We already been over this, agreed 10 years ago things were going along pretty good until Federal meddling policies crashed housing?
RINO=DemWit=at fault. there, we agree.
I can't agree more GOVT spending/debt will get USA out of debt.
"We already been over this, agreed 10 years ago things were going along pretty good until Federal meddling policies crashed housing?"
You mean Dubya's REGULATOR FAILURE allowed the Banksters to hose US And Dubya and his policies housed Fannie/Freddie right?
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.
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The housing boom and bust was global — Source:
McKinsey Quarterly
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A
McKinsey Global Institute report noted “from 2000 through 2007, a remarkable run-up in global home prices occurred.” It is highly unlikely that a simultaneous boom and bust everywhere else in the world was caused by one set of factors (ultra-low rates, securitized AAA-rated subprime, derivatives) but had a different set of causes in the United States.
Indeed, this might be the biggest obstacle to pushing the false narrative.
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. 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
. Black democrat congressmen and women and white liberal members forced congress to relax enforcement of regulations to banking laws. Banks were threatened to lose ability to expand if they didn't give home loans to people who could never make their monthly payments.
In short, progressive democrats crashed the economy and blamed George Bush. You have been shown time and time again on YouTube.
Oh right, we forget about the OUT OF CONTEXT 2003-2004 ACCOUNTING SCANDALS WHEN DEMS SAID F/F WERE OK
WHAT HAPPENED?
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.”
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.
Home builders fight Bush's low-income housing - Jun. 17, 2004
Private sector loans, not Fannie or Freddie, triggered crisis
Talk radio and the blogosphere are pushing the idea that the stock market meltdown and the freeze on credit was triggered by finance giants Fannie Mae's and Freddie Mac's lending money to poor and minority Americans.
But federal housing data reveal that that charge isn't true. Instead, it was the private sector that was behind the soaring subprime lending at the core of the crisis.
Private sector loans, not Fannie or Freddie, triggered crisis
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 (
2004)
Lowering Investment banks capital requirements, Net Capital rule (
2004)
Reversing the Clinton rule that restricted GSEs purchases of subprime loans (
2004)
Lowering down payment requirements to 0% (2004)
Forcing GSEs to spend an additional $440 billion in the secondary markets (
2004)
Giving away 40,000 free down payments PER YEAR (
2004-2007)
PREEMPTING ALL STATE LAWS AGAINST PREDATORY LENDING (
2003)
But the biggest policy was regulators not enforcing lending standards.
FACTS on Dubya's great recession | US Message Board - Political Discussion Forum