Barney Frank, entering hospice care, embarks on a final act: Taking on the left

[JonKoch]

Where did I say he wrote it??

"Which was largely drafted by Barney Frank, but had bipartisan support"

TRY TO BE HONEST AT LEAST

 

[Failzero]

Another right wing fail, shocking

How did I fail Bawney Fwank

 

[JonKoch]

which specific ones? He certainly didn't have a problem with all subprime loans, at all

In 2004, Representative Barney Frank, along with other House Democrats, actively sought to restrict predatory subprime lending. Frank and his colleagues worked to pass legislation tightening federal laws and blocking the Bush administration from pre-empting stricter state-level consumer protections, though these efforts were ultimately blocked by House Republican leadership.


Specific actions and statements from Barney Frank in 2004 regarding the subprime market include:

• Targeting Predatory Lending: Frank collaborated with Representatives Brad Miller and Mel Watt on legislation aimed at restricting risky, high-cost subprime loans that lacked proper consumer safeguards.

• Objecting to FHA Plans: On March 6, 2004, Frank wrote a highly critical letter opposing Senate-passed appropriations that would allow the Federal Housing Administration (FHA) to insure subprime loans. He warned that the measure offered no protection against borrowers being inappropriately steered into high-cost loans without proper suitability safeguards.

• Criticizing GSE Quotas: In June 2004, when the Bush administration ordered Fannie Mae and Freddie Mac to increase the percentage of below-median income homeowner mortgages they purchased, Frank publicly objected. He stated this policy would "do some harm" and argued it would push new homeowners into unaffordable dwellings.

 

[JonKoch]

which specific ones? He certainly didn't have a problem with all subprime loans, at all

Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse


Predatory Lenders' Partner in Crime

Predatory lending was widely understood to present a looming national crisis.

What did the Bush administration do in response? Did it reverse course and decide to take action to halt this burgeoning scourge?

Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye

In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions


preempting all state predatory lending laws, thereby rendering them inoperative



[URLunfurl="true"]https://www.washingtonpost.com/wp-dyn/content/article/2008/02/13/AR2008021302783.html[/URL]

 

[struth]

"Which was largely drafted by Barney Frank, but had bipartisan support"

TRY TO BE HONEST AT LEAST

Yes he took part in the drafting

I didn’t claim he alone wrote ththe bill

 

[toobfreak]

Private Sector Loans, Not Fannie or Freddie, Triggered Crisis

Don't try to rewrite recent history, I'm not an idiot. The private sector only did what the democrats in Congress urged them to do, to make unwarranted predatory lending on home loans to low income people at subprime rates that they knew they couldn't pay back trying to buy votes, and the whole thing ballooned from there.

In fact, the SNL meltdown was the one thing Obumma actually participated in helping to cause during his brief stint as a senator before being ushered into the WH right over Hillary's dead corpse.

 

[JonKoch]

Yes he took part in the drafting

I didn’t claim he alone wrote ththe bill

SOURCE? HE WASN'T EVEN A CO SPONSOR OF THE DAMN BILL, HE DIDN'T OPPOSE IT BUT DIDN'T SUPPORT IT

 

[struth]

SOURCE? HE WASN'T EVEN A CO SPONSOR OF THE DAMN BILL, HE DIDN'T OPPOSE IT BUT DIDN'T SUPPORT IT

He voted for it and took part in drafting lang!

Hahab

Show us where he voted no!

 

[JonKoch]

Don't try to rewrite recent history, I'm not an idiot. The private sector only did what the democrats in Congress urged them to do, to make unwarranted predatory lending on home loans to low income people at subprime rates that they knew they couldn't pay back trying to buy votes, and the whole thing ballooned from there.

In fact, the SNL meltdown was the one thing Obumma actually participated in helping to cause during his brief stint as a senator before being ushered into the WH right over Hillary's dead corpse.

Got it, you are ignorant AND racist


"Another form of easing facilitated the rapid rise of mortgages that didn't require borrowers to fully document their incomes. In 2006, these low- or no-doc loans comprised 81 percent of near-prime, 55 percent of jumbo, 50 percent of subprime and 36 percent of prime securitized mortgages."

https://www.fdic.gov/media/18636

Q HOLY JESUS! DID YOU JUST PROVE THAT OVER 50 % OF ALL MORTGAGES IN 2006 DIDN'T REQUIRE BORROWERS TO DOCUMENT THEIR INCOME?!?!?!?

A Yes.




Q WHO THE HELL LOANS HUNDREDS OF THOUSANDS OF DOLLARS TO PEOPLE WITHOUT CHECKING THEIR INCOMES?!?!?

A Banks.

Q WHY??!?!!!?!

A Two reasons, greed and Bush's regulators let them

Thread 'FACTS on Dubya's great recession'

Jul 2, 2014

Q When did the Bush Mortgage Bubble start?

A The general timeframe is it started late 2004.

From Bush’s President’s Working Group on Financial Markets October 2008

“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”



Q Did the Community Reinvestment Act under Carter/Clinton caused it?


A "Since 1995 there has been essentially no change in the basic CRA rules or...

• Dad2three
• Replies: 481
• Forum: Economy

• 

DUBYA FOUGHT ALL 50 STATE AG'S IN 2003, INVOKING A CIVIL WAR ERA RULE SAYING FEDS RULE ON "PREDATORY" LENDERS!

 

[JonKoch]

He voted for it and took part in drafting lang!

Hahab

Show us where he voted no!

Sure Cupcake, because YOU say so, I believe you, I do

 

[toobfreak]

Got it,

You got it? I seriously doubt you've gotten anything in your life otherwise you would have chucked the radicalized leftist anti-American cult long ago.

 

[Failzero]

SOURCE? HE WASN'T EVEN A CO SPONSOR OF THE DAMN BILL, HE DIDN'T OPPOSE IT BUT DIDN'T SUPPORT IT

He was the Face of it from its inception ( and one of its champions )

 

[JonKoch]

Don't try to rewrite recent history, I'm not an idiot. The private sector only did what the democrats in Congress urged them to do, to make unwarranted predatory lending on home loans to low income people at subprime rates that they knew they couldn't pay back trying to buy votes, and the whole thing ballooned from there.

In fact, the SNL meltdown was the one thing Obumma actually participated in helping to cause during his brief stint as a senator before being ushered into the WH right over Hillary's dead corpse.

Private sector loans, not Fannie or Freddie, triggered crisis


The "turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007," the President's Working Group on Financial Markets


FACTS ON Bush Mortgage Bubble include (but not limited to)


Wanting 5.5 million more minority homeowners
Tells congress there is nothing wrong with GSEs
Pledging to use federal policy to increase home ownership
Routinely taking credit for the housing market
Forcing GSEs to buy more low income home loans by raising their Housing Goals (50% TO 56%)
Lowering Investment banks capital requirements, Net Capital rule
Reversing the Clinton rule that restricted GSEs purchases of subprime loans
Lowering down payment requirements to 0%
Forcing GSEs to spend an additional $440 billion in the secondary markets
Giving away 40,000 free down payments
PREEMPTING ALL STATE LAWS AGAINST PREDATORY LENDING


But the biggest policy was regulators not enforcing lending standards.




MY OLD THREAD

Thread 'FACTS on Dubya's great recession'

Jul 2, 2014

Q When did the Bush Mortgage Bubble start?

A The general timeframe is it started late 2004.

From Bush’s President’s Working Group on Financial Markets October 2008

“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”



Q Did the Community Reinvestment Act under Carter/Clinton caused it?


A "Since 1995 there has been essentially no change in the basic CRA rules or...

• Dad2three
• Replies: 481
• Forum: Economy

• 

 

[JonKoch]

He was the Face of it from its inception ( and one of its champions )

Sure, sure I believe you, THAT'S why 23 of 24 sponsors were R and the one conservative Dem

 

[struth]

Sure Cupcake, because YOU say so, I believe you, I do

Gotcha so you can’t show us where he voted no

Why do you lie to defend this pimp? He literally pimped out boys from his DC townhome and you are so brainwashed to defend this scum

 

[Failzero]

Sure, sure I believe you

Put another face to it then

 

[JonKoch]

You got it? I seriously doubt you've gotten anything in your life otherwise you would have chucked the radicalized leftist anti-American cult long ago.

No, the GSEs Did Not Cause the Financial Meltdown (but thats just according to the data)



1. Private markets caused the shady mortgage boom: The first thing to point out is that the both the subprime mortgage boom and the subsequent crash are very much concentrated in the private market, especially the private label securitization channel (PLS) market. The Government-Sponsored Entities (GSEs, or Fannie and Freddie) were not behind them. The fly-by-night lending boom, slicing and dicing mortgage bonds, derivatives and CDOs, and all the other shadiness of the mortgage market in the 2000s were Wall Street creations, and they drove all those risky mortgages.


Heres some data to back that up: More than 84 percent of the subprime mortgages in 2006 were issued by private lending institutions Private firms made nearly 83 percent of the subprime loans to low- and moderate-income borrowers that year.



2. The governments affordability mission didn't cause the crisis




3. There is a lot of research to back this up and little against it

Thread 'FACTS on Dubya's great recession'

Jul 2, 2014

Q When did the Bush Mortgage Bubble start?

A The general timeframe is it started late 2004.

From Bush’s President’s Working Group on Financial Markets October 2008

“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”



Q Did the Community Reinvestment Act under Carter/Clinton caused it?


A "Since 1995 there has been essentially no change in the basic CRA rules or...

• Dad2three
• Replies: 481
• Forum: Economy

• 

 

[toobfreak]

Private sector loans, not Fannie or Freddie, triggered crisis

I never mentioned Fannie and Freddie, you did. Democrats like Obumma set up the conditions that led to the meltdown plain and simple.

 

[JonKoch]

Gotcha so you can’t show us where he voted no

Why do you lie to defend this pimp? He literally pimped out boys from his DC townhome and you are so brainwashed to defend this scum

Gosh Cupcake, it was a VOICE VOTE, but I'm SURE you'll link where he wrote it right? LMAOROG

23 OUT OF 24 SPONSORS WERE GOP BUT IT WAS WRITTEN BY THE LIBERAL, GAY GUY, LOL

 

[Dont Taz Me Bro]

Growing up in Massachusetts, Frank was a force throughout the state. I didn't agree with a lot of his positions, but compared to where the Democratic Party is today, he'd be a moderate now.