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What a pack of lies.
Only an idiot would belive that this was caused by what you claim.
Ask an unbiased economics proff and you have your answer.
The sub primes that were written had very little to do with the amount the gov required to be handed out.
Why would they write so many more than the gov required?
Becuase they repackaged them off and sold them as triple A investiments and made a shit load of money.
What a pack of lies.
Only an idiot would belive that this was caused by what you claim.
Ask an unbiased economics proff and you have your answer.
The sub primes that were written had very little to do with the amount the gov required to be handed out.
Why would they write so many more than the gov required?
Becuase they repackaged them off and sold them as triple A investiments and made a shit load of money.
Don't need to.......I'm part of the book. I've lived it.
In what capacity of banking did you live that gives you that vantage to make such specious claims?
I ask since you CLAIM to have inside information. What are your bono fides?
mortgage side of banking is that banks were forced by the government to make loans to people who didn't qualify and couldn't pay them back.
The above is simply not remotely true.
No government regulation made banks give liars loans, NINJA loans, 110% loans, or exploing in your face adjustible rate morgage loans, either. Those were the invention of the bnksters themselves.
If you doubt that, please do feel free to cite the bnaking givenment regulation which you "lived for 30 years" that forced bansters to make those loans
Tain't there, sport.
I don't say this lightly, I seldom bother, but in your case, it so obviously fits.
You, sir, are a liar.
Would you like my SSN, birth date and street address too?Whether you believe me or not doesn't bother me a bit. This is an interwebz bulletin board. You get what you pay for. That being said, I assure you that my wife and I have both worked in the industry since 1979. There is another side to this story that isn't being told by the media.
My wife and I have both worked in the banking industry for over 30 years now. What few people realize is that banking is one of the most heavily regulated industries in the country. The other thing that people don't realize about the mortgage side of banking is that banks were forced by the government to make loans to people who didn't qualify and couldn't pay them back. If you want to get to the root cause of the mortgage crisis, it is the government and not the banks. When it comes to lending money, the vast majority of banks are very conservative. They want to make loans to people and businesses that will actually pay the loans back as they make money off the interest payments. When forced to loan some high school dropout who is flipping burgers the money to buy a two bedroom house, they know they will most likely never get paid and the property will wind up in foreclosure.
Let's hope they actually do something with what they find.
It is still, I think, the biggest money fraud story in the history of mankind as well as the most corrupt institutions in the history of America.
Let's hope:
NY probe seeks mortgage records, official says - Forbes.com
I'm curious as to how it'll play out globally.
Let's hope they actually do something with what they find.
It is still, I think, the biggest money fraud story in the history of mankind as well as the most corrupt institutions in the history of America.
Let's hope:
NY probe seeks mortgage records, official says - Forbes.com
I'm curious as to how it'll play out globally.
New York state, NY Attorney General, you ignorant septic tank. Here is a little helpful tip for you... 'Local political story.... Got that? Good.
ALBANY, N.Y. -- New York Attorney General Eric Schneiderman is seeking records from three major Wall Street banks as part of a broad investigation into the mortgage crisis that fueled the recession, an official familiar with the issue said Tuesday.
I'm curious as to how it'll play out globally.
New York state, NY Attorney General, you ignorant septic tank. Here is a little helpful tip for you... 'Local political story.... Got that? Good.
ALBANY, N.Y. -- New York Attorney General Eric Schneiderman is seeking records from three major Wall Street banks as part of a broad investigation into the mortgage crisis that fueled the recession, an official familiar with the issue said Tuesday.
oh for goodness sakes Dante!
caligirl is right on this one.....she was talking about regulation changes....only if there is global reforms, will reforms help us with these banks....if they are regulated here in the usa and not elsewhere, they will just move to another country....
i have seen articles discussing changes worldwide, so this won't happen again.
I don't doubt that you sincerely believe that hogwash you just posted, but you have been rather clearly and cleverly misinformed.
Read a book.
Don't need to.......I'm part of the book. I've lived it.
In what capacity of banking did you live that gives you that vantage to make such specious claims?
I ask since you CLAIM to have inside information. What are your bono fides?
mortgage side of banking is that banks were forced by the government to make loans to people who didn't qualify and couldn't pay them back.
The above is simply not remotely true.
No government regulation made banks give liars loans, NINJA loans, 110% loans, or exploing in your face adjustible rate morgage loans, either. Those were the invention of the bnksters themselves.
If you doubt that, please do feel free to cite the bnaking givenment regulation which you "lived for 30 years" that forced bansters to make those loans
Tain't there, sport.
I don't say this lightly, I seldom bother, but in your case, it so obviously fits.
You, sir, are a liar.
Don't need to.......I'm part of the book. I've lived it.
In what capacity of banking did you live that gives you that vantage to make such specious claims?
I ask since you CLAIM to have inside information. What are your bono fides?
mortgage side of banking is that banks were forced by the government to make loans to people who didn't qualify and couldn't pay them back.
The above is simply not remotely true.
No government regulation made banks give liars loans, NINJA loans, 110% loans, or exploing in your face adjustible rate morgage loans, either. Those were the invention of the bnksters themselves.
If you doubt that, please do feel free to cite the bnaking givenment regulation which you "lived for 30 years" that forced bansters to make those loans
Tain't there, sport.
I don't say this lightly, I seldom bother, but in your case, it so obviously fits.
You, sir, are a liar.
What makes you more credible than him? You haven't offered anything other than your own words either.
My wife and I have both worked in the banking industry for over 30 years now. What few people realize is that banking is one of the most heavily regulated industries in the country. The other thing that people don't realize about the mortgage side of banking is that banks were forced by the government to make loans to people who didn't qualify and couldn't pay them back. If you want to get to the root cause of the mortgage crisis, it is the government and not the banks. When it comes to lending money, the vast majority of banks are very conservative. They want to make loans to people and businesses that will actually pay the loans back as they make money off the interest payments. When forced to loan some high school dropout who is flipping burgers the money to buy a two bedroom house, they know they will most likely never get paid and the property will wind up in foreclosure.
And all this started back in the Clinton administration...i'm so surprised!
My wife and I have both worked in the banking industry for over 30 years now. What few people realize is that banking is one of the most heavily regulated industries in the country. The other thing that people don't realize about the mortgage side of banking is that banks were forced by the government to make loans to people who didn't qualify and couldn't pay them back. If you want to get to the root cause of the mortgage crisis, it is the government and not the banks. When it comes to lending money, the vast majority of banks are very conservative. They want to make loans to people and businesses that will actually pay the loans back as they make money off the interest payments. When forced to loan some high school dropout who is flipping burgers the money to buy a two bedroom house, they know they will most likely never get paid and the property will wind up in foreclosure.
And all this started back in the Clinton administration...i'm so surprised!
The crisis happened in 2008, but it was "Clinton"? Hilarious.
The government has been encouraging home ownership for 70 years. This is not something that started with Clinton or Reagan. The tax breaks for home owners, establishment of Fannie Mae, Freddie Mac, the Federal Home Loan Bank, and the Community Reinvestment Act which has been enhanced by every president since it's passage in 1977, have encouraged home ownership particular, low income earners. Did this over-inflate the market and create homeowners that could not survive a serious downturn. Absolutely.Not saying you personally, but that is a cop-out.
Indeed the Federal Government strong-armed banks into giving loans to people who likely would not pay them back. Thank Clinton and Frank for this.
However - wall street in concert with banks took this notion to the nth degree.
They sold these mortgages, or should I say...HID...these mortgages in overly complicated bond vehicles and made enormous profits putting the entire system at great risk.
It is like... say you are a car dealer...and I told you that you need to give s few loans to people who can't really afford it. And you complied. Buuuut...realizing you can make a lot of money originating these loans and then selling them - you open 15 more car lots across the country and made $millions. This...is not what I originally encouraged you to do.
But when you follow the trail to the trailhead, who set the whole thing in motion?
Pheh...it's like if the nazi soldiers took no blame for mass murdering people with an extraordinary efficiency saying "Hitler made me do it".
Indeed the Democrats in the 80's set this all in motion, but it was the banks and the entire financial system that took that ball and created an entire industry that grew to such and extent that the ENTIRE nations economy stood on it's crumbling foundation.
My wife and I have both worked in the banking industry for over 30 years now. What few people realize is that banking is one of the most heavily regulated industries in the country. The other thing that people don't realize about the mortgage side of banking is that banks were forced by the government to make loans to people who didn't qualify and couldn't pay them back. If you want to get to the root cause of the mortgage crisis, it is the government and not the banks. When it comes to lending money, the vast majority of banks are very conservative. They want to make loans to people and businesses that will actually pay the loans back as they make money off the interest payments. When forced to loan some high school dropout who is flipping burgers the money to buy a two bedroom house, they know they will most likely never get paid and the property will wind up in foreclosure.
I've raised both those facts time and again. The Democrats have a hard time dealing with the fact that they were the ones who forced banks to provide sub-primes.
National regulations did not and will not help the banking industry. We either bring in global agreements and legislation or we accept that shit will happen. Not rocket science.
Holder's Anti-Bank Witch Hunt
Posted 05/12/2011 07:02 PM ET
Housing: The last time Washington launched a crusade to close the racial mortgage gap, it created a credit bubble that crashed the economy. If you think those days are over, think again.
The Justice Department is conducting an anti-discrimination witch hunt against banks for simultaneously lending too much and not lending enough to minorities. It would be comical if the consequences weren't so serious...
I'm curious as to how it'll play out globally.
New York state, NY Attorney General, you ignorant septic tank. Here is a little helpful tip for you... 'Local political story.... Got that? Good.
ALBANY, N.Y. -- New York Attorney General Eric Schneiderman is seeking records from three major Wall Street banks as part of a broad investigation into the mortgage crisis that fueled the recession, an official familiar with the issue said Tuesday.
oh for goodness sakes Dante!
caligirl is right on this one.....she was talking about regulation changes....only if there is global reforms, will reforms help us with these banks....if they are regulated here in the usa and not elsewhere, they will just move to another country....
i have seen articles discussing changes worldwide, so this won't happen again.
The government has been encouraging home ownership for 70 years. This is not something that started with Clinton or Reagan. The tax breaks for home owners, establishment of Fannie Mae, Freddie Mac, the Federal Home Loan Bank, and the Community Reinvestment Act which has been enhanced by every president since it's passage in 1977, have encouraged home ownership particular, low income earners. Did this over-inflate the market and create homeowners that could not survive a serious downturn. Absolutely.But when you follow the trail to the trailhead, who set the whole thing in motion?
Pheh...it's like if the nazi soldiers took no blame for mass murdering people with an extraordinary efficiency saying "Hitler made me do it".
Indeed the Democrats in the 80's set this all in motion, but it was the banks and the entire financial system that took that ball and created an entire industry that grew to such and extent that the ENTIRE nations economy stood on it's crumbling foundation.
However, Wall Street's part in this should not be overlooked. Wall Street's creation of sub-prime mortgages and shenanigans with mortgage backed bonds turned a would be slump in the real estate market into a worldwide financial disaster. It took an over bought real estate market and Wall Street to cause the greatest recession since the Great Depression.
And to make matter worse, the government and the Fed were in no position to fight a major recession. With a deficit nearing 800 billion, low interest rates, and record low tax rates the government was limited in what it could do. Government responded with the only available tool, spending. Thus we end up with a sluggish economy and a huge deficit.
A perfect storm.
And all this started back in the Clinton administration...i'm so surprised!
The crisis happened in 2008, but it was "Clinton"? Hilarious.
Actually, it all started under Ronald Reagan.
true story
it wasn't reagan. And all this started back in the Clinton administration...i'm so surprised!
The crisis happened in 2008, but it was "Clinton"? Hilarious.
Actually, it all started under Ronald Reagan.
true story
didn't we go thru this with GS bundling and welling what they knew was crap via e mails etc.? Its legal, I am sorry but there it is, unless I am missing something from this article......
the real culprits, imho are S&P, Moodys and Dun & Bradstreet, they awarded the ratings...
The President is not the lawmaker, Congress is. You are right, the president is inconsequential for the most part in these decisions. Sure they have the right to veto but they rely on Congress to make the regulations for the most part.The crisis happened in 2008, but it was "Clinton"? Hilarious.
Actually, it all started under Ronald Reagan.
true story
Maybe, maybe not. The truth is that who was President is of absolutely no importance. It was, and remains, flaws in the entire system. You want to play partisan politics with it, that's cool. But those of us with an actual brain know that it didn't matter who the President was, it was decade after decade of bad government, crap oversight, piss poor regulation, stupidity, and pure fucking greed that brought us to the brink of ruin. I would rather solve the problem than assign blame. Because there is a HUGE list of people to blame for this mess.
My wife and I have both worked in the banking industry for over 30 years now. What few people realize is that banking is one of the most heavily regulated industries in the country. The other thing that people don't realize about the mortgage side of banking is that banks were forced by the government to make loans to people who didn't qualify and couldn't pay them back. If you want to get to the root cause of the mortgage crisis, it is the government and not the banks. When it comes to lending money, the vast majority of banks are very conservative. They want to make loans to people and businesses that will actually pay the loans back as they make money off the interest payments. When forced to loan some high school dropout who is flipping burgers the money to buy a two bedroom house, they know they will most likely never get paid and the property will wind up in foreclosure.
I don't doubt that you sincerely believe that hogwash you just posted, but you have been rather clearly and cleverly misinformed.
Read a book.
Don't need to.......I'm part of the book. I've lived it.
