Politically speaking, the truth about the credit bubble

[GoneBezerk]

Actually you assholes better hope the average taxpayer doesn't find out about the DoJ led by liberals going after banks for not filling minority quotas on loans.

Joe Schmoe paying for his home, paying taxes, etc won't like finding out someone in the ghetto got a loan they couldn't afford because of the color of their skin after a bank was blackmailed into doing it.......oh, only then that taxpayer having to bailout the banks over those bad loans.

The DoJ has gone after banks for not loaning "enough money" to "minorities." The DoJ is going right back after banks checking to see how many minorities are on their books with the threat of fines if the % is not the right %.

It is a shakedown by liberals in the Govt that are "paying back white America" for slavery hundreds of years ago. If you are a bank, you'd better have enough homeloans to black people or Eric Holder will be fining your bank.

There are plenty of laws and regulations where they can trump up discrimination charges on a bank, that the bank will just suck it up and give black people with minimal paying jobs a home loan which will blow up in 1-5 years.

Of course, the community shakedown artists like Obamination, Sharpton, Jackson, etc and their goons in the Govt just sneak out the backdoor when the shit hits the fan.

without real estate pricing plummeting
that, that event that had nothing to do with Bankers and Consumers making bad decisions
Had nothing to do with it

I cannot find any legislation that states if a person is making 30k a year you are mandated to give that person a 200,000.00 mortgage either

It was a credit bubble that has as much to do with good people going up-side down on there financial investments

I guess I see those stupid choices from the banker to the consumer is the people I see on the hook as the problem as it was created
Still
If real estate values remained good, none of this occurs

GEEE that is it!


You have found the next republican platform meme.

The POOR banks were treated badly.


That will no doubt win lots of votes.

 

[Truthmatters]

HAHAHAHAHAHAH


your an idiot without a clue

 

[GoneBezerk]

The W Administration tried a handful of times to tighten the loose loan rules but minority goons like Maxine Waters called it racism, there is plenty of YouTube video on these hearings where Democrats played down the threats and tried to use the race card on "white people" from the Bush Admin.

It all blew at the end of Bush's 2nd term and then Democrats with help from their media pointed the finger at Bush.....Obamination took advantage of it and is now repeating the same bullshit with his "black" DoJ getting back at whitey.

The DoJ has gone after banks for not loaning "enough money" to "minorities." The DoJ is going right back after banks checking to see how many minorities are on their books with the threat of fines if the % is not the right %.

It is a shakedown by liberals in the Govt that are "paying back white America" for slavery hundreds of years ago. If you are a bank, you'd better have enough homeloans to black people or Eric Holder will be fining your bank.

There are plenty of laws and regulations where they can trump up discrimination charges on a bank, that the bank will just suck it up and give black people with minimal paying jobs a home loan which will blow up in 1-5 years.

Of course, the community shakedown artists like Obamination, Sharpton, Jackson, etc and their goons in the Govt just sneak out the backdoor when the shit hits the fan.

without real estate pricing plummeting
that, that event that had nothing to do with Bankers and Consumers making bad decisions
Had nothing to do with it

I cannot find any legislation that states if a person is making 30k a year you are mandated to give that person a 200,000.00 mortgage either

It was a credit bubble that has as much to do with good people going up-side down on there financial investments

I guess I see those stupid choices from the banker to the consumer is the people I see on the hook as the problem as it was created
Still
If real estate values remained good, none of this occurs

I cannot find fault with your thread
Again my issue is with so much of this being laid at the feet of our legislators and being blamed on GWB when in reality people not making there payments, contractors building entire developments with-out there being sold

I guess to cut to the chase, if the free market treated these opportunities with respect and attacked them with a plan instead of un controlled, credit
It was a credit bubble

any-way your thread is an opinion that has as much validity as mine

 

[dilloduck]

2008-2009 Financial Crisis Causes and Effects


The American economy is built on credit. Credit is a great tool when used wisely. For instance, credit can be used to start or expand a business, which can create jobs. It can also be used to purchase large ticket items such as houses or cars. Again, more jobs are created and people’s needs are satisfied. But in the last decade, credit went unchecked in our country, and it got out of control.

Mortgage brokers, acting only as middle men, determined who got loans, then passed on the responsibility for those loans on to others in the form of mortgage backed assets (after taking a fee for themselves originating the loan). Exotic and risky mortgages became commonplace and the brokers who approved these loans absolved themselves of responsibility by packaging these bad mortgages with other mortgages and reselling them as “investments.”

Thousands of people took out loans larger than they could afford in the hopes that they could either flip the house for profit or refinance later at a lower rate and with more equity in their home – which they would then leverage to purchase another “investment” house.

A lot of people got rich quickly and people wanted more. Before long, all you needed to buy a house was a pulse and your word that you could afford the mortgage. Brokers had no reason not to sell you a home. They made a cut on the sale, then packaged the mortgage with a group of other mortgages and erased all personal responsibility of the loan. But many of these mortgage backed assets were ticking time bombs. And they just went off.

I just knew the mortgage brokers did it to us. I've always hated those folks.

 

[GoneBezerk]

Oh, the irony.....

HAHAHAHAHAHAH


your an idiot without a clue

 

[Truthmatters]

2008-2009 Financial Crisis Causes and Effects


The American economy is built on credit. Credit is a great tool when used wisely. For instance, credit can be used to start or expand a business, which can create jobs. It can also be used to purchase large ticket items such as houses or cars. Again, more jobs are created and people’s needs are satisfied. But in the last decade, credit went unchecked in our country, and it got out of control.

Mortgage brokers, acting only as middle men, determined who got loans, then passed on the responsibility for those loans on to others in the form of mortgage backed assets (after taking a fee for themselves originating the loan). Exotic and risky mortgages became commonplace and the brokers who approved these loans absolved themselves of responsibility by packaging these bad mortgages with other mortgages and reselling them as “investments.”

Thousands of people took out loans larger than they could afford in the hopes that they could either flip the house for profit or refinance later at a lower rate and with more equity in their home – which they would then leverage to purchase another “investment” house.

A lot of people got rich quickly and people wanted more. Before long, all you needed to buy a house was a pulse and your word that you could afford the mortgage. Brokers had no reason not to sell you a home. They made a cut on the sale, then packaged the mortgage with a group of other mortgages and erased all personal responsibility of the loan. But many of these mortgage backed assets were ticking time bombs. And they just went off.

I just knew the mortgage brokers did it to us. I've always hated those folks.

SEC Votes for Final Rules Defining How Banks Can Be Securities Brokers
Eight Years After Passage of the Gramm-Leach-Bliley Act, Key Provisions Will Now Be Implemented
FOR IMMEDIATE RELEASE
2007-190
Washington, D.C., Sept. 19, 2007 - Ending eight years of stalled negotiations and impasse, the Commission today voted to adopt, jointly with the Board of Governors of the Federal Reserve System (Board), new rules that will finally implement the bank broker provisions of the Gramm-Leach-Bliley Act of 1999. The Board will consider these final rules at its Sept. 24, 2007 meeting. The Commission and the Board consulted with and sought the concurrence of the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision.

 

[Truthmatters]

8 fucking years to impliment the rules that would have made securities brokers NOT the banks hired and trained dupes

 

[Truthmatters]

BTW its securities brokers and NOT mortgage brokers.

But because of NO rules about who could be a securities broker the banks could have them doing both.

You know selling bad loans to people who can breathe and then shoving those loans into securities and selling them off before they went bad.

 

[dilloduck]

8 fucking years to impliment the rules that would have made securities brokers NOT the banks hired and trained dupes

Sometimes the wheels of justice turn slowly.

 

[Truthmatters]

But I know you cons wont let all those facts get in the way of your historically failed beliefs

 

[dilloduck]

BTW its securities brokers and NOT mortgage brokers.

But because of NO rules about who could be a securities broker the banks could have them doing both.

You know selling bad loans to people who can breathe and then shoving those loans into securities and selling them off before they went bad.

and every broker in the world is a Republican dammit.

 

[Truthmatters]

You will cry crock tears for all the wealthy who have made tons in this mess and fight fro them to get tax cuts

 

[dilloduck]

But I know you cons wont let all those facts get in the way of your historically failed beliefs

Nothing gets in my way--I'm badder than Leroy Brown even.

 

[dilloduck]

You will cry crock tears for all the wealthy who have made tons in this mess and fight fro them to get tax cuts

Wealthy dems or wealthy repubs ?

 

[NYcarbineer]

Its another Liberal lie that keeps being repeated

Two simple events took place
interest rates went up
real estate values plummeted

NO politician had anything to do with either
the fed and a surplus of real estate opportunities

The 30 year fixed mortgage average rate was in the 6+ range from 2005 to 2008.

 

[JRK]

BTW its securities brokers and NOT mortgage brokers.

But because of NO rules about who could be a securities broker the banks could have them doing both.

You know selling bad loans to people who can breathe and then shoving those loans into securities and selling them off before they went bad.

So Greed had nothing to do with it?
Now that is funny
You made my point better than I could and I did not even try

IF those events did occur, then laws where broke
Being able to breath only starts the process
My point has been made

 

[Truthmatters]

BTW its securities brokers and NOT mortgage brokers.

But because of NO rules about who could be a securities broker the banks could have them doing both.

You know selling bad loans to people who can breathe and then shoving those loans into securities and selling them off before they went bad.

So Greed had nothing to do with it?
Now that is funny
You made my point better than I could and I did not even try

IF those events did occur, then laws where broke
Being able to breath only starts the process
My point has been made

I did nothing to back your point you lying sack of shit.

 

[Truthmatters]

Its another Liberal lie that keeps being repeated

Two simple events took place
interest rates went up
real estate values plummeted

NO politician had anything to do with either
the fed and a surplus of real estate opportunities

this was your point you fucking insane yo yo brain

 

[Truthmatters]

Greed was what drove this whole Bush pushed scam

 

[Truthmatters]

Now you idiot republicans want to double down for some more with deregulation