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

[JonKoch]

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

Don't let FACTS get in your way Cupcake


Q When did the Bush Mortgage Bubble start?

A The general timeframe is it started late 2004.

From Bush's Presidents Working Group on Financial Markets October 2008

The Presidents Working Groups 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
Bush's documented policies and statements in timeframe leading up to the start of the 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
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.



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

 

[JonKoch]

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

Nonbank mortgage underwriting exploded from 2001 to 2007, along with the private label securitization market, which eclipsed Fannie and Freddie during the boom.




Private lenders not subject to congressional regulations collapsed lending standards.

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]

Put another face to it then

DUBYA

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


2004 Republican Convention:

Another priority for a new term is to build an ownership society, because ownership brings security and dignity and independence.
...

Thanks to our policies, home ownership in America is at an all- time high.

(APPLAUSE)

Tonight we set a new goal: 7 million more affordable homes in the next 10 years, so more American families will be able to open the door and say, "Welcome to my home."


June 17, 2004


Builders to fight Bush's low-income plan


NEW YORK (CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.

 

[JonKoch]

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

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

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]

Examining the big lie: How the facts of the economic crisis stack up​

•The boom and bust was global. Proponents of the Big Lie ignore the worldwide nature of the housing boom and bust.



•Nonbank mortgage underwriting (WALL STREET) exploded from 2001 to 2007, along with the private label securitization market, which eclipsed Fannie and Freddie during the boom.



Private lenders not subject to congressional regulations collapsed lending standards. Taking up that extra share were nonbanks selling mortgages elsewhere, not to the GSEs. Conforming mortgages had rules that were less profitable than the newfangled loans. Private securitizers — competitors of Fannie and Freddie — grew from 10 percent of the market in 2002 to nearly 40 percent in 2006. As a percentage of all mortgage-backed securities, private securitization grew from 23 percent in 2003 to 56 percent in 2006

Examining the big lie: How the facts of the economic crisis stack up - The Big Picture

Examining the big lie: How the facts of the economic crisis stack up Barry Ritholtz Washington Post, November 19 ~~~ It’s fair to say that our discussion about the big lie touched a nerve. The big lie of the financial crisis, of course, is that troubling technique used to try to change the...

ritholtz.com

 

[toobfreak]

Don't let FACTS get in your way Cupcake

Don't try to Cupcake ME, Butterbean, I invented cupcake.

 

[toobfreak]

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

Better find a comb and comb that hair-mat of yours, Butterbean, it is falling in your eyes and clogging your brain.