No One Has Ever Fallen Faster

[OnePercenter]

Sarah speaks the Truth.

Here are some truths.

Palinisms - Dumb Sarah Palin Quotes Gaffes and Lies

 

[OnePercenter]

I declare victory. That libs acts like the democrats had no part in the housing crises. Bush tried to get the regulators back on the job but the democrats cried racism and wouldn't allow it.

That's not saying much being from a State with people that think T.G.I. Fridays is a five-star.

 

[Dad2three]

This is why we need to get rid of Public Sector Unions.

What dimocrap filth are too stupid to understand is this -- The entire Civil Service has been infiltrated by liberal scumbags. Top to bottom, inside and out.

It's what they do. A dimocrap scumbag's fondest wish, their heart's desire is to get goobermint job. That's just the way it is.

Is that to mean that ALL Civil Servants are scumof the earht dimocraps? No, but most are.

And that's is why the EPA is the way it is, why the IRS is the way it is, why the VA is the way its and why REGULATORS are they way they are.

And that's who/what caused this shit -- Regulation. The regulators took on a life of their own, they became Judge, Jury and Executioner to Banks and loan originators. Fannie and Freddie (under Franklin Raines and Jamie Gore-Lick [both of whom should be executed for treason] who both got rich) was also a big contributor. Big time

The CRA didn't directly CAUSE the meltdown.... No one thing did.

But the CRA lit the fuse.

I know. I was knee-deep in it. I saw it coming. I tried to advise my friends and people I knew and worked with to be careful. Very careful.

Some were, most weren't.

I survived. The ones that didn't listen -- Not so much.

The CRA was the root cause of the problem.

Period.

As usual, right wingers NEVER let something as small as FACTS get in the way of their beliefs



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.”



Q Did the Community Reinvestment Act under Carter/Clinton caused it?


A "Since 1995 there has been essentially no change in the basic CRA rules or enforcement process that can be reasonably linked to the subprime lending activity. This fact weakens the link between the CRA and the current crisis since the crisis is rooted in poor performance of mortgage loans made between 2004 and 2007. "

http://www.federalreserve.gov/newsevents/speech/20081203_analysis.pdf


Fannie & Freddie Mac & CRA didn’t cause the Mortgage Crisis




A study by the Joint Center for Housing Studies Harvard University on the Subprime Lending and the Community Reinvestment Act concluded that: data provided by the Home Mortgage Disclosure Act (HMDA) reveal that loans covered by the CRA accounted for only a fraction of mortgage lending to lower-income borrowers and neighborhood

Read entire article here (PDF)

Their data clearly shows that the vast majority of subprime lending was conducted by lenders outside of CRA scrutiny, and therefore under no government ‘coercion’ to lend to lower income and/or higher risk borrowers.

Fannie Freddie Mac CRA didn 8217 t cause the Mortgage Crisis Fact and Myth


No, Marco Rubio, government did not cause the housing crisis


The Financial Crisis Inquiry Commission (FCIC) panel looked carefully at this argument and also ended up finding it doesn't work. So those who blame the GSEs can't get the numbers to work when they make up categories.

(Fun fact: These same conservatives sang a different tune before the crash. They argued that the CRA and the GSEs were getting in the way of getting risky subprime mortgages to risky subprime borrowers. See Should CRA Stand for 'Community Redundancy Act? from Cato in 2000 or AEI's Peter Wallison in 2004 arguing "study after study has shown that Fannie Mae and Freddie Mac are failing to do even as much as banks and S&Ls in providing financing for affordable housing, including minority and low income housing.")

No Marco Rubio government did not cause the housing crisis - The Washington Post



Fed Study Debunks Conservative Myth That Affordable Housing Policies Caused Subprime Crisis


One would think that understanding that loans made by CRA banks in CRA areas reached their height in 1994 and steadily decreased right through the bubble would convince even the most stubborn ideologue to look elsewhere.

http://www.jchs.harvard.edu/publications/governmentprograms/n08-2_park.pdf

But like the 40% loss of market share of the GSEs during the bubble, the almost equal market share loss of CRA banks means nothing. Instead, we have to listen to people talking about a bubble caused by banks that were losing business, and in the case of CRA banks, steadily losing business over a ten year period.


Given CEOs' proclivity for government bashing, any lenders being driven to write bad loans by the CRA OR ANY OTHER POLICY, would have been on CNBC screaming at the top of their lungs.

But that dog that didn't bark.

You can cut and paste the liberal encyclopedia. It ain't gonna change the facts that democrats are behind the meltdown by threatening banks to make loans or "else".

You mean those loans under Gov't supervision that performed 450%+ better than those NOT under Gov't supervision as the BANKSTERS RAN A WORLD WIDE CREDIT BUBBLE AND BUST?


PLEASE give me the law that required over 50% of loans in 2006 to be LIAR loans or subprimes? lol

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

 

[Stephanie]

amazing how many days the rabid palin haters can go on and on and on and on.

hell they'll drag up an old thread just so they can hate on her.

Of course times hasn't been to kind to them, their Dear Leader and their party. so they need to VENT vent vent.

so pathetic

 

[Dad2three]

Andrew Cuomo ADMITTED he and Blow Job Clinton STARTED the Housing bubble collapse!

I declare victory. That libs acts like the democrats had no part in the housing crises. Bush tried to get the regulators back on the job but the democrats cried racism and wouldn't allow it.

Hey dummy, DUBYA WAS THE REGULATOR OF F/F, HUD, OCC, SEC, FBI, etc. JUST like Ronnie when he ALSO ignored regulator warnings from Mr Gray in 1984 on the S&L crisis and would've prevented 90%+ of the Ronnie Reagan S&L crisis

DUBYA FORCED F/F TO INCREASE THEIR GOALS FROM 50% TO 56% IN 2004. HE ALSO REQUIRED THEM TO PURCHASE $440 BILLION IN MBS'S (2004)TO MEET HIS GOALS, HE ALSO DROPPED CLINTON'S RULE FROM 2000 THAT STOPPED SUBPRIMES BEING COUNTED TOWARDS AFFORDABLE HOUSING GOALS (2004). Weird right? lol

 

[Dad2three]

Andrew Cuomo ADMITTED he and Blow Job Clinton STARTED the Housing bubble collapse!

I declare victory. That libs acts like the democrats had no part in the housing crises. Bush tried to get the regulators back on the job but the democrats cried racism and wouldn't allow it.

Don't ever believe the TRUTH means a fucking thing to these Commie, subversives, the more they post, the more you hit them with the same TRUTHS, they can't answer! Just remember, and keep repeating....

Andrew Cuomo ADMITTED he and Blow Job Clinton STARTED the Housing bubble collapse!

LIAR

 

[Vigilante]

 

[Vigilante]

Andrew Cuomo ADMITTED he and Blow Job Clinton STARTED the Housing bubble collapse!

I declare victory. That libs acts like the democrats had no part in the housing crises. Bush tried to get the regulators back on the job but the democrats cried racism and wouldn't allow it.

Don't ever believe the TRUTH means a fucking thing to these Commie, subversives, the more they post, the more you hit them with the same TRUTHS, they can't answer! Just remember, and keep repeating....

Andrew Cuomo ADMITTED he and Blow Job Clinton STARTED the Housing bubble collapse!

LIAR

Yes, you are!

 

[CrusaderFrank]

TEA Party members are more educated than the Democrats. Fact!

The Bundy Bunch?

57 States?

 

[OnePercenter]

amazing how many days the rabid palin haters can go on and on and on and on.

hell they'll drag up an old thread just so they can hate on her.

Of course times hasn't been to kind to them, their Dear Leader and their party. so they need to VENT vent vent.

so pathetic

Perhaps that's because we have many, many years of Palin saying stupid things.

 

[OnePercenter]

TEA Party members are more educated than the Democrats. Fact!

The Bundy Bunch?

57 States?

57 States and territories.

 

[Vigilante]

amazing how many days the rabid palin haters can go on and on and on and on.

hell they'll drag up an old thread just so they can hate on her.

Of course times hasn't been to kind to them, their Dear Leader and their party. so they need to VENT vent vent.

so pathetic

Perhaps that's because we have many, many years of Palin saying stupid things.

 

[OnePercenter]

Today's veterans DON'T need more mental health services?

 

[Dad2three]

Andrew Cuomo ADMITTED he and Blow Job Clinton STARTED the Housing bubble collapse!

I declare victory. That libs acts like the democrats had no part in the housing crises. Bush tried to get the regulators back on the job but the democrats cried racism and wouldn't allow it.

Don't ever believe the TRUTH means a fucking thing to these Commie, subversives, the more they post, the more you hit them with the same TRUTHS, they can't answer! Just remember, and keep repeating....

Andrew Cuomo ADMITTED he and Blow Job Clinton STARTED the Housing bubble collapse!

LIAR

Yes, you are!

REALLY? REALLY? LOL


1998? LOL



"(In 2000, CLINTON)) HUD restricted Freddie and Fannie, saying it would not credit them for loans they purchased that had abusively high costs or that were granted without regard to the borrower's ability to repay."

How DUBYA'S HUD Mortgage Policy Fed The Crisis

"In 2004 (DUBYA) , the 2000 rules were dropped and high‐risk loans were again counted toward affordable housing goals."


http://www.prmia.org/sites/default/files/references/Fannie_Mae_and_Freddie_Mac_090911_v2.pdf



The Presidents (DUBYA) Working Group’s 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. "

The regulators report to Bush and he encouraged, funded and protected lower lending standards.

We want more people owning their own home in America," Bush said. His goal is to have 5.5 million minority homeowners in the country by the end of the decade.

March 26, 2004

Bush Ties Policy to Record Home Ownership

Bush Ties Policy to Record Home Ownership Fox News

2005 FANNIE REPORT (FOR 2004)

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/resources/file/ir/pdf/stock-info/series_T_05152008.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 bush


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


No, the GSEs Did Not Cause the Financial Meltdown (but thats just according to the data)


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

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

 

[Vigilante]

Today's veterans DON'T need more mental health services?

The president need mental health services desperately!

 

[Vigilante]

Andrew Cuomo ADMITTED he and Blow Job Clinton STARTED the Housing bubble collapse!

I declare victory. That libs acts like the democrats had no part in the housing crises. Bush tried to get the regulators back on the job but the democrats cried racism and wouldn't allow it.

Don't ever believe the TRUTH means a fucking thing to these Commie, subversives, the more they post, the more you hit them with the same TRUTHS, they can't answer! Just remember, and keep repeating....

Andrew Cuomo ADMITTED he and Blow Job Clinton STARTED the Housing bubble collapse!

LIAR

Yes, you are!

REALLY? REALLY? LOL


1998? LOL



"(In 2000, CLINTON)) HUD restricted Freddie and Fannie, saying it would not credit them for loans they purchased that had abusively high costs or that were granted without regard to the borrower's ability to repay."

How DUBYA'S HUD Mortgage Policy Fed The Crisis

"In 2004 (DUBYA) , the 2000 rules were dropped and high‐risk loans were again counted toward affordable housing goals."


http://www.prmia.org/sites/default/files/references/Fannie_Mae_and_Freddie_Mac_090911_v2.pdf



The Presidents (DUBYA) Working Group’s 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. "

The regulators report to Bush and he encouraged, funded and protected lower lending standards.

We want more people owning their own home in America," Bush said. His goal is to have 5.5 million minority homeowners in the country by the end of the decade.

March 26, 2004

Bush Ties Policy to Record Home Ownership

Bush Ties Policy to Record Home Ownership Fox News

2005 FANNIE REPORT (FOR 2004)

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/resources/file/ir/pdf/stock-info/series_T_05152008.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 bush


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


No, the GSEs Did Not Cause the Financial Meltdown (but thats just according to the data)


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

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

 

[OnePercenter]

Today's veterans DON'T need more mental health services?

The president need mental health services desperately!

So you DON'T believe today's veterans DON'T need more mental health services?

 

[CrusaderFrank]

TEA Party members are more educated than the Democrats. Fact!

The Bundy Bunch?

57 States?

57 States and territories.

LOLz

Sure.

Sure.

57 Heinz Varieties too

Obama Fluffer -- to the Kneepads!

 

[Vigilante]

Today's veterans DON'T need more mental health services?

The president need mental health services desperately!

So you DON'T believe today's veterans DON'T need more mental health services?

Only the president when he lies the hundreds of times he does.... As CIC he puts out military at risk because of his mental illness!

 

[Dad2three]

I declare victory. That libs acts like the democrats had no part in the housing crises. Bush tried to get the regulators back on the job but the democrats cried racism and wouldn't allow it.

Don't ever believe the TRUTH means a fucking thing to these Commie, subversives, the more they post, the more you hit them with the same TRUTHS, they can't answer! Just remember, and keep repeating....

Andrew Cuomo ADMITTED he and Blow Job Clinton STARTED the Housing bubble collapse!

LIAR

Yes, you are!

REALLY? REALLY? LOL


1998? LOL



"(In 2000, CLINTON)) HUD restricted Freddie and Fannie, saying it would not credit them for loans they purchased that had abusively high costs or that were granted without regard to the borrower's ability to repay."

How DUBYA'S HUD Mortgage Policy Fed The Crisis

"In 2004 (DUBYA) , the 2000 rules were dropped and high‐risk loans were again counted toward affordable housing goals."


http://www.prmia.org/sites/default/files/references/Fannie_Mae_and_Freddie_Mac_090911_v2.pdf



The Presidents (DUBYA) Working Group’s 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. "

The regulators report to Bush and he encouraged, funded and protected lower lending standards.

We want more people owning their own home in America," Bush said. His goal is to have 5.5 million minority homeowners in the country by the end of the decade.

March 26, 2004

Bush Ties Policy to Record Home Ownership

Bush Ties Policy to Record Home Ownership Fox News

2005 FANNIE REPORT (FOR 2004)

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/resources/file/ir/pdf/stock-info/series_T_05152008.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 bush


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


No, the GSEs Did Not Cause the Financial Meltdown (but thats just according to the data)


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

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

So policy, once made, NEVER changes? Good thing BJ Bill stopped the policy 2 years after it started when they saw what was happening right? To bad Dubya put it back in place in 2004, lol

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