are going to hell under voodoo because they don't work hard enough? LOL. I'm a retired teacher, btw. You hater dupes have the thickest skulls ever lol.

Damn, that explains a lot!

He also claims to be 6'4" and hard as nails.

 

[francoHFW]

just 6'4", scumbag insurance man lol...

 

[Dad2three]

Still waiting for the ONE bill the Dems passed under Dubya that changed his policies?

IF the GOP gets the Senate, nothing changes, the GOP has been dragging Obama down from day one, fighting EVERYTHING that might help US, all in the name of their failed ideology!


THE PREZ USES EXECUTIVE BRANCH POWER WITH THE ABSENCE OF CONGRESS. DUBYA'S REGULATOR FAILURE PROVED IT!

Even better question what Bush policy has obama done away with or has not extended and made worse?

HE PUT REGULATORS BACK ON THE BEAT!


“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

You're bitching about a failed freddy and Fanny that bush want more regulatory? You do realize it had to be bailed out? Your democrats fat calf needed to be killed but no democrats whined like little bitches and here we are economy crashed

BUSH WANTED MORE REGULATORY? LOL

One president controlled the regulators that not only let banks stop checking income but cheered them on. And as president Bush could enact the very policies that caused the Bush Mortgage Bubble and he did. And his party controlled congress.

Bush talked about reform. He talked and he talked. And then he stopped reform. (read that as many times as necessary. Bush stopped reform). And then he stopped it again

July 8, 2004

[TBODY] [/TBODY]

HUD DATA SHOWS FANNIE MAE AND FREDDIE MAC HAVE TRAILED THE INDUSTRY IN PROVIDING AFFORDABLE HOUSING IN 44 STATES
New regulations will increase mortgage financing for homebuyers and underserved communities
WASHINGTON - The U.S. Department of Housing and Urban Development released data today giving a state-by-state breakdown of the performance of Government Sponsored Enterprises (GSEs), Fannie Mae and Freddie Mac. This data covering 1999-2002 shows that combined, the GSEs have lagged behind the primary market in 44 states in their commitment to provide affordable housing opportunities for low- and moderate-income families.

"While the GSEs met the affordable housing goals in 2002, they must further utilize their entrepreneurial talents and power in the marketplace to genuinely lead the mortgage finance industry as Congress intended," said HUD Secretary Alphonso Jackson. "HUD recently proposed new housing goals, which over the next four years, would simply push the GSEs to do what is expected of them-helping low- and moderate-income families at least at the same percentage levels as primary market lenders."


HUD estimates that if the GSEs had matched the overall single-family market during this period, they would have acquired an additional 470,000 single-family loans for low- and moderate-income families.

HUD Archives HUD DATA SHOWS FANNIE MAE AND FREDDIE MAC HAVE TRAILED THE INDUSTRY IN PROVIDING AFFORDABLE HOUSING IN 44 STATES


June 2004

Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.

Home builders fight Bush s low-income housing - Jun. 17 2004


STATEMENT OF ADMINISTRATION POLICY
The Administration strongly believes that the housing GSEs should be focused on their core housing mission, particularly with respect to low-income Americans and first-time homebuyers. Instead, provisions of H.R. 1461 that expand mortgage purchasing authority would lessen the housing GSEs' commitment to low-income homebuyers.

George W. Bush: Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005

Yes, he said he was against it because it "would lessen the housing GSEs' commitment to low-income homebuyers". And here's what the House Republican Mike Oxley, Chairman of the House Financial Services committee said

“What did we get from the White House? We got a one-finger salute.”

Setting the Record Straight: Six Years of Unheeded Warnings for GSE Reform
Setting the Record Straight Six Years of Unheeded Warnings for GSE Reform

Cool, so Dubya 'warned' the GOP Congress for 6 years AND threatened a veto on the ONLY bill to make it out of EITHER GOP house, HR1461 in 2005 this was his statement once more

STATEMENT OF ADMINISTRATION POLICY
The Administration strongly believes that the housing GSEs should be focused on their core housing mission, particularly with respect to low-income Americans and first-time homebuyers. Instead, provisions of H.R. 1461 that expand mortgage purchasing authority would lessen the housing GSEs' commitment to low-income homebuyers.

George W. Bush: Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005

Yes, he said he was against it because it "would lessen the housing GSEs' commitment to low-income homebuyers"

So the GOP Congrsss completly ignored the guy who got through 2 UNFUNDED tax cuts, took US to 2 UNFUNDED wars and gave US UNFUNDED Medicare expansion, even came inn between a husband and wife (Terri Schiavvo) but COULDN'T get the GOP Congress to 'reform' the GSE's? lol



ONCE MORE

June 17, 2004

Builders to fight Bush's low-income plan

Groups ask HUD (THAT WOULD BE EXECUTIVE BRANCH, DUBYA) to rethink plan that would increase financing of homes to low-income people.

Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday

Home builders fight Bush s low-income housing - Jun. 17 2004

We have made significant adjustments to our mortgage loan sourcing and purchase strategies in an effort to meet the increased housing goals and subgoals. These strategies include entering into some purchase and securitization transactions with lower expected economic returns than our typical transactions. We have also relaxed some of our underwriting criteria to obtain goals-qualifying mortgage loans and increased our investments in higher-risk mortgage loan products that are more likely to serve the borrowers targeted by HUD’s goals and subgoals,
http://www.fanniemae.com/ir/pdf/annu...ual_report.pdf

HOLY COW! Bush forced them to lower their standards. If only somebody had warned us that Bush's policies would hurt Freddie and Fannie. Wait, somebody did.


Fannie, Freddie to Suffer Under New Rule, Frank Says

Fannie Mae and Freddie Mac would suffer financially under a Bush administration requirement that they channel more mortgage financing to people with low incomes, said the senior Democrat on a congressional panel that sets regulations for the companies.


So if your narrative is "GSEs are to blame" then you have to blame Dubya

http://democrats.financialservices....s/112/06-17-04-new-Fannie-goals-Bloomberg.pdf

 

[Dad2three]

They were not forced to do this.

dear they were not forced becuase it seemed like a great idea. The liberals had always inflated the housing market so values always went up. If it got to a point where someone could not pay, no biggie, just sell and everyone makes a profit. Capitalism is self-correcting, but liberalism is not.

Simple enough??

Simple enough for a simpleton. In the real world. Booosh., greedy Pubs and their business cronies,. . and his regulators caused the real estate meltdown duh. The CRA etc ended discrimination against WORTHY poor woorkers, Boooshies sold scams to unemployed lol, showed bankers around the world how to join in the fun.

The idea that the crash is all on Republicans and not the Democrats, too, is as retarded as the idea that the CRA was to blame for the crash.

HOW WAS IT THE DEMS? Which regulatory power did they have then?

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.”


"Another form of easing facilitated the rapid rise of mortgages that didn't require borrowers to fully document their incomes. In 2006, these low- or no-doc loans comprised 81 percent of near-prime, 55 percent of jumbo, 50 percent of subprime and 36 percent of prime securitized mortgages."

Q HOLY JESUS! DID YOU JUST PROVE THAT OVER 50 % OF ALL MORTGAGES IN 2006 DIDNT REQUIRE BORROWERS TO DOCUMENT THEIR INCOME?!?!?!?

A Yes.




Q WHO THE HELL LOANS HUNDREDS OF THOUSANDS OF DOLLARS TO PEOPLE WITHOUT CHECKING THEIR INCOMES?!?!?

A Banks.

Q WHY??!?!!!?!

A Two reasons, greed and Bush's regulators let them.

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

facts: liberal fed printed money to stimulate houosing market without which a crisis was impossible! Lilberal FF was created to get people into homes the Republican ffree market said they could not afford.

LOL, Yeah, old Ayn Rand Greenspan was really a lib in disguise, lol

"Another form of easing facilitated the rapid rise of mortgages that didn't require borrowers to fully document their incomes. In 2006, these low- or no-doc loans comprised 81 percent of near-prime, 55 percent of jumbo, 50 percent of subprime and 36 percent of prime securitized mortgages."

Q HOLY JESUS! DID YOU JUST PROVE THAT OVER 50 % OF ALL MORTGAGES IN 2006 DIDNT REQUIRE BORROWERS TO DOCUMENT THEIR INCOME?!?!?!?

A Yes.




Q WHO THE HELL LOANS HUNDREDS OF THOUSANDS OF DOLLARS TO PEOPLE WITHOUT CHECKING THEIR INCOMES?!?!?

A Banks.

Q WHY??!?!!!?!

A Two reasons, greed and Bush's regulators let them.

And then they sold the loan and risk to investors and GSEs clamoring for the loans. Actually banks, pension funds, investment banks and other investors clamored for them. Bush forced Freddie and Fannie to buy an additional $440 billion in mortgages in the secondary market (THAT'S WALL STREET DUMMY)


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