regulation of the lending industry....

[Soggy in NOLA]

Quite hillarious to read about those who gave us this mess on a silver platter, now once again proposing how they're going to fix it.

Dodd, Frank, Waters, Clinton, Obama, etc. all cheered as home ownership skyrocketed as loans were made to people with $0 income, $0 assets... what could go wrong? Meantime their cronies like Franklin Raines, Jamie Gorelick, etc. made MILLIONS off the mess.

But hey, now they're REALLY serious!

 

[Gadawg73]

Quite hillarious to read about those who gave us this mess on a silver platter, now once again proposing how they're going to fix it.

Dodd, Frank, Waters, Clinton, Obama, etc. all cheered as home ownership skyrocketed as loans were made to people with $0 income, $0 assets... what could go wrong? Meantime their cronies like Franklin Raines, Jamie Gorelick, etc. made MILLIONS off the mess.

But hey, now they're REALLY serious!

Are you claiming that Bush, et al did not cheer also and it was only Democrats that cheered?
And only Democrats, never a Republican, "made MILLIONS off the mess"?
Sure, right.

 

[Soggy in NOLA]

Quite hillarious to read about those who gave us this mess on a silver platter, now once again proposing how they're going to fix it.

Dodd, Frank, Waters, Clinton, Obama, etc. all cheered as home ownership skyrocketed as loans were made to people with $0 income, $0 assets... what could go wrong? Meantime their cronies like Franklin Raines, Jamie Gorelick, etc. made MILLIONS off the mess.

But hey, now they're REALLY serious!

Are you claiming that Bush, et al did not cheer also and it was only Democrats that cheered?
And only Democrats, never a Republican, "made MILLIONS off the mess"?
Sure, right.

I recall Bush sounding the alarm to congress on several occassions and being summarily dismissed for even suggesting that there was a problem. I am not suggesting that, I am saying it outright.

 

[The Rabbi]

Anyone who actually believes that the banking industry has had any kind of major deregulation or is in need of more regulation has no idea of the reality of banking regulation. I've been in the banking industry since 1979 and can tell you that banking is one of the most heavily regulated industries in the United States. Don't believe me? Go to this site and start clicking links.

BANKING REGULATIONS: REG: A B C D E F H I J K L M N O P Q R S T U X Y Z AA BB CC DD EE

Wow, an informed opinion. You will get neg repped for sure.

Yes, it is one of the msot heavily regulated. I have never seen a business where the seller must disclose to the buyer how much money he is making on the deal. Even the gun business, also heavily regulated, doesn't require that. Yet.
Less regulation did not contribute to the problem.
More regulation would not have prevented the problem.

"a business where the seller must disclose to the buyer how much money he is making on the deal"
That is called a CONTRACT. In banking the $ made is interest or fees which are in the CONTRACT.
Do you borrow $ from a bank Rabbi without knowing how much the interest is that the bank is profiting off of you?
Geeez guys, come on.

Wow are you stupid. I just had no idea.
The money is not necessarily made from interest and fees. There are "back points" as well. Do you understand what that is? Probably not. I was in mortgage lending for 9 years so do know something about this.
When you sign a contract to buy a car do you know how much the seller is making on the deal? What about when you sign a contract to do renovation on your house. Does your contractor disclose how much money he is making?

 

[Patriot214]

OVER regulation was the main source of the problem. Banks and lending institutions were regulated by the federal government to "hand-out" a specific number of loans to specific people. The root of this was the Community Reinvestment Act, which was passed in the late 1970's.

 

[Gadawg73]

Quite hillarious to read about those who gave us this mess on a silver platter, now once again proposing how they're going to fix it.

Dodd, Frank, Waters, Clinton, Obama, etc. all cheered as home ownership skyrocketed as loans were made to people with $0 income, $0 assets... what could go wrong? Meantime their cronies like Franklin Raines, Jamie Gorelick, etc. made MILLIONS off the mess.

But hey, now they're REALLY serious!

Are you claiming that Bush, et al did not cheer also and it was only Democrats that cheered?
And only Democrats, never a Republican, "made MILLIONS off the mess"?
Sure, right.

I recall Bush sounding the alarm to congress on several occassions and being summarily dismissed for even suggesting that there was a problem. I am not suggesting that, I am saying it outright.

Specifics please.
Bush was a politician and took credit for the good times like the rest of them.
Again, specific examples, if you have any which I doubt.

 

[Gadawg73]

OVER regulation was the main source of the problem. Banks and lending institutions were regulated by the federal government to "hand-out" a specific number of loans to specific people. The root of this was the Community Reinvestment Act, which was passed in the late 1970's.

CRA dealt with low income loans. 7-9% of all the $ loaned for poor folks to get in a 160K house.
How does that apply to $140 million ldollar oans on commercial real estate with faulty appraisals?
Quit believing the myths. Community Reinvestment Act was for poor folks. Poor folks did not cause the financial crisis. Get real. Poor folks do not run the financial community. RICH folks had their $ on the line and large speculative deals went south because of fraud. I see this in my work daily. I do this for a living. The banks hire me to goafter these folks.
Are you claiming these CRA loans to poor folks forced the banks to make the other bad loans to the other 90%?
The facts are the banks let over speculation with large real estate loans and over blown appraisals get them. They did themselves in. CRA was a minor player. Everyone in banking knows this.

 

[dilloduck]

OVER regulation was the main source of the problem. Banks and lending institutions were regulated by the federal government to "hand-out" a specific number of loans to specific people. The root of this was the Community Reinvestment Act, which was passed in the late 1970's.

CRA dealt with low income loans. 7-9% of all the $ loaned for poor folks to get in a 160K house.
How does that apply to 140 million loans on commercial real estate with faulty appraisals?
Quit believing the myths. Community Reinvestment Act was for poor folks.
Are you claiming these CRA loans to poor folks forced the banks to make the other bad loans to the other 90%?
The facts are the banks let over speculation with large real estate loans and over blown appraisals get them. They did themselves in. CRA was a minor player. Everyone in banking knows this.

Gamblers----we bailed out gamblers. Gamblers who were in a race to make sure they weren't caught holding the bag.

 

[Gadawg73]

Wow, an informed opinion. You will get neg repped for sure.

Yes, it is one of the msot heavily regulated. I have never seen a business where the seller must disclose to the buyer how much money he is making on the deal. Even the gun business, also heavily regulated, doesn't require that. Yet.
Less regulation did not contribute to the problem.
More regulation would not have prevented the problem.

"a business where the seller must disclose to the buyer how much money he is making on the deal"
That is called a CONTRACT. In banking the $ made is interest or fees which are in the CONTRACT.
Do you borrow $ from a bank Rabbi without knowing how much the interest is that the bank is profiting off of you?
Geeez guys, come on.

Wow are you stupid. I just had no idea.
The money is not necessarily made from interest and fees. There are "back points" as well. Do you understand what that is? Probably not. I was in mortgage lending for 9 years so do know something about this.
When you sign a contract to buy a car do you know how much the seller is making on the deal? What about when you sign a contract to do renovation on your house. Does your contractor disclose how much money he is making?

YOU are twisting and distorting what you claimed once again Rabbi. Stick to the topic.
YOU were bringing up the banks and financial institutions, not me. What do housing contractors and car dealers have to do with the banks?
Disclosure of back end points is required in this state and are in the CONTRACT. They can change daily unless locked down but here they have to disclose that so you can shop around for a better deal.
One of my other businesses is a real estate closing business HOSS. I have one of the attorneys I work for sign off on all of it. We closed over 300 deals last year and deal with mortgage brokers daily.
You have to disclose it in the contract and you know it. If you do not then your state must be non consumer friendly.
Again, you always let us know when you are beat Rabbi. You call names like a child.
Your milk is weak.

 

[The Rabbi]

"a business where the seller must disclose to the buyer how much money he is making on the deal"
That is called a CONTRACT. In banking the $ made is interest or fees which are in the CONTRACT.
Do you borrow $ from a bank Rabbi without knowing how much the interest is that the bank is profiting off of you?
Geeez guys, come on.

Wow are you stupid. I just had no idea.
The money is not necessarily made from interest and fees. There are "back points" as well. Do you understand what that is? Probably not. I was in mortgage lending for 9 years so do know something about this.
When you sign a contract to buy a car do you know how much the seller is making on the deal? What about when you sign a contract to do renovation on your house. Does your contractor disclose how much money he is making?

YOU are twisting and distorting what you claimed once again Rabbi. Stick to the topic.
YOU were bringing up the banks and financial institutions, not me. What do housing contractors and car dealers have to do with the banks?
Disclosure of back end points is required in this state and are in the CONTRACT. They can change daily unless locked down but here they have to disclose that so you can shop around for a better deal.
One of my other businesses is a real estate closing business HOSS. I have one of the attorneys I work for sign off on all of it. We closed over 300 deals last year and deal with mortgage brokers daily.
You have to disclose it in the contract and you know it. If you do not then your state must be non consumer friendly.
Again, you always let us know when you are beat Rabbi. You call names like a child.
Your milk is weak.

Yes, definitely reading impaired.
My claim was that banking (or certain parts of it) was the only business where the seller was required to disclose his profit to the buyer.
You disputed that, claiming that signing the contract was tantamount to knowing how much the seller was making.
I pointed out that is not the case with every other contract for service, like auto mechanics, contractors and the like.
Your response is to bolster my argument that the seller must disclose everything he is making to the buyer (seller here=lender, buyer=borrower).
Then you ludicrously claim you somehow won, having demonstrated repeatedly your inability to follow the argument and make appropriate comments. No wonder you have someone else sign off on the work.

 

[manu1959]

question to all the smart people here.....

for the past three years all i have heard is bush deregulated the lending industry and caused this crash.....

and

obama will regulate the the lending industry.....

now the dems have been in control of congress which writes all the legislation since 2006....

so....

can someone link me to:

A: the laws bush signed deregulating the banks and lending....

2: the laws obama signed regulating the banks and lending....

thank you for you help....

Bush II AND Clinton AND Reagan administrations weakened the laws regarding banking.

This is a bypartisan disaster.

Lay down your partisan blinders, lad.

really....which side do i support....a cool hundred says you cant state my posistion on five political topics....

 

[manu1959]

Are you claiming that Bush, et al did not cheer also and it was only Democrats that cheered?
And only Democrats, never a Republican, "made MILLIONS off the mess"?
Sure, right.

I recall Bush sounding the alarm to congress on several occassions and being summarily dismissed for even suggesting that there was a problem. I am not suggesting that, I am saying it outright.

Specifics please.
Bush was a politician and took credit for the good times like the rest of them.
Again, specific examples, if you have any which I doubt.

take your pick....

bush tries to regulate lending industry - Google Search