Your Overtime Has Just Been Cut

[ShootSpeeders]

The very first words of the constitution after the preamble are "all legislative powers herein granted shall be vested in a congress of the united states." That means the president and supreme court and bureaucrats have NO authority to write laws. But they do it all the time.

http://www.nytimes.com/2014/03/12/u...0140312&nl=todaysheadlines&nlid=65366937&_r=2

MARCH 11, 2014

WASHINGTON — President Obama this week will seek to force American businesses to pay more overtime to millions of workers, the latest move by his administration to confront corporations that have had soaring profits even as wages have stagnated.

On Thursday, the president will direct the Labor Department to revamp its regulations to require overtime pay for several million additional fast-food managers, loan officers, computer technicians and others whom many businesses currently classify as “executive or professional” employees to avoid paying them overtime, according to White House officials briefed on the announcement.

 

[BDBoop]

Thank you, President Obama!!!

 

[Truthmatters]

then maybe you can tell me why you were not mad when Bush held back the broker rules in GLB act for 8 long years while the banks fucked us?

 

[Truthmatters]

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




this caused the entire world economy to crash.

 

[bedowin62]

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




this caused the entire world economy to crash.

NO IT DIDNT LEFTARD; giving loans to people that couldnt repay them did

 

[JakeStarkey]

The president has had the power to do this since the 1930s

 

[bedowin62]

the government; MOSTLY liberals; made it THE LAW that a couple of TRILLION DOLLARS-WORTH of taxpayer-backed loans be made in the name of "fairness" at sub-prime rates, to people that couldnt repay them

idiot

 

[Truthmatters]

nope


NO ONE forced the banks brokers to roll all the sub prime into securities they were NOT supposed to be in.



how did they make money on the subprime you brickhead?

 

[bedowin62]

nope


NO ONE forced the banks brokers to roil all the sub prime into securities they were NOT supposed to be in.



how did they make money on the subprime you brickhead?

what do FANNIE MAE and FRDDIE MAC do you complete idiot?

 

[Truthmatters]

Subprime Mortgage Bonds Get AAA Rating S&P Denied to U.S. - Bloomberg

 

[bedowin62]

nope


NO ONE forced the banks brokers to roll all the sub prime into securities they were NOT supposed to be in.



how did they make money on the subprime you brickhead?

FANNIE AND FREDDIE bundle securities you moron

 

[Truthmatters]

the banks wrote TONS more sub prime than was mandated you idiot

 

[Truthmatters]

nope


NO ONE forced the banks brokers to roll all the sub prime into securities they were NOT supposed to be in.



how did they make money on the subprime you brickhead?

FANNIE AND FREDDIE bundle securities you moron

please document your claim with FACTS

 

[bedowin62]

Key facts about Fannie Mae and Freddie Mac - USATODAY.com



usatoday30.usatoday.com/.../2008-07-12-facts-fannie-freddi...*





USA Today





Jul 12, 2008 - Shares in U.S. mortgage finance firms Fannie Mae and Freddie Mac plunged ... loans they buy and securities they bundle in their investment portfolios. ... by selling shares will be difficult given the sharp drop in its stock price

 

[Truthmatters]

Financial crisis of 2007?08 - Wikipedia, the free encyclopedia



Weak and fraudulent underwriting practices[edit]

Testimony given to the Financial Crisis Inquiry Commission by Richard M. Bowen III on events during his tenure as the Business Chief Underwriter for Correspondent Lending in the Consumer Lending Group for Citigroup (where he was responsible for over 220 professional underwriters) suggests that by the final years of the U.S. housing bubble (2006–2007), the collapse of mortgage underwriting standards was endemic. His testimony stated that by 2006, 60% of mortgages purchased by Citi from some 1,600 mortgage companies were "defective" (were not underwritten to policy, or did not contain all policy-required documents) – this, despite the fact that each of these 1,600 originators was contractually responsible (certified via representations and warrantees) that its mortgage originations met Citi's standards. Moreover, during 2007, "defective mortgages (from mortgage originators contractually bound to perform underwriting to Citi's standards) increased... to over 80% of production".[83]

In separate testimony to Financial Crisis Inquiry Commission, officers of Clayton Holdings—the largest residential loan due diligence and securitization surveillance company in the United States and Europe—testified that Clayton's review of over 900,000 mortgages issued from January 2006 to June 2007 revealed that scarcely 54% of the loans met their originators’ underwriting standards. The analysis (conducted on behalf of 23 investment and commercial banks, including 7 "too big to fail" banks) additionally showed that 28% of the sampled loans did not meet the minimal standards of any issuer. Clayton's analysis further showed that 39% of these loans (i.e. those not meeting any issuer's minimal underwriting standards) were subsequently securitized and sold to investors.[84][85]

There is strong evidence that the GSEs – due to their large size and market power – were far more effective at policing underwriting by originators and forcing underwriters to repurchase defective loans. By contrast, private securitizers have been far less aggressive and less effective in recovering losses from originators on behalf of investors.[7]

Predatory lending[edit]

Predatory lending refers to the practice of unscrupulous lenders, enticing borrowers to enter into "unsafe" or "unsound" secured loans for inappropriate purposes.[86] A classic bait-and-switch method was used by Countrywide Financial, advertising low interest rates for home refinancing. Such loans were written into extensively detailed contracts, and swapped for more expensive loan products on the day of closing. Whereas the advertisement might state that 1% or 1.5% interest would be charged, the consumer would be put into an adjustable rate mortgage (ARM) in which the interest charged would be greater than the amount of interest paid. This created negative amortization, which the credit consumer might not notice until long after the loan transaction had been consummated.

Countrywide, sued by California Attorney General Jerry Brown for "unfair business practices" and "false advertising" was making high cost mortgages "to homeowners with weak credit, adjustable rate mortgages (ARMs) that allowed homeowners to make interest-only payments".[87] When housing prices decreased, homeowners in ARMs then had little incentive to pay their monthly payments, since their home equity had disappeared. This caused Countrywide's financial condition to deteriorate, ultimately resulting in a decision by the Office of Thrift Supervision to seize the lender.

Former employees from Ameriquest, which was United States' leading wholesale lender,[88] described a system in which they were pushed to falsify mortgage documents and then sell the mortgages to Wall Street banks eager to make fast profits.[88] There is growing evidence that such mortgage frauds may be a cause of the crisis.[88

 

[Truthmatters]

Goldman Sachs sold sub-prime junk as "no risk AAA" then gambled for prices to tank - Los Angeles LA County Nonpartisan | Examiner.com

 

[Truthmatters]

why do you constantly deny known FACTS?

 

[Truthmatters]

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.




there were rules on who could be a broker.

the Bush team held back those rules for 8 years

 

[bedowin62]

Financial crisis of 2007?08 - Wikipedia, the free encyclopedia



Weak and fraudulent underwriting practices[edit]

Testimony given to the Financial Crisis Inquiry Commission by Richard M. Bowen III on events during his tenure as the Business Chief Underwriter for Correspondent Lending in the Consumer Lending Group for Citigroup (where he was responsible for over 220 professional underwriters) suggests that by the final years of the U.S. housing bubble (2006–2007), the collapse of mortgage underwriting standards was endemic. His testimony stated that by 2006, 60% of mortgages purchased by Citi from some 1,600 mortgage companies were "defective" (were not underwritten to policy, or did not contain all policy-required documents) – this, despite the fact that each of these 1,600 originators was contractually responsible (certified via representations and warrantees) that its mortgage originations met Citi's standards. Moreover, during 2007, "defective mortgages (from mortgage originators contractually bound to perform underwriting to Citi's standards) increased... to over 80% of production".[83]

In separate testimony to Financial Crisis Inquiry Commission, officers of Clayton Holdings—the largest residential loan due diligence and securitization surveillance company in the United States and Europe—testified that Clayton's review of over 900,000 mortgages issued from January 2006 to June 2007 revealed that scarcely 54% of the loans met their originators’ underwriting standards. The analysis (conducted on behalf of 23 investment and commercial banks, including 7 "too big to fail" banks) additionally showed that 28% of the sampled loans did not meet the minimal standards of any issuer. Clayton's analysis further showed that 39% of these loans (i.e. those not meeting any issuer's minimal underwriting standards) were subsequently securitized and sold to investors.[84][85]

There is strong evidence that the GSEs – due to their large size and market power – were far more effective at policing underwriting by originators and forcing underwriters to repurchase defective loans. By contrast, private securitizers have been far less aggressive and less effective in recovering losses from originators on behalf of investors.[7]

Predatory lending[edit]

Predatory lending refers to the practice of unscrupulous lenders, enticing borrowers to enter into "unsafe" or "unsound" secured loans for inappropriate purposes.[86] A classic bait-and-switch method was used by Countrywide Financial, advertising low interest rates for home refinancing. Such loans were written into extensively detailed contracts, and swapped for more expensive loan products on the day of closing. Whereas the advertisement might state that 1% or 1.5% interest would be charged, the consumer would be put into an adjustable rate mortgage (ARM) in which the interest charged would be greater than the amount of interest paid. This created negative amortization, which the credit consumer might not notice until long after the loan transaction had been consummated.

Countrywide, sued by California Attorney General Jerry Brown for "unfair business practices" and "false advertising" was making high cost mortgages "to homeowners with weak credit, adjustable rate mortgages (ARMs) that allowed homeowners to make interest-only payments".[87] When housing prices decreased, homeowners in ARMs then had little incentive to pay their monthly payments, since their home equity had disappeared. This caused Countrywide's financial condition to deteriorate, ultimately resulting in a decision by the Office of Thrift Supervision to seize the lender.

Former employees from Ameriquest, which was United States' leading wholesale lender,[88] described a system in which they were pushed to falsify mortgage documents and then sell the mortgages to Wall Street banks eager to make fast profits.[88] There is growing evidence that such mortgage frauds may be a cause of the crisis.[88

anybody can be a broker you dolt; yet another spoon-fed talking poing that makes the case for the OTHER SIDE

CONGRATS

how do you get a brokers license?

Age: You must be 18 years of age or older to be issued a license.
Residence: Proof of Legal Presence in the United States is required. If you are not a California resident, see Out-of-State Applicants.
Honesty: Applicants must be honest and truthful. Conviction of a crime may result in the denial of a license. Failure to disclose any criminal violation or disciplinary action in an applicant's entire history may also result in the denial of a license. For further information, see Avoid Potential Denial of Your License Application (RE 229) and Application Eligibility Information (RE 222).
Experience: A minimum of two years full-time licensed salesperson experience within the last five years or the equivalent is required. For further information, see Documenting Experience Requirements for the Broker Examination.


i dont see republican or ban anywhere there dork

 

[bedowin62]

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.




there were rules on who could be a broker.

the Bush team held back those rules for 8 years

first you blame it on the repeal of Glass-Steagall; now you're ranting bout brokers

ur all over the place; making a fool of yourself