2aguy
Diamond Member
- Jul 19, 2014
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Hmmm...they were warning people about the problem in 2001... And the democrats laughed..........
A reminder of how democrats led us to this mess
- Thread starter Remodeling Maidiac
- Start date
Hmmm...they were warning people about the problem in 2001... And the democrats laughed..........
NYcarbineer
Diamond Member
From the real estate bubble timeline, starting with Bush Administration:
- 2001: US Federal Reserve lowers Federal funds rate eleven times, from 6.5% to 1.75%.[33]
- 2002–2003: Mortgage denial rate of 14 percent for conventional home purchase loans, half of 1997.[18]
- 2002: Annual home price appreciation of 10% or more in California, Florida, and most Northeastern states."Annual home-value growth at highest rate since 1980". Retrieved 2008-10-06.
- June 17:President G.W. Bush sets goal of increasing minority home owners by at least 5.5 million by 2010 through tax credits, subsidies and a Fannie Mae commitment of $440 billion to establish NeighborWorks America with faith-based organizations.[34]
- 2003: Fannie Mae and Freddie Mac buy $81 billion in subprime securities.[16]
- June: Federal Reserve Chair Alan Greenspan lowers federal reserve’s key interest rate to 1%, the lowest in 45 years.[35]
- September: Bush administration recommended moving governmental supervision of Fannie Mae and Freddie Mac under a new agency created within theDepartment of the Treasury. The changes were blocked by Congress.[36] [that was the REPUBLICAN CONGRESS]
- December: President Bush signs the American Dream Downpayment Act to be implemented under the Department of Housing and Urban Development. The goal was to provide a maximum downpayment assistance grant of either $10,000 or six percent of the purchase price of the home, whichever was greater. In addition, the Bush Administration committed to reforming the homebuying process that would lower closing costs by approximately $700 per loan. It was said it would further stimulate homeownership for all Americans.[37]
- 2003-2007: The Federal Reserve failed to use its supervisory and regulatory authority over banks, mortgage underwriters and other lenders, who abandoned loan standards (employment history, income, down payments, credit rating, assets, property loan-to-value ratio and debt-servicing ability), emphasizing instead lender's ability to securitize and repackage subprime loans.[28]
- 2004:
- U.S. homeownership rate peaked with an all-time high of 69.2 percent.[38]
- HUD increased Fannie Mae and Freddie Mac affordable-housing goals for next four years, from 50 percent to 56 percent, stating they lagged behind the private market; from 2004 to 2006, they purchased $434 billion in securities backed by subprime loans.[16]
- October:SEC effectively suspends net capital rule for five firms - Goldman Sachs, Merrill Lynch, Lehman Brothers, Bear Stearns and Morgan Stanley. Freed from government-imposed limits on the debt they can assume, they levered up 20, 30 and even 40 to 1.[39]
- 2004–2005: Arizona, California, Florida, Hawaii, and Nevada record price increases in excess of 25% per year.[citation needed]
- 2005: United States housing market correction ("bubble bursting").
- February: The Office of Thrift Supervision implemented new rules that allowed savings and loans with over $1 billion in assets to meet their CRA obligations without investing in local communities, cutting availability of subprime loans.
- September: The Federal Deposit Insurance Corporation, Federal Reserve, and the Office of the Comptroller of the Currency allow loosening of Community Reinvestment Act requirements for "small" banks, further cutting subprime loans.[17][40]
- Fall: Booming housing market halts abruptly; from the fourth quarter of 2005 to the first quarter of 2006, median prices nationwide dropped off 3.3 percent.[41]
- Year-end: A total of 846,982 properties were in some stage of foreclosure in 2005.[42]
- 2006: Continued market slowdown. Prices are flat, home sales fall, resulting in inventory buildup. U.S. Home Construction Index is down over 40% as of mid-August 2006 compared to a year earlier. A total of 1,259,118 foreclosures were filed during the year, up 42 percent from 2005.[43]
...lol, I'm not seeing alot of Democrats caused this! evidence in there.
Theowl32
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The democrats have proven over and over again how willing they are to utterly destroy this country in order attain power and keep power.
They knew damn well the real estate bubble would burst. They ignored ALL warnings in 2008 (that was a big election year right?) in order to tie the albatross around Bush's neck. As a result, the democrats won a SUPER MAJORITY.
How many things have democrats done for political expediency that also sacrificed the well being of our country? Well, their entire victimology strategy is a prime example of this. Democrat community organizers are sent to these areas in order to stoke riots. In order to divide. In order to divide and conquer. Behind their praetorian media that is all too happy to report things and hype things precisely how they want.
They have been doing it for over 50 years. Hell, we can trace it back to the founding of the ACLU. Even before that.
The left wing has been taught for many years at their institutions of lower living that America and capitalism is the reason for EVERYTHING that is wrong in the world. The free market is the reason for pollution, for poverty, for wars on and on and on.
They under report when there is news that contradict their warped narrative, and they hype the news when anything APPEARS to fit their narrative. To hell with the actual facts, just so long as they continue to capture the minds of the ignorant.
The Ferguson and Trayvon Martin cases are prime examples of this. Hey, anyone here remember the name Steinle or Vester Flanagan? Which ones went away from the hype FAST and which ones were shoved in our faces for months. Oh, as it turned out the narrative they tried to push in those two cases were utterly false but that did not matter one bit.
Do you know liberals still think Michael Brown and Trayvon Martin were murdered. Yeah, they still believe it.
See what I mean?
They knew damn well the real estate bubble would burst. They ignored ALL warnings in 2008 (that was a big election year right?) in order to tie the albatross around Bush's neck. As a result, the democrats won a SUPER MAJORITY.
How many things have democrats done for political expediency that also sacrificed the well being of our country? Well, their entire victimology strategy is a prime example of this. Democrat community organizers are sent to these areas in order to stoke riots. In order to divide. In order to divide and conquer. Behind their praetorian media that is all too happy to report things and hype things precisely how they want.
They have been doing it for over 50 years. Hell, we can trace it back to the founding of the ACLU. Even before that.
The left wing has been taught for many years at their institutions of lower living that America and capitalism is the reason for EVERYTHING that is wrong in the world. The free market is the reason for pollution, for poverty, for wars on and on and on.
They under report when there is news that contradict their warped narrative, and they hype the news when anything APPEARS to fit their narrative. To hell with the actual facts, just so long as they continue to capture the minds of the ignorant.
The Ferguson and Trayvon Martin cases are prime examples of this. Hey, anyone here remember the name Steinle or Vester Flanagan? Which ones went away from the hype FAST and which ones were shoved in our faces for months. Oh, as it turned out the narrative they tried to push in those two cases were utterly false but that did not matter one bit.
Do you know liberals still think Michael Brown and Trayvon Martin were murdered. Yeah, they still believe it.
See what I mean?
NYcarbineer
Diamond Member
The Democrats weren't in power.
Answer me this. Approximately how many times would I have to repeat that indisputable fact before you would stop denying it?
Theowl32
Diamond Member
- Dec 8, 2013
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You are one ignorant **** aren't you? The democrats controlled the house and senate. Beginning in 2007 until 2010 when the republicans retook control of the house.
I know this may come as a shock to you, but there was still separation of powers when Boooooosh was president. No, unlike obama, Boooooosh was not a king, an emperor, or a dictator.
Oh, and in case you want to know what the economy did after the democrats took over power and had a super majority after the affirmative action president was elected.
Here take a look at these facts loser.
Notice, the years that the democrats had majority power.
Then republicans took over in 2010 and gained majority last year.
Too bad so sad.
NYcarbineer
Diamond Member
You are one ignorant **** aren't you? The democrats controlled the house and senate. Beginning in 2007 until 2010 when the republicans retook control of the house.
I know this may come as a shock to you, but there was still separation of powers when Boooooosh was president. No, unlike obama, Boooooosh was not a king, an emperor, or a dictator.
Oh, and in case you want to know what the economy did after the democrats took over power and had a super majority after the affirmative action president was elected.
Here take a look at these facts loser.
Notice, the years that the democrats had majority power.
Then republicans took over in 2010 and gained majority last year.
Too bad so sad.
The real estate bubble burst in 2005 - 2006.
Theowl32
Diamond Member
- Dec 8, 2013
- 23,643
- 18,802
- 2,415
You are one ignorant **** aren't you? The democrats controlled the house and senate. Beginning in 2007 until 2010 when the republicans retook control of the house.
I know this may come as a shock to you, but there was still separation of powers when Boooooosh was president. No, unlike obama, Boooooosh was not a king, an emperor, or a dictator.
Oh, and in case you want to know what the economy did after the democrats took over power and had a super majority after the affirmative action president was elected.
Here take a look at these facts loser.
Notice, the years that the democrats had majority power.
Then republicans took over in 2010 and gained majority last year.
Too bad so sad.
The real estate bubble burst in 2005 - 2006.
Oh my.
Mac1958
Diamond Member
Well, it's nice to see that evidently everyone agrees that proper, comprehensive, efficient regulation of financial markets is critical.
Yes, the video is right in that the GSE's were under-effectively-regulated, and yes, that played a role. But that's just the beginning, and only part of the Meltdown.
.
Yes, the video is right in that the GSE's were under-effectively-regulated, and yes, that played a role. But that's just the beginning, and only part of the Meltdown.
- The bankers who created, with the help of (I am NOT making this up) physicists, the abominations known as sub-prime CDO's to dangle in front of investors, pure shit securities
- The ratings agencies, obediently slapping AAA ratings (for a fee, of course) on those pure shit securities were also under-effectively-regulated.
- AIG, selling horrific Credit Default Swaps like candy to children without having to worry about pesky reserve requirements, was also under-effectively-regulated.
- Mortgage lenders granting spectacularly stupid 125% no-doc loans on anyone with a ******* pulse.
- Borrowers (yes kids, they were involved in this too) signing on the dotted line for loans they goddamn well knew they couldn't afford
- Borrowers (oops, there they are again) getting loans to pay off bills and then, as if they had no functioning brain matter whatsoever, immediately running up new bills
.
jknowgood
Diamond Member
Let me get this straight, liberals say republicans hate the poor and minorities. We only care about the rich. So all of a sudden republicans decided all people deserved a home, even if they couldn't afford it. Then all of a sudden democrats changed their mind on the poor and minorities. Saying only people that can afford a house should be able to get a loan for a house. Screw the poor and minorities. Is that what the liberals on here saying? That only the well off can own a home? So we can run on how liberals hate the poor in the next election?
Luddly Neddite
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Notice the same is happening right now.
They've had the majority for almost a year and all they have done is another phony vote to "repeal" ObamaCare and OBSTRUCT jobs bills for all Americans, including vets.
Why won't the damn Repub traitors lift a finger to help vets? Why do they ALWAYS obstruct any and all bills that could actually help the working class while passing more bills to benefit themselves and the 1%?
jknowgood
Diamond Member
Obama ran on the promise he would fix the health care for our veterans, but all he did was give us the same type of failed health care. He was suppose to fix.
Luddly Neddite
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Why do you even bother to post?
Seriously, you're just so damn dumb and you're shown to be dumb every single day here.
How about you post where the REPUBS have agreed to what the president proposed for vets? In point of FACT, all they have done is obstruct every single bill to benefit vets.
Even if the Republicans did not block EVERY bill, screwing over vets and the mess of the VA didn't just suddenly start with the Obama administration. I remember very clearly what Vietnam went through to get care or help and it didn't start with those vets.
jknowgood
Diamond Member
Obama ran on the promise he would fix the health care for our veterans, but all he did was give us the same type of failed health care. He was suppose to fix.
Obama is president, you stupid little *****. He has been able to get what he has really wanted, so if he really wanted to help them. He would, he even stated that he thinks veterans should have to pay for their health care. So stop acting like you want better for our great veterans.
Bfgrn
Gold Member
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The financial crisis was not caused by Fannie and Freddie...it was caused by PRIVATE lenders.
jknowgood
Diamond Member
Am I right that Fannie is out of business?
NYcarbineer
Diamond Member
Bush's American Dream Downpayment Act 2003:
"This administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country. And this is a good time for the American homeowner. Today we received a report that showed that new home construction last month reached its highest level in nearly 20 years. (Applause.)
The reason that is so is because there is renewed confidence in our economy. Low interest rates help. They have made owning a home more affordable, for those who refinance and for those who buy a home for the first time. Rising home values have added more than $2.5 trillion to the assets of the American family since the start of 2001.
The rate of homeownership in America now stands a record high of 68.4 percent. Yet there is room for improvement. The rate of homeownership amongst minorities is below 50 percent. And that's not right, and this country needs to do something about it. We need to -- (applause.) We need to close the minority homeownership gap in America so more citizens have the satisfaction and mobility that comes from owning your own home, from owning a piece of the future of America.
Last year I set a goal to add 5.5 million new minority homeowners in America by the end of the decade. That is an attainable goal; that is an essential goal. And we're making progress toward that goal. In the past 18 months, more than 1 million minority families have become homeowners. (Applause.) And there's more that we can do to achieve the goal. The law I sign today will help us build on this progress in a very practical way.
Many people are able to afford a monthly mortgage payment, but are unable to make the down payment. So this legislation will authorize $200 million per year in down payment assistance to at least 40,000 low-income families. These funds will help American families achieve their goals, and at the same time, strengthen our communities."
President Bush Signs American Dream Downpayment Act of 2003
"This administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country. And this is a good time for the American homeowner. Today we received a report that showed that new home construction last month reached its highest level in nearly 20 years. (Applause.)
The reason that is so is because there is renewed confidence in our economy. Low interest rates help. They have made owning a home more affordable, for those who refinance and for those who buy a home for the first time. Rising home values have added more than $2.5 trillion to the assets of the American family since the start of 2001.
The rate of homeownership in America now stands a record high of 68.4 percent. Yet there is room for improvement. The rate of homeownership amongst minorities is below 50 percent. And that's not right, and this country needs to do something about it. We need to -- (applause.) We need to close the minority homeownership gap in America so more citizens have the satisfaction and mobility that comes from owning your own home, from owning a piece of the future of America.
Last year I set a goal to add 5.5 million new minority homeowners in America by the end of the decade. That is an attainable goal; that is an essential goal. And we're making progress toward that goal. In the past 18 months, more than 1 million minority families have become homeowners. (Applause.) And there's more that we can do to achieve the goal. The law I sign today will help us build on this progress in a very practical way.
Many people are able to afford a monthly mortgage payment, but are unable to make the down payment. So this legislation will authorize $200 million per year in down payment assistance to at least 40,000 low-income families. These funds will help American families achieve their goals, and at the same time, strengthen our communities."
President Bush Signs American Dream Downpayment Act of 2003
jknowgood
Diamond Member
So liberals didn't want minorities owning homes? Liberals were against all of it?
Luddly Neddite
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tyroneweaver
Diamond Member
spending money and anarchy always win the debate
restraint and responsibility are has bins
restraint and responsibility are has bins
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