Rep Waters wants Obama to extort banks into letting people keep homes they cant affor

[Moonglow]

they got the houses cause someone lent them the monies. The government did not stand behind them with a gun forcing them to do it.

The Government Pushed The Subprime Loans.

1999 New York Times Article on what Bill Clinton was having Fannie & Freddie do to cause a subprime lending crisis.

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders...Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people...

In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's...

Fannie Mae, the nation's biggest underwriter of home mortgages, does not lend money directly to consumers. Instead, it purchases loans that banks make on what is called the secondary market. By expanding the type of loans that it will buy, Fannie Mae is hoping to spur banks to make more loans to people with less-than-stellar credit ratings...

In July, the Department of Housing and Urban Development proposed that by the year 2001, 50 percent of Fannie Mae's and Freddie Mac's portfolio be made up of loans to low and moderate-income borrowers. Last year, 44 percent of the loans Fannie Mae purchased were from these groups.

read Reckless Endangerment by gretchen morgenson,( NY Times bus. editor) Fannie Mae chief executive James Johnson in 1991 had the plug pulled on any and all oversight agencies and congressional oversight that would have reigned in F&F...it was baked into the cake, he neutered any and all dissent. the fact that James Johnson was not even called to testify before the comm . investigating F&F's/Housing Blow up tells you stright away what a crock the whole investigation was.

yet again, no one forced the monies to be loaned, and nobody forced the money lenders to take out bets on thier failure.

 

[Trajan]

Only 20% of subprime loans were made by regulated finiancial institutions.

was there a point to that?

 

[KissMy]

Only 20% of subprime loans were made by regulated finiancial institutions.

Bullshit!!!

Fact: By 2008, Fannie and Freddie have purchased about 80% of all new home mortgages in the United States.

 

[KissMy]

yet again, no one forced the monies to be loaned, and nobody forced the money lenders to take out bets on thier failure.

Bull-Shit!!!

[ame="http://www.youtube.com/watch?v=ivmL-lXNy64"]"BANK AFFIRMATIVE ACTION"[/ame]

1999 - A study by Freddie Mac, confirming earlier Federal Reserve and FDIC studies, contradicts race discrimination arguments for CRA. The study found that African-Americans with annual incomes of $65,000-$75,000 have on average worse credit records than whites making under $25,000. This showed that the difficulty in qualifying was not because of race but bad credit records. Accordingly, the Federal Reserve Bank of Dallas entitled a paper "Red Lining or Red Herring?"

"City Journal warned that the Clinton administration had turned CRA into 'a vast extortion scheme against the nation's banks,'committing $1 trillion for mortgages and development projects, most of it funneled through the community organizers."

Fast Foreward to 2009 New York Times "But the storm has fallen with a special ferocity on black and Latino homeowners, the analysis shows. Defaults occur three times as often in mostly minority census tracts as in mostly white ones. Eighty-five percent of the worst-hit neighborhoods — where the default rate is at least double the regional average — have a majority of black and Latino homeowners."

 

[Care4all]

Only 20% of subprime loans were made by regulated finiancial institutions.

Bullshit!!!

Fact: By 2008, Fannie and Freddie have purchased about 80% of all new home mortgages in the United States.

hmmmmm, that is NOT what is in the article? it says in the arrticle ''IN 2008'' NOT ''BY 2008''? BIG difference! wonder which is true, IN or BY?

In 2008, Fannie and Freddie have purchased about
80% of all new home mortgages in the United States.

 

[yidnar]

That woman is bat. shit. crazy.

And she's corrupt.

no she is not !!! she is the typical run of the mill African American!! ......................AND YOU MADAM ARE A RACIST!!!

 

[Remodeling Maidiac]

That woman is bat. shit. crazy.

And she's corrupt.

no she is not !!! she is the typical run of the mill African American!! ......................AND YOU MADAM ARE A RACIST!!!

STFU dude. You and those like you really kill our cause. I can speak from my experiences in life and tell you your full of shit. I have many black clients and NONE of them act like her. It has nothing to do with skin color and everything to do with mentality.

YOU ARE THE RACIST