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Interesting Barney Frank Audio/Video from CSPAN 2003 Fannie Hearing
- Thread starter KMAN
- Start date
WillowTree
Diamond Member
- Sep 15, 2008
- 84,532
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WillowTree
Diamond Member
- Sep 15, 2008
- 84,532
- 16,091
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Maxine Waters wasn't too impressed with regulation either.
Nobody on the left wants to touch this.
user_name_guest
Member
- Sep 19, 2008
- 704
- 43
- 16
Remember, politicians lie. This is election year. We hear it from both parties whether it is earmarks or voting for Bush economic policy (bailout) which in the last eight years, has been a failure.
- Thread starter
- #8
Nobody on the left wants to touch this.
You are darn right... There is no defense for this that's why.. The sad thing is they still won't blame Barney Frank for this... It will be President Bush's fault... And people wonder why this country is falling apart...
Truthmatters
Diamond Member
- May 10, 2007
- 80,182
- 2,272
- 1,283
- Banned
- #9
Touch what?
Do you realize fanny and freddy never wrote any sub prime loans?
Do you realize that in 2003 the level of sub prime had not yet become a problem?
Do you realize that in 2004 Barney and all the govenors of the country were twarted by the BUSH admin in their attempts to allow the states to police this sub prime market problem?
Bush and his team pulled up an arcaic law from the 1800s to PREVENT the states from having power in their own state to regulate the market!
They stripped the states of their power to police their OWN STATES!
So much for you guys being pro states rights huh?
Party above state and party before country , you guys have no moral campass left.
Do you realize fanny and freddy never wrote any sub prime loans?
Do you realize that in 2003 the level of sub prime had not yet become a problem?
Do you realize that in 2004 Barney and all the govenors of the country were twarted by the BUSH admin in their attempts to allow the states to police this sub prime market problem?
Bush and his team pulled up an arcaic law from the 1800s to PREVENT the states from having power in their own state to regulate the market!
They stripped the states of their power to police their OWN STATES!
So much for you guys being pro states rights huh?
Party above state and party before country , you guys have no moral campass left.
Andrew2382
Gold Member
- Oct 1, 2008
- 3,994
- 551
- 153
You do realize that Sub-Prime made up 20% of Fmae and Fmac portfolio right?
780 Billion dollars?
You do realize thatBush wanted to do a major overaul to fmae and fmac in 02, or 03....which is when we got my famou ssignature quote from your favorite fat fuck of a senator Barney Frank
Please stop defending him really
780 Billion dollars?
You do realize thatBush wanted to do a major overaul to fmae and fmac in 02, or 03....which is when we got my famou ssignature quote from your favorite fat fuck of a senator Barney Frank
Please stop defending him really
Truthmatters
Diamond Member
- May 10, 2007
- 80,182
- 2,272
- 1,283
- Banned
- #11
BBC NEWS | Business | The US sub-prime crisis in graphics
In this article you will find graphs of the sub prime level year by year.
Go f'ing look at the levels in 2003 guys.
If Facts mean ANYTHING to you then you will understand just how stupid this arguement is.
Fmac and Fmae do not write loans.
In this article you will find graphs of the sub prime level year by year.
Go f'ing look at the levels in 2003 guys.
If Facts mean ANYTHING to you then you will understand just how stupid this arguement is.
Fmac and Fmae do not write loans.
Truthmatters
Diamond Member
- May 10, 2007
- 80,182
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- Banned
- #12
http://www.responsiblelending.org/pdfs/senate-sept-07-final.pdf
Here is the congressional testimony of the man who heads the Center for Responsible Lending.
You will see that he clearly states it was a lack of regulation that caused this mess.
Bush and the republican congress not just sat on their hands while this mess developed they prevented the states from regulating the market on their own.
Here is the congressional testimony of the man who heads the Center for Responsible Lending.
You will see that he clearly states it was a lack of regulation that caused this mess.
Bush and the republican congress not just sat on their hands while this mess developed they prevented the states from regulating the market on their own.
- Thread starter
- #13
http://www.responsiblelending.org/pdfs/senate-sept-07-final.pdf
Here is the congressional testimony of the man who heads the Center for Responsible Lending.
You will see that he clearly states it was a lack of regulation that caused this mess.
Bush and the republican congress not just sat on their hands while this mess developed they prevented the states from regulating the market on their own.
FYI - Congress has been run by Democrats since 2006... and like you said there was no issue before then right?
Truthmatters
Diamond Member
- May 10, 2007
- 80,182
- 2,272
- 1,283
- Banned
- #14
Can you read?
Or are you just a lying piece of shit?
Look at the information I provided you fool and try to get your tiny little brain to be honest for one full minute.
Or are you just a lying piece of shit?
Look at the information I provided you fool and try to get your tiny little brain to be honest for one full minute.
Andrew2382
Gold Member
- Oct 1, 2008
- 3,994
- 551
- 153
The Repub tried to regulate it over and fucking over again!
Just the Facts: The Administration's Unheeded Warnings About the Systemic Risk Posed by the GSEs
yeah i know, bullshit right wing site
For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted. Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
2001
April: The Administration's FY02 budget declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity."
2002
May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)
2003
January: Freddie Mac announces it has to restate financial results for the previous three years.
February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that "although investors perceive an implicit Federal guarantee of [GSE] obligations," "the government has provided no explicit legal backing for them." As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. ("Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO," OFHEO Report, 2/4/03)
September: Fannie Mae discloses SEC investigation and acknowledges OFHEO's review found earnings manipulations.
September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact "legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises" and set prudent and appropriate minimum capital adequacy requirements.
October: Fannie Mae discloses $1.2 billion accounting error.
November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any "legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk." To reduce the potential for systemic instability, the regulator would have "broad authority to set both risk-based and minimum capital standards" and "receivership powers necessary to wind down the affairs of a troubled GSE." (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)
2004
February: The President's FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: "The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator." (2005 Budget Analytic Perspectives, pg. 83)
February: CEA Chairman Mankiw cautions Congress to "not take [the financial market's] strength for granted." Again, the call from the Administration was to reduce this risk by "ensuring that the housing GSEs are overseen by an effective regulator." (N. Gregory Mankiw, Op-Ed, "Keeping Fannie And Freddie's House In Order," Financial Times, 2/24/04)
June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying "We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System." (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)
2005
April: Treasury Secretary John Snow repeats his call for GSE reform, saying "Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system." (Secretary John W. Snow, "Testimony Before The U.S. House Financial Services Committee," 4/13/05)
2007
July: Two Bear Stearns hedge funds invested in mortgage securities collapse.
August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying "first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options." (President George W. Bush, Press Conference, The White House, 8/9/07)
September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before.
September: Single-family existing home sales decreases 7.5 percent from the previous month – the lowest level in nine years. Median sale price of existing homes fell six percent from the year before.
December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying "These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon." (President George W. Bush, Discusses Housing, The White House, 12/6/07)
2008
January: Bank of America announces it will buy Countrywide.
January: Citigroup announces mortgage portfolio lost $18.1 billion in value.
February: Assistant Secretary David Nason reiterates the urgency of reforms, says "A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully." (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)
March: Bear Stearns announces it will sell itself to JPMorgan Chase.
March: President Bush calls on Congress to take action and "move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages." (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)
April: President Bush urges Congress to pass the much needed legislation and "modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes." (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)
May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.
"Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans." (President George W. Bush, Radio Address, 5/3/08)
"[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator." (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)
"Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans." (President George W. Bush, Radio Address, 5/31/08)
June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying "we need to pass legislation to reform Fannie Mae and Freddie Mac." (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)
July: Congress heeds the President's call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.
Just the Facts: The Administration's Unheeded Warnings About the Systemic Risk Posed by the GSEs
yeah i know, bullshit right wing site
For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted. Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
2001
April: The Administration's FY02 budget declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity."
2002
May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)
2003
January: Freddie Mac announces it has to restate financial results for the previous three years.
February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that "although investors perceive an implicit Federal guarantee of [GSE] obligations," "the government has provided no explicit legal backing for them." As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. ("Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO," OFHEO Report, 2/4/03)
September: Fannie Mae discloses SEC investigation and acknowledges OFHEO's review found earnings manipulations.
September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact "legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises" and set prudent and appropriate minimum capital adequacy requirements.
October: Fannie Mae discloses $1.2 billion accounting error.
November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any "legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk." To reduce the potential for systemic instability, the regulator would have "broad authority to set both risk-based and minimum capital standards" and "receivership powers necessary to wind down the affairs of a troubled GSE." (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)
2004
February: The President's FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: "The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator." (2005 Budget Analytic Perspectives, pg. 83)
February: CEA Chairman Mankiw cautions Congress to "not take [the financial market's] strength for granted." Again, the call from the Administration was to reduce this risk by "ensuring that the housing GSEs are overseen by an effective regulator." (N. Gregory Mankiw, Op-Ed, "Keeping Fannie And Freddie's House In Order," Financial Times, 2/24/04)
June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying "We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System." (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)
2005
April: Treasury Secretary John Snow repeats his call for GSE reform, saying "Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system." (Secretary John W. Snow, "Testimony Before The U.S. House Financial Services Committee," 4/13/05)
2007
July: Two Bear Stearns hedge funds invested in mortgage securities collapse.
August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying "first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options." (President George W. Bush, Press Conference, The White House, 8/9/07)
September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before.
September: Single-family existing home sales decreases 7.5 percent from the previous month – the lowest level in nine years. Median sale price of existing homes fell six percent from the year before.
December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying "These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon." (President George W. Bush, Discusses Housing, The White House, 12/6/07)
2008
January: Bank of America announces it will buy Countrywide.
January: Citigroup announces mortgage portfolio lost $18.1 billion in value.
February: Assistant Secretary David Nason reiterates the urgency of reforms, says "A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully." (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)
March: Bear Stearns announces it will sell itself to JPMorgan Chase.
March: President Bush calls on Congress to take action and "move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages." (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)
April: President Bush urges Congress to pass the much needed legislation and "modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes." (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)
May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.
"Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans." (President George W. Bush, Radio Address, 5/3/08)
"[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator." (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)
"Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans." (President George W. Bush, Radio Address, 5/31/08)
June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying "we need to pass legislation to reform Fannie Mae and Freddie Mac." (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)
July: Congress heeds the President's call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.
Truthmatters
Diamond Member
- May 10, 2007
- 80,182
- 2,272
- 1,283
- Banned
- #16
2003 is the year in which that tape of Franks is made.
The sub prime was not yet reaching levels of major concern.
Then Bush fought the states and kept them from regulating the industy on their own so that the markets could profit off them.
He did it because he needed good economic numbers and the economy was dragging.
He sacraficed the countrys econmic future for good numbers for the mommnet.
The sub prime was not yet reaching levels of major concern.
Then Bush fought the states and kept them from regulating the industy on their own so that the markets could profit off them.
He did it because he needed good economic numbers and the economy was dragging.
He sacraficed the countrys econmic future for good numbers for the mommnet.
Truthmatters
Diamond Member
- May 10, 2007
- 80,182
- 2,272
- 1,283
- Banned
- #17
Why cant you guys ever post a link to that time line?
I already know why you cant.
oops just saw the link and just as I thought its from the white house , gee imagine my surprize.
I already know why you cant.
oops just saw the link and just as I thought its from the white house , gee imagine my surprize.
Last edited:
- Thread starter
- #19
Once again....
The beginning...
FRB: Community Reinvestment Act
The Middle...
Fannie Mae Eases Credit To Aid Mortgage Lending - New York Times
The end...
What we are seeing today...
Does this timeline make sense?
The beginning...
FRB: Community Reinvestment Act
The Middle...
Fannie Mae Eases Credit To Aid Mortgage Lending - New York Times
The end...
What we are seeing today...
Does this timeline make sense?
Truthmatters
Diamond Member
- May 10, 2007
- 80,182
- 2,272
- 1,283
- Banned
- #20
Where in that time line is the FACTS about Bush twarting the states from protecting themselves from the sub prime mess?
Oh they jsut left out EVERYTHING every one else did to stop this mess huh?
Like the Law Franks posed in 2004.
Oh they jsut left out EVERYTHING every one else did to stop this mess huh?
Like the Law Franks posed in 2004.
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