Nobody Is Even Going To Get A Hand Slapped.

Discussion in 'Economy' started by froggy, Jan 28, 2011.

  1. froggy
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    froggy Gold Member

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  2. B. Kidd
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    B. Kidd Gold Member

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    Looks like some Country Club membership applications could end up getting rejected.
     
  3. whitehall
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    whitehall Gold Member

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    Look at the timing. The phony commission held the report until after republicans gained the majority in congress. The purpose of the report is to deflect a real investigation into the Fannie Mae meltdown which might embarass (and worse) democrats. Barney Frank was the chairperson of the powerful House banking committee and he said he had "ideological blinders" on when Fannie collapsed. Democrat Chris Dodd was his counterpart in the senate and his financial gains from Fannie have yet to be investigated. Frank Raines is a Obama advisor and during his stint as CEO of Fannie Mae it is alleged that he cooked the books to show a profit that was tied to his lavish bonus money and he walked away with 90 Million dollars of taxpayer money for three years work. The FCIC commission was apppointed by democrats with a majority of democrats on the commission. The majority knee-jerk jerks blamed the banks. That's no surprise.
     
  4. uscitizen
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    uscitizen Senior Member

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    Everyone just knows that it was entirely caused by Fannie and Freddie!
     
  5. whitehall
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    whitehall Gold Member

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    The ironic thing was that the banks never want to make bad loans. They were forced into it early in the 90's when democrats decided that everyone should realize the American dream of owning a home regardless of their ability to pay for it. Banks were forced to make bad loans or face civil rights litigation. The scheme worked for about a decade while Fannie Mae bundled up the bad loans with good loans and lold the package back to lending institutions. It was a plan worthy of organized crime. The Fannie Mae "board" was comprised of political hacks who had no experience in the lending industry and were paid a six figure salary for no-show jobs.
     
  6. editec
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    editec Mr. Forgot-it-All

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  7. BlindBoo
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    BlindBoo Gold Member

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    At the risk of getting Booooooooooshed.........With that said I still think both sides of the isle share the blame.

    This article was written in 2005 and is a forshadowing of things that came.

    "Bush could be exposing taxpayers to tens of billions of dollars of losses, luring thousands of low- and moderate-income people to the heartbreak of losing their first house, and risking wrecking entire neighborhoods. Bush's housing initiatives — especially his “American Dream Down Payment Act” to give free down payments to selected home buyers — were key planks in his reelection campaign. He is also pushing Congress to enact a law to permit the feds to give zero-down-payment mortgages. "

    The Bush “Dream Act” and the zero-down-payment plan are modeled after “down-payment assistance programs.....”

    Bush Profiteering from Housing Defaults by James Bovard
     

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