UNBELIEVABLE! Barney Franks wants to LOWER standards for Fannie/Freddie on condo's!

I was working out at the gym last night and Fox News had Barnie Frank on. First of all, the scroll at the bottom was so negative/speculative/full of bullshit that I wanted to scream.

Secondly, did Barnie Frank become a Democrat recently? If not, why did Fox put (D) next to his name? Dishonest fucks!

Um, no. Is this a serious question? Sealy, this is what I was talking about (re: spelling mistakes, different thread). It's BARNEY Frank not BARNIE Frank. Yes, it makes a difference. Thinking Frank was a Repub is foolish; spelling his name wrong too? Double jeopardy.

Don't you want the housing market to pick up? And these condo's are generally cheaper than homes, so its less of a risk. And what are the requirements? You do realize banks and car companies are being real tight with their money right now. We need to get them to loosen up the purse strings.

And because now that Democrats are in charge, the banks have to keep the appropriate amount of cash on hand in case of an economic emergency, PLUS, they aren't bundling up all the "TOXIC ASSETS" and selling them up the ladder. PLUS, they aren't predatory lending. So people won't be losing their homes because of adjustable rates.

And yes, people might lose their jobs and then not be able to pay. So do you want to just stay in this recession or work to get out of it?

You right wingers spin everything the way you want.

I can not imagine a scenerio where I would vote GOP ever again in my lifetime. You guys are just so intellectually dishonest. Maybe if I hit the lotto I'll change my mind, but that's about it. You guys are liars, greedy and ignorant.

You really don't see a problem, do you?

This myth in the wingnut tool's minds that fannie and freddie brought down the economy may be comforting to tools like them but is so far from reality one wonders if their minds are not controlled by waves that emanate from corporate towers. Surely they don't think.

Did you miss this?

Here we go again. Are you just as tired as I am of Barney Frank co-signing OUR names to mortgages?

Last week--our new secretary of the Treasury, Timothy Geithner--while announcing new banking regulations--was asked during the hearing--if he thought Fannie/Freddie had anything to do with the current economic collapse. Geithners reply--DEFINITELY.
 
Thanks, I was thinking more on the line of first sales. A condo would be empty until such a time as all the units have been sold initially and then it would seem that units would sell one at a time and technically they would still be occupied if they were owned even if 35% of the owners lived in second homes.

Immie

Fannie/Freddie have been accused of being to lax--& putting the American taxpayer at risk. This is why we are in the economic situation we are in today. So what they have done to cut back on our risk is too raise their standards on what they are going to guarantee with our taxpayer dollars. It just makes sense that they would want the premium properties that are capable of going up in value. This I CHEER!

Barney Franks has worked his fingers into their decision--wanting taxpayers to guarantee properties that are risky & ones that could easily devalue.

Oh, I agree with you here. I understand the idea of not guaranteeing loans for individuals who are not credit worthy. What I didn't understand (because I was thinking "new condos") was why it mattered about occupancy percentages, but you pointed me in the right direction on that issue.

As for why we are in the economic situation we are in today, Fannie Mae/Freddie Mac have a small role to play in that but it was a much bigger problem including the Democratic Party talking down the economy in order to win the election. There were a lot of factors that played into the downturn not just one single issue.

Immie

Fannie/Freddie are GROUND ZERO for this total economic collapse. This is the origin for Wall street-while they were trading in mortgage back securities-the banking system--AIG--etc. etc. ALL roads lead to Fannie/Freddie.

Someone called this calaminty 10 years ago.

http://www.nytimes.com/1999/09/30/business/fannie-mae-eases-credit-to-aid-mortgage-lending.html

"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.

''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.''

Fannie/Freddie guaranteed 50% of the mortgages in this country, with American taxpayer dollars.
 
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Great.

Reconstituting the same goofy system of bundling mortgages thus absolving lenders from responsibility that already blew up the economy?

Good move.

I understand that banks won't loan on condos in communities that are failing unless they can pawn more toxic paper off on ususpecting bond buyers, but hey!

We know that's a bad idea, now.

Maybe we should try some change I can believe in, eh?
 
I was working out at the gym last night and Fox News had Barnie Frank on. First of all, the scroll at the bottom was so negative/speculative/full of bullshit that I wanted to scream.

Secondly, did Barnie Frank become a Democrat recently? If not, why did Fox put (D) next to his name? Dishonest fucks!

Um, no. Is this a serious question? Sealy, this is what I was talking about (re: spelling mistakes, different thread). It's BARNEY Frank not BARNIE Frank. Yes, it makes a difference. Thinking Frank was a Repub is foolish; spelling his name wrong too? Double jeopardy.

Don't you want the housing market to pick up? And these condo's are generally cheaper than homes, so its less of a risk. And what are the requirements? You do realize banks and car companies are being real tight with their money right now. We need to get them to loosen up the purse strings.

And because now that Democrats are in charge, the banks have to keep the appropriate amount of cash on hand in case of an economic emergency, PLUS, they aren't bundling up all the "TOXIC ASSETS" and selling them up the ladder. PLUS, they aren't predatory lending. So people won't be losing their homes because of adjustable rates.

And yes, people might lose their jobs and then not be able to pay. So do you want to just stay in this recession or work to get out of it?

You right wingers spin everything the way you want.

I can not imagine a scenerio where I would vote GOP ever again in my lifetime. You guys are just so intellectually dishonest. Maybe if I hit the lotto I'll change my mind, but that's about it. You guys are liars, greedy and ignorant.

You really don't see a problem, do you?

No. Why, do you foresee another crash?

Are they buying the houses for more than they are worth like before?

Are the mortgage companies still bundling all the toxic assets up and selling them up the ladder to the biggest banks so to cause another collapse?

Are they selling people adjustable mortgages that soon the people won't be able to afford?

The Freddy/Fanny argument was right wing bullshit.

Similar to the right's argument about malpractice costs in healthcare. It accounts for 1/2 of 1% of the total costs.

I bet Freddy/Fanny are responsible for about the same percenatage of the housing crisis. You ignore all the other things that caused the crash. If not for those other things I listed, Freddy/Fanny would have been just fine.

Didn't Carter start Freddy & Fanny? Worked ok all those years until the deregulators got into power.

Would some of the loans they made have foreclosed? Sure. Because the GOP sent all our jobs to China, India, Mexico and India. What do you expect when you put millions out of work and they have to take jobs that pay less than what they were making before? And if your home is only worth half, fuck paying it off. I'll just walk away.

But it wouldn't have caused the domino effect that happened because the GOP let these industries regulate themselves.

Please tell me you understand this.
 
Fannie/Freddie have been accused of being to lax--& putting the American taxpayer at risk. This is why we are in the economic situation we are in today. So what they have done to cut back on our risk is too raise their standards on what they are going to guarantee with our taxpayer dollars. It just makes sense that they would want the premium properties that are capable of going up in value. This I CHEER!

Barney Franks has worked his fingers into their decision--wanting taxpayers to guarantee properties that are risky & ones that could easily devalue.

Oh, I agree with you here. I understand the idea of not guaranteeing loans for individuals who are not credit worthy. What I didn't understand (because I was thinking "new condos") was why it mattered about occupancy percentages, but you pointed me in the right direction on that issue.

As for why we are in the economic situation we are in today, Fannie Mae/Freddie Mac have a small role to play in that but it was a much bigger problem including the Democratic Party talking down the economy in order to win the election. There were a lot of factors that played into the downturn not just one single issue.

Immie

Fannie/Freddie are GROUND ZERO for this total economic collapse. This is the origin for Wall street-while they were trading in mortgage back securities-the banking system--AIG--etc. etc. ALL roads lead to Fannie/Freddie.

Someone called this calaminty 10 years ago.

Fannie Mae Eases Credit To Aid Mortgage Lending - The New York Times

"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.

''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.''

Fannie/Freddie guaranteed 50% of the mortgages in this country, with American taxpayer dollars.

If you ask me, Ground Zero was the bolded/red portion of my quote. Now, I understand that is going to get me labeled as a conspiracy theorist, but I don't believe the economy was in as bad a condition as the Democrats led everyone to believe. Democrats played on everyone's fears and they won the election because of it.

That doesn't mean I think evil of the Democrats for doing so. All's fair in love and politics, but, really I can't believe that in November the sky was collapsing and in February everything was "peachy-keen" and no the difference between November and February was not that damnable spending bill glorified as a stimulus package.

Immie
 
Great.

Reconstituting the same goofy system of bundling mortgages thus absolving lenders from responsibility that already blew up the economy?

Good move.

I understand that banks won't loan on condos in communities that are failing unless they can pawn more toxic paper off on ususpecting bond buyers, but hey!

We know that's a bad idea, now.

Maybe we should try some change I can believe in, eh?


Who says I don't blame bankers? Who is the source that enabled Bankers to do this? THE GOVERNMENT. They deregulated Fannie/Freddie & AIG in the 90's.

Here is an example for you--maybe this will FINALLY get into your head.

Let's say you have a small town banker. A person goes into this bank to borrow money for a mortgage that is not co-signed by 298 million taxpayers--is showing this banker a less than desirable credit rating, no down payment, no collateral, not enough income to pay the money back. How long do think this banker is going to let this guy sit at his desk--before he says--get the hell out of here?

Take this same person--this same banker-& add 298 million taxpaying co-signers & you're going to get approval in a mili-second.

Then this banker makes this loan & unloads to another bank the next day, (because he doesn't want to hang on to this piece of crap note)--this note ends up on Wall street--Wall Street bundles it up sells it to China--China sells it to whomever--& the American taxpayer ends up holding the bag. Simply put this is how it happened.

The source of this problem started with the Carter Administration--in an effort to help lower incomes find & buy "low" income housing. It turned into a very angry GODZILLA--that marched through Wall Street--& ended right up on your home town street.

Fannie/Freddie--by massive government expansion into the mortage loan business ended up guaranteeing a whopping 50% of the mortgages in this country.
 
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Here we go again. Are you just as tired as I am of Barney Frank co-signing OUR names to mortgages?

DID YOU KNOW:

Last week--our new secretary of the Treasury, Timothy Geithner--while announcing new banking regulations--was asked during the hearing--if he thought Fannie/Freddie had anything to do with the current economic collapse. Geithners reply--DEFINITELY. When he was asked if he planned on tightening restrictions on Fannie/Freddie he said NO.

Well--it turns out that our Banking Queen-Barney Frank-is a little upset because Fannie/Freddie will not guarantee mortgages with our signatures on any condo's that do not have "at least" a 70% occupancy rate. And somehow this is hurting somebody.

Fannie, Freddie asked to relax condo loan rules: report | Reuters

Don't you want the housing market to pick up? And these condo's are generally cheaper than homes, so its less of a risk. And what are the requirements? You do realize banks and car companies are being real tight with their money right now. We need to get them to loosen up the purse strings.

And because now that Democrats are in charge, the banks have to keep the appropriate amount of cash on hand in case of an economic emergency, PLUS, they aren't bundling up all the "TOXIC ASSETS" and selling them up the ladder. PLUS, they aren't predatory lending. So people won't be losing their homes because of adjustable rates.

And yes, people might lose their jobs and then not be able to pay. So do you want to just stay in this recession or work to get out of it?

You right wingers spin everything the way you want.

I can not imagine a scenerio where I would vote GOP ever again in my lifetime. You guys are just so intellectually dishonest. Maybe if I hit the lotto I'll change my mind, but that's about it. You guys are liars, greedy and ignorant.

Deny all you like bobo. The CRA crap the Carter started and Frank continues to propagate, are a big part of why we're in this. If you make riskier loans the number of people who will default goes up, it ain't rocket science.. You are clinically insane as you would have Bwaney do the exact sane thing that helped get us into this mess and are apparently expecting a different result.
 
I was working out at the gym last night and Fox News had Barnie Frank on. First of all, the scroll at the bottom was so negative/speculative/full of bullshit that I wanted to scream.

Secondly, did Barnie Frank become a Democrat recently? If not, why did Fox put (D) next to his name? Dishonest fucks!

Um, no. Is this a serious question? Sealy, this is what I was talking about (re: spelling mistakes, different thread). It's BARNEY Frank not BARNIE Frank. Yes, it makes a difference. Thinking Frank was a Repub is foolish; spelling his name wrong too? Double jeopardy.

Don't you want the housing market to pick up? And these condo's are generally cheaper than homes, so its less of a risk. And what are the requirements? You do realize banks and car companies are being real tight with their money right now. We need to get them to loosen up the purse strings.

And because now that Democrats are in charge, the banks have to keep the appropriate amount of cash on hand in case of an economic emergency, PLUS, they aren't bundling up all the "TOXIC ASSETS" and selling them up the ladder. PLUS, they aren't predatory lending. So people won't be losing their homes because of adjustable rates.

And yes, people might lose their jobs and then not be able to pay. So do you want to just stay in this recession or work to get out of it?

You right wingers spin everything the way you want.

I can not imagine a scenerio where I would vote GOP ever again in my lifetime. You guys are just so intellectually dishonest. Maybe if I hit the lotto I'll change my mind, but that's about it. You guys are liars, greedy and ignorant.

You really don't see a problem, do you?

No. Why, do you foresee another crash?

Are they buying the houses for more than they are worth like before?

Are the mortgage companies still bundling all the toxic assets up and selling them up the ladder to the biggest banks so to cause another collapse?

Are they selling people adjustable mortgages that soon the people won't be able to afford?

The Freddy/Fanny argument was right wing bullshit.

Similar to the right's argument about malpractice costs in healthcare. It accounts for 1/2 of 1% of the total costs.

I bet Freddy/Fanny are responsible for about the same percenatage of the housing crisis. You ignore all the other things that caused the crash. If not for those other things I listed, Freddy/Fanny would have been just fine.

Didn't Carter start Freddy & Fanny? Worked ok all those years until the deregulators got into power.

Would some of the loans they made have foreclosed? Sure. Because the GOP sent all our jobs to China, India, Mexico and India. What do you expect when you put millions out of work and they have to take jobs that pay less than what they were making before? And if your home is only worth half, fuck paying it off. I'll just walk away.

But it wouldn't have caused the domino effect that happened because the GOP let these industries regulate themselves.

Please tell me you understand this.

You missed my point. Legislators want the companies to "make appropriate adjustments" to their underwriting standards for condos (translation: lower the standards on condo purchases). Lowering the standard (low downpayment, no downpayment, interest only loans, etc) is how this whole mess got started. Let's not learn a lesson, let's pretend lowering the standard didn't have any effect on anything.
 
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Great.

Reconstituting the same goofy system of bundling mortgages thus absolving lenders from responsibility that already blew up the economy?

Good move.

I understand that banks won't loan on condos in communities that are failing unless they can pawn more toxic paper off on ususpecting bond buyers, but hey!

We know that's a bad idea, now.

Maybe we should try some change I can believe in, eh?


Who says I don't blame bankers? Who is the source that enabled Bankers to do this? THE GOVERNMENT. They deregulated Fannie/Freddie & AIG in the 90's.

Here is an example for you--maybe this will FINALLY get into your head.

Let's say you have a small town banker. A person goes into this bank to borrow money for a mortgage that is not co-signed by 298 million taxpayers--is showing this banker a less than desirable credit rating, no down payment, no collateral, not enough income to pay the money back. How long do think this banker is going to let this guy sit at his desk--before he says--get the hell out of here?

Take this same person--this same banker-& add 298 million taxpaying co-signers & you're going to get approval in a mili-second.

Then this banker makes this loan & unloads to another bank the next day--this note ends up on Wall street--Wall Street bundles it up sells it to China--China sells it to whomever--& the American taxpayer ends up holding the bag. Simply put this is how it happened.

The source of this problem started with the Carter Administration--in an effort to help lower incomes find & buy "low" income housing. It turned into a very angry GODZILLA--that marched through Wall Street--& ended right up on your home town street.

Fannie/Freddie--by government EXPANSION ended up guaranteeing a whoping 50% of the mortgages in this country.

`Oreo, it is fairly obvious you missed the ironic tone of my post.

I'd have thought

Maybe we should try some change I can believe in, eh?

would have tipped you off.

You just keep trying to pigeon hole me, but amigo, I ain't nobody's pigeon.
 
Great.

Reconstituting the same goofy system of bundling mortgages thus absolving lenders from responsibility that already blew up the economy?

Good move.

I understand that banks won't loan on condos in communities that are failing unless they can pawn more toxic paper off on ususpecting bond buyers, but hey!

We know that's a bad idea, now.

Maybe we should try some change I can believe in, eh?


Who says I don't blame bankers? Who is the source that enabled Bankers to do this? THE GOVERNMENT. They deregulated Fannie/Freddie & AIG in the 90's.

Here is an example for you--maybe this will FINALLY get into your head.

Let's say you have a small town banker. A person goes into this bank to borrow money for a mortgage that is not co-signed by 298 million taxpayers--is showing this banker a less than desirable credit rating, no down payment, no collateral, not enough income to pay the money back. How long do think this banker is going to let this guy sit at his desk--before he says--get the hell out of here?

Take this same person--this same banker-& add 298 million taxpaying co-signers & you're going to get approval in a mili-second.

Then this banker makes this loan & unloads to another bank the next day--this note ends up on Wall street--Wall Street bundles it up sells it to China--China sells it to whomever--& the American taxpayer ends up holding the bag. Simply put this is how it happened.

The source of this problem started with the Carter Administration--in an effort to help lower incomes find & buy "low" income housing. It turned into a very angry GODZILLA--that marched through Wall Street--& ended right up on your home town street.

Fannie/Freddie--by government EXPANSION ended up guaranteeing a whoping 50% of the mortgages in this country.

`Oreo, it is fairly obvious you missed the ironic tone of my post.

I'd have thought

Maybe we should try some change I can believe in, eh?

would have tipped you off.

You just keep trying to pigeon hole me, but amigo, I ain't nobody's pigeon.


I thought I was responding to one of Seabolo posts?????????--not you--is something going on with this web-site? I think I am hitting the right buttons! Responding to his reply that I wasn't blaming bankers? Hmmmm.
 
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I sure hope not.

I want to pick up a condo for a dirt cheap steal. Make financing harder, I say.

DITTO--that's all they have to do is lower the price on these condo's & qualifed investors & home buyers will come in to buy these without needing 298 million co-signers.
 
Because the GOP sent all our jobs to China, India, Mexico and India. What do you expect when you put millions out of work and they have to take jobs that pay less than what they were making before?

Mexico?....if a bunch of jobs went there.....what the hell is everyone doing up here?
 

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