Executive Order to forgive $50,000 in student debt

[LeftofLeft]

Giving mortgages to people who failed financial criteria and risk factors caused the recession.

.
Except that isn't what happened. It wasn't poor people buying houses that caused the 2008 crash, it was middle class people who thought they could buy a McMansion, hold on to it for a few years, and then watch it's value go up and sell out.

The “flip” side are those that felt entitled to a McMansion in the name of equality (class envy) and failed to keep up with payments. Don’t bite off more than you can chew. Same with college loans.

Except that much like the colleges who sell overpriced degrees, no one was interesting in building sensible bungalows in the Oughts or even now.

What did happen was that people - poor, middle class, rich, white, black, Latino, Asian, Indian, citizen, non-citizen- all had the opportunity to get into homes they could not afford because Democrats felt compelled to relax financial risk factors in the name of racial and economic equality..... even mandated banks to do so.

The relaxation of financial rules were as bipartisan as things get.

In order for financial institutions to be able to comply with the Community Reinvestment Act, regulators at Fannie Mae and Freddie Mac had to back subprime loans that were more risky because credit worthiness criteria was relaxed. This was pushed primarily by Democrats like Barney Frank and Jamie Gorelick. Who weee the Republicans pushing this alongside them? Because the Community Reinvestment Act reduced credit worthiness criteria and included potential punishment from regulators for non-compliance, it opened the door across the board for all taxes and all economic classes to take advantage regardless of their credit worthiness.

Bush pushes home ownership opportunities for minorities - The Boston Globe

Giving mortgages to people who failed financial criteria and risk factors caused the recession.

.
Except that isn't what happened. It wasn't poor people buying houses that caused the 2008 crash, it was middle class people who thought they could buy a McMansion, hold on to it for a few years, and then watch it's value go up and sell out.

The “flip” side are those that felt entitled to a McMansion in the name of equality (class envy) and failed to keep up with payments. Don’t bite off more than you can chew. Same with college loans.

Except that much like the colleges who sell overpriced degrees, no one was interesting in building sensible bungalows in the Oughts or even now.

What did happen was that people - poor, middle class, rich, white, black, Latino, Asian, Indian, citizen, non-citizen- all had the opportunity to get into homes they could not afford because Democrats felt compelled to relax financial risk factors in the name of racial and economic equality..... even mandated banks to do so.

The relaxation of financial rules were as bipartisan as things get.

In order for financial institutions to be able to comply with the Community Reinvestment Act, regulators at Fannie Mae and Freddie Mac had to back subprime loans that were more risky because credit worthiness criteria was relaxed. This was pushed primarily by Democrats like Barney Frank and Jamie Gorelick. Who weee the Republicans pushing this alongside them? Because the Community Reinvestment Act reduced credit worthiness criteria and included potential punishment from regulators for non-compliance, it opened the door across the board for all taxes and all economic classes to take advantage regardless of their credit worthiness.

Bush pushes home ownership opportunities for minorities - The Boston Globe

How does pushing for more home ownership among minorities align to fully supporting government-backed subprime mortgages where the creditworthiness criteria is practically ignored? You might want to also note that while Bush pushed for abs celebrated minority home ownership, he was at odds with Frank, Gorelick, and Raines who decided creditworthiness was merely a “nice to have.”

 

[Brain357]

Let’s do mortgage debt next. Why not?

 

[pknopp]

Giving mortgages to people who failed financial criteria and risk factors caused the recession.

.
Except that isn't what happened. It wasn't poor people buying houses that caused the 2008 crash, it was middle class people who thought they could buy a McMansion, hold on to it for a few years, and then watch it's value go up and sell out.

The “flip” side are those that felt entitled to a McMansion in the name of equality (class envy) and failed to keep up with payments. Don’t bite off more than you can chew. Same with college loans.

Except that much like the colleges who sell overpriced degrees, no one was interesting in building sensible bungalows in the Oughts or even now.

What did happen was that people - poor, middle class, rich, white, black, Latino, Asian, Indian, citizen, non-citizen- all had the opportunity to get into homes they could not afford because Democrats felt compelled to relax financial risk factors in the name of racial and economic equality..... even mandated banks to do so.

The relaxation of financial rules were as bipartisan as things get.

In order for financial institutions to be able to comply with the Community Reinvestment Act, regulators at Fannie Mae and Freddie Mac had to back subprime loans that were more risky because credit worthiness criteria was relaxed. This was pushed primarily by Democrats like Barney Frank and Jamie Gorelick. Who weee the Republicans pushing this alongside them? Because the Community Reinvestment Act reduced credit worthiness criteria and included potential punishment from regulators for non-compliance, it opened the door across the board for all taxes and all economic classes to take advantage regardless of their credit worthiness.

Bush pushes home ownership opportunities for minorities - The Boston Globe

Giving mortgages to people who failed financial criteria and risk factors caused the recession.

.
Except that isn't what happened. It wasn't poor people buying houses that caused the 2008 crash, it was middle class people who thought they could buy a McMansion, hold on to it for a few years, and then watch it's value go up and sell out.

The “flip” side are those that felt entitled to a McMansion in the name of equality (class envy) and failed to keep up with payments. Don’t bite off more than you can chew. Same with college loans.

Except that much like the colleges who sell overpriced degrees, no one was interesting in building sensible bungalows in the Oughts or even now.

What did happen was that people - poor, middle class, rich, white, black, Latino, Asian, Indian, citizen, non-citizen- all had the opportunity to get into homes they could not afford because Democrats felt compelled to relax financial risk factors in the name of racial and economic equality..... even mandated banks to do so.

The relaxation of financial rules were as bipartisan as things get.

In order for financial institutions to be able to comply with the Community Reinvestment Act, regulators at Fannie Mae and Freddie Mac had to back subprime loans that were more risky because credit worthiness criteria was relaxed. This was pushed primarily by Democrats like Barney Frank and Jamie Gorelick. Who weee the Republicans pushing this alongside them? Because the Community Reinvestment Act reduced credit worthiness criteria and included potential punishment from regulators for non-compliance, it opened the door across the board for all taxes and all economic classes to take advantage regardless of their credit worthiness.

Bush pushes home ownership opportunities for minorities - The Boston Globe

How does pushing for more home ownership among minorities align to fully supporting government-backed subprime mortgages where the creditworthiness criteria is practically ignored? You might want to also note that while Bush pushed for abs celebrated minority home ownership, he was at odds with Frank, Gorelick, and Raines who decided creditworthiness was merely a “nice to have.”

If you say so.

 

[Cecilie1200]

This is your idea of "how to debate",

No, it is teh universally accepted method of debate. Fallacy is unacceptable in debate and that is what you defaulted to.

you might know enough to explain WHY his post is "inane" and "a fallacy".

I did explain, read my post again. Maybe more slowly?

In what way are federal student loans different from and more special than VA or SBA loans, and therefore more deserving of allowing their intelligent, sane adult borrowers to just blow off the repayment?

I did not say student loans were "more special" or that they should be allowed to be blown off.
I guess if you can't follow the written word, I should not expect you to be able to logically reply.

You are not a bright person is what you have written here. Not that you understand at all.

"The problem can't be my post. It must be that you can't understand my brilliance. Anyone who disagrees with me is automatically too stupid for me to ever explain myself."

Your surrender is accepted. You may run away now, and try again later. Because I can keep humiliating you all day long, otherwise.

You are a dumb fuck. My advise to you. heed this:
Better to Remain Silent and Be Thought a Fool than to Speak and Remove All Doubt

My "advise [sic]" to you: Don't give "advise [sic]" on being intelligent to people who think you're mindless dog shit, and then prove them right while doing it.

But if I ever need "advise [sic]" on being a puling moron, I'll definitely call you as the resident expert.

In the meantime, you already received my permission to run like a crying bitch. Hanging around, trying to make it look noble is just making you look more pathetic.

 

[Cecilie1200]

ROTFLMAO! What a bone head post.

You are an idiot.

I'm an idiot because you can't answer my question?

Yup, that's about the size of it. Noone - boy, is THAT accurate - is a big fan of the leftist standard retreat tactic.

 

[noonereal]

ROTFLMAO! What a bone head post.

You are an idiot.

I'm an idiot because you can't answer my question?

Yup, that's about the size of it. Noone - boy, is THAT accurate - is a big fan of the leftist standard retreat tactic.

I find noonereal to be brilliant! Totally brilliant. The man is impeccable. Even handed, educated, ethical, moral... a man amongst men. I applaud him!

 

[JoeB131]

You insist on saying the core reason for the Financial crisis of 2008 was the years leading up to that, white people bought McMansions until there was a glut. What is your source(s) to back up that statement?

Not playing the citation game with you... you nuts just scream "Fake news" or some other such shit. It's not a productive use of my time.

Look.......I lost a few really good tenants when this took place. They both were over extended on their credit, and both got home loans with 0% down. One of them was actually renting his big screen because he couldn't afford to buy one. Banks didn't make any money on the interest. Banks made money by processing the loans, and then selling them off. It was less risk to them because even they knew those loans weren't secure. But government changed the rules, so what bank didn't get in on the action? They all did.

So the banks screwed working people, got themselves into trouble, and then went to the government for a bailout after they wrecked the economy... and Ray blames... Poor people.

In order for financial institutions to be able to comply with the Community Reinvestment Act, regulators at Fannie Mae and Freddie Mac had to back subprime loans that were more risky because credit worthiness criteria was relaxed. This was pushed primarily by Democrats like Barney Frank and Jamie Gorelick. Who weee the Republicans pushing this alongside them?

Actually, it was - GEorge W. Bush.

I guess I have to play the citation game with you. Here's Bush praising how wonderful it was all these poor people were buying houses.

 

[LeftofLeft]

You insist on saying the core reason for the Financial crisis of 2008 was the years leading up to that, white people bought McMansions until there was a glut. What is your source(s) to back up that statement?

Not playing the citation game with you... you nuts just scream "Fake news" or some other such shit. It's not a productive use of my time.

Look.......I lost a few really good tenants when this took place. They both were over extended on their credit, and both got home loans with 0% down. One of them was actually renting his big screen because he couldn't afford to buy one. Banks didn't make any money on the interest. Banks made money by processing the loans, and then selling them off. It was less risk to them because even they knew those loans weren't secure. But government changed the rules, so what bank didn't get in on the action? They all did.

So the banks screwed working people, got themselves into trouble, and then went to the government for a bailout after they wrecked the economy... and Ray blames... Poor people.

In order for financial institutions to be able to comply with the Community Reinvestment Act, regulators at Fannie Mae and Freddie Mac had to back subprime loans that were more risky because credit worthiness criteria was relaxed. This was pushed primarily by Democrats like Barney Frank and Jamie Gorelick. Who weee the Republicans pushing this alongside them?

Actually, it was - GEorge W. Bush.

I guess I have to play the citation game with you. Here's Bush praising how wonderful it was all these poor people were buying houses.

How is praising people owning homes validation of Barney Frank’s egregious reduction of financial risk and credit worthiness? Is that the only path to home ownership?

 

[pknopp]

You insist on saying the core reason for the Financial crisis of 2008 was the years leading up to that, white people bought McMansions until there was a glut. What is your source(s) to back up that statement?

Not playing the citation game with you... you nuts just scream "Fake news" or some other such shit. It's not a productive use of my time.

Look.......I lost a few really good tenants when this took place. They both were over extended on their credit, and both got home loans with 0% down. One of them was actually renting his big screen because he couldn't afford to buy one. Banks didn't make any money on the interest. Banks made money by processing the loans, and then selling them off. It was less risk to them because even they knew those loans weren't secure. But government changed the rules, so what bank didn't get in on the action? They all did.

So the banks screwed working people, got themselves into trouble, and then went to the government for a bailout after they wrecked the economy... and Ray blames... Poor people.

In order for financial institutions to be able to comply with the Community Reinvestment Act, regulators at Fannie Mae and Freddie Mac had to back subprime loans that were more risky because credit worthiness criteria was relaxed. This was pushed primarily by Democrats like Barney Frank and Jamie Gorelick. Who weee the Republicans pushing this alongside them?

Actually, it was - GEorge W. Bush.

I guess I have to play the citation game with you. Here's Bush praising how wonderful it was all these poor people were buying houses.

How is praising people owning homes validation of Barney Frank’s egregious reduction of financial risk and credit worthiness? Is that the only path to home ownership?

It's also a huge misnomer to note that all the people who lost their houses were credit risks. Many were making their payments until the crash. That happened and people lost their jobs. It's hard to make a house payment when you loose your job.

Some markets housing crashed. Values dropped. Many people still would have been able to make their payments if the banks had worked with them. Banks wouldn't do it because they were upside down on their loans. If they could have been able to refinance at 3% like others they may have been able to make their payments. The taxpayers saw to it that the banks got billions for nothing but they would not help homeowners out.

HARP was supposed to address this but it was nothing more than another corrupt bank bail out.

We place all this blame on small homeowners when many tried to stay in their homes. Greedy banks and the politicians that looked out for only the banks interests are mostly to blame.

 

[LeftofLeft]

You insist on saying the core reason for the Financial crisis of 2008 was the years leading up to that, white people bought McMansions until there was a glut. What is your source(s) to back up that statement?

Not playing the citation game with you... you nuts just scream "Fake news" or some other such shit. It's not a productive use of my time.

Look.......I lost a few really good tenants when this took place. They both were over extended on their credit, and both got home loans with 0% down. One of them was actually renting his big screen because he couldn't afford to buy one. Banks didn't make any money on the interest. Banks made money by processing the loans, and then selling them off. It was less risk to them because even they knew those loans weren't secure. But government changed the rules, so what bank didn't get in on the action? They all did.

So the banks screwed working people, got themselves into trouble, and then went to the government for a bailout after they wrecked the economy... and Ray blames... Poor people.

In order for financial institutions to be able to comply with the Community Reinvestment Act, regulators at Fannie Mae and Freddie Mac had to back subprime loans that were more risky because credit worthiness criteria was relaxed. This was pushed primarily by Democrats like Barney Frank and Jamie Gorelick. Who weee the Republicans pushing this alongside them?

Actually, it was - GEorge W. Bush.

I guess I have to play the citation game with you. Here's Bush praising how wonderful it was all these poor people were buying houses.

How is praising people owning homes validation of Barney Frank’s egregious reduction of financial risk and credit worthiness? Is that the only path to home ownership?

It's also a huge misnomer to note that all the people who lost their houses were credit risks. Many were making their payments until the crash. That happened and people lost their jobs. It's hard to make a house payment when you loose your job.

Some markets housing crashed. Values dropped. Many people still would have been able to make their payments if the banks had worked with them. Banks wouldn't do it because they were upside down on their loans. If they could have been able to refinance at 3% like others they may have been able to make their payments. The taxpayers saw to it that the banks got billions for nothing but they would not help homeowners out.

HARP was supposed to address this but it was nothing more than another corrupt bank bail out.

We place all this blame on small homeowners when many tried to stay in their homes. Greedy banks and the politicians that looked out for only the banks interests are mostly to blame.

Large house, small house or shack, financial criteria and egregious reduction in creditworthiness should have never happened. Lesson learned. I hope the government and the banks never go down that path again.

 

[pknopp]

You insist on saying the core reason for the Financial crisis of 2008 was the years leading up to that, white people bought McMansions until there was a glut. What is your source(s) to back up that statement?

Not playing the citation game with you... you nuts just scream "Fake news" or some other such shit. It's not a productive use of my time.

Look.......I lost a few really good tenants when this took place. They both were over extended on their credit, and both got home loans with 0% down. One of them was actually renting his big screen because he couldn't afford to buy one. Banks didn't make any money on the interest. Banks made money by processing the loans, and then selling them off. It was less risk to them because even they knew those loans weren't secure. But government changed the rules, so what bank didn't get in on the action? They all did.

So the banks screwed working people, got themselves into trouble, and then went to the government for a bailout after they wrecked the economy... and Ray blames... Poor people.

In order for financial institutions to be able to comply with the Community Reinvestment Act, regulators at Fannie Mae and Freddie Mac had to back subprime loans that were more risky because credit worthiness criteria was relaxed. This was pushed primarily by Democrats like Barney Frank and Jamie Gorelick. Who weee the Republicans pushing this alongside them?

Actually, it was - GEorge W. Bush.

I guess I have to play the citation game with you. Here's Bush praising how wonderful it was all these poor people were buying houses.

How is praising people owning homes validation of Barney Frank’s egregious reduction of financial risk and credit worthiness? Is that the only path to home ownership?

It's also a huge misnomer to note that all the people who lost their houses were credit risks. Many were making their payments until the crash. That happened and people lost their jobs. It's hard to make a house payment when you loose your job.

Some markets housing crashed. Values dropped. Many people still would have been able to make their payments if the banks had worked with them. Banks wouldn't do it because they were upside down on their loans. If they could have been able to refinance at 3% like others they may have been able to make their payments. The taxpayers saw to it that the banks got billions for nothing but they would not help homeowners out.

HARP was supposed to address this but it was nothing more than another corrupt bank bail out.

We place all this blame on small homeowners when many tried to stay in their homes. Greedy banks and the politicians that looked out for only the banks interests are mostly to blame.

Large house, small house or shack, financial criteria and egregious reduction in creditworthiness should have never happened. Lesson learned. I hope the government and the banks never go down that path again.

People were making their payments until the banks and the government crashed the economy. Why is it we never argue to stop the bubbles that inevitably crash?

 

[Ray From Cleveland]

It's also a huge misnomer to note that all the people who lost their houses were credit risks. Many were making their payments until the crash. That happened and people lost their jobs. It's hard to make a house payment when you loose your job.

That may have happened to some responsible borrowers, but what happened to the people that never should have gotten a loan in the first place is they were high risk, and banks put high risk people on adjustable rate mortgage loans. Many of those people were uneducated and didn't have common sense, so they never bothered to hire somebody to read the contract and explain what an interest rate increase could mean for them. Their house payment was $800.00 a month, and they can pay that living paycheck to paycheck.

When the interest rate doubled or more, the house was no longer affordable, and they just sat back until the bank kicked them out of the house, thus the housing collapse.

What happened here is that we got invaded by people from the inner-city who could never afford the house under any circumstance. Moving to the suburbs was just a vacation from the projects. They had no intention on paying the mortgage, and it was a free place to live until the banks foreclosed. They lucked out by the banks having so many it took a year or two to get to them.

 

[Ray From Cleveland]

So the banks screwed working people, got themselves into trouble, and then went to the government for a bailout after they wrecked the economy... and Ray blames... Poor people.

No, I don't blame the poor people. Poor people are poor for a reason. They're uneducated or just plain stupid. They heard what the banks were doing and decided to get in on a good thing like their friends and family did.

Who I blame are the Democrats. Blacks and the poor are a huge voting base for them, and catering to their voters is what is politically expedient for them, even if it meant destroying the country. Vote buying is everything for Democrats. Nobody would vote for them otherwise.

 

[pknopp]

It's also a huge misnomer to note that all the people who lost their houses were credit risks. Many were making their payments until the crash. That happened and people lost their jobs. It's hard to make a house payment when you loose your job.

That may have happened to some responsible borrowers, but what happened to the people that never should have gotten a loan in the first place is they were high risk, and banks put high risk people on adjustable rate mortgage loans. Many of those people were uneducated and didn't have common sense, so they never bothered to hire somebody to read the contract and explain what an interest rate increase could mean for them. Their house payment was $800.00 a month, and they can pay that living paycheck to paycheck.

When the interest rate doubled or more, the house was no longer affordable, and they just sat back until the bank kicked them out of the house, thus the housing collapse.

What happened here is that we got invaded by people from the inner-city who could never afford the house under any circumstance. Moving to the suburbs was just a vacation from the projects. They had no intention on paying the mortgage, and it was a free place to live until the banks foreclosed. They lucked out by the banks having so many it took a year or two to get to them.

Corrupt bankers should have never put them into those loans. They did because they paid better.

 

[Ray From Cleveland]

Corrupt bankers should have never put them into those loans. They did because they paid better.

They did because government said it was now okay. So they either made those loans or their competitor did and made all the money.

 

[pknopp]

Corrupt bankers should have never put them into those loans. They did because they paid better.

They did because government said it was now okay. So they either made those loans or their competitor did and made all the money.

With none of it being OK.

 

[Ray From Cleveland]

With none of it being OK.

Maybe, but this is called learning from your mistakes which doesn't happen very often with Democrats. It all started with their desire to pander to their voters. It began as a snowball going down a hill. When it finally crashed at the bottom, it was 10 feet around. Did we learn anything? The answer to that is look who is entirely in charge of our federal government today.

Biden has a similar plan. He's been working on it with Booker since he got the nomination. The plan is to force nice middle-class suburbs to foster low income housing. Again, pandering to their voters. What that will do is take nice safe suburbs and turn them into crime infested ghettos. Stores will close down, schools will get dangerous for your children to attend, property values will be cut in half or more within a matter of time, police won't be able to keep up with the crime.

 

[Cecilie1200]

ROTFLMAO! What a bone head post.

You are an idiot.

I'm an idiot because you can't answer my question?

Yup, that's about the size of it. Noone - boy, is THAT accurate - is a big fan of the leftist standard retreat tactic.

I find noonereal to be brilliant! Totally brilliant. The man is impeccable. Even handed, educated, ethical, moral... a man amongst men. I applaud him!

I'm sure you do. You're wrong about everything else in the world, so why not that as well?

 

[JoeB131]

How is praising people owning homes validation of Barney Frank’s egregious reduction of financial risk and credit worthiness? Is that the only path to home ownership?

Bush did more than that. He made it easier to get loans and loosened regulations on the banks.

You see, the banks don't really want the people with GOOD credit. They want the people with more iffy credit, who they can charge a higher interest rate to. This is why "Sub-Prime" loans were such big business, not because the government "made them", but because they could make more money charging a higher interest rate to people with lower credit scores.

 

[JoeB131]

No, I don't blame the poor people. Poor people are poor for a reason. They're uneducated or just plain stupid. They heard what the banks were doing and decided to get in on a good thing like their friends and family did.

For those playing along at home... Ray is currently on disability, complaining about "Poor People".