Judging Obama's Handling of the Budget and the Economy Fairly

[mikegriffith1]

Obama suing Chicago banks for not writing enough crappy mortgage loans, back when he was a community organizer.

Obama never sued for crappy mortgage loans, racists call them "crappy" because to racists no minority is EVER qualified for a loan, or anything else for that matter.

Oh, so critics of those loans are "racists"??? Really? Anyway, you might wanna do a bit more reading on that one. Obama sued to pressure banks to extend loans to people who could not meet regular, sound credit standards.

 

[edthecynic]

To be to totally accurate, the Bush administration did not stop the then-existing policy of pressuring/enticing lenders into lowering credit standards.

There was no "then-existing policy" of lowering lending standards, Bush owns that himself, but you knew that already. Under Obama, borrowers had to be qualified, and had to have a downpayment. Bush made no downpayment loans for more than the house was worth to borrowers with bad credit who earned 20% less than the average income of the neighborhood they were buying into with his ADDI.

 

[edthecynic]

Obama suing Chicago banks for not writing enough crappy mortgage loans, back when he was a community organizer.

Obama never sued for crappy mortgage loans, racists call them "crappy" because to racists no minority is EVER qualified for a loan, or anything else for that matter.

Oh, so critics of those loans are "racists"??? Really? Anyway, you might wanna do a bit more reading on that one. Obama sued to pressure banks to extend loans to people who could not meet regular, sound credit standards.

Critics who say that loans to QUALIFIED minorities were "crappy" ARE racists, yes they are.

 

[edthecynic]

Obama sued to pressure banks to extend loans to people who could not meet regular, sound credit standards.

LIAR! And you know it!

 

[edthecynic]

Bush did call attention to the dangers of what Freddie and Fannie were doing with home loans, and Congressional Republicans tried to impose tougher regulations on them, but Democrats blocked all of their efforts.

That is a complete lie, but you knew that already. The MAJORITY Republicans blocked EVERY reform bill, the Dems were POWERLESS. Reform was only passed when the Dems took over Congress, but by then the GOP obstruction had already taken its toll.

 

[Toddsterpatriot]

Obama suing Chicago banks for not writing enough crappy mortgage loans, back when he was a community organizer.

Obama never sued for crappy mortgage loans, racists call them "crappy" because to racists no minority is EVER qualified for a loan, or anything else for that matter.

Obama never sued for crappy mortgage loans

Right, he sued because not enough people with great credit could get mortgages.

 

[Toddsterpatriot]

To be to totally accurate, the Bush administration did not stop the then-existing policy of pressuring/enticing lenders into lowering credit standards.

There was no "then-existing policy" of lowering lending standards, Bush owns that himself, but you knew that already. Under Obama, borrowers had to be qualified, and had to have a downpayment. Bush made no downpayment loans for more than the house was worth to borrowers with bad credit who earned 20% less than the average income of the neighborhood they were buying into with his ADDI.

There was no "then-existing policy" of lowering lending standards,

Except for Clinton forcing the GSEs to make 50% of their mortgage purchases subprime.

 

[Ray From Cleveland]

Bush did call attention to the dangers of what Freddie and Fannie were doing with home loans, and Congressional Republicans tried to impose tougher regulations on them, but Democrats blocked all of their efforts.

That is a complete lie, but you knew that already. The MAJORITY Republicans blocked EVERY reform bill, the Dems were POWERLESS. Reform was only passed when the Dems took over Congress, but by then the GOP obstruction had already taken its toll.

 

[Ray From Cleveland]

Obama suing Chicago banks for not writing enough crappy mortgage loans, back when he was a community organizer.

Obama never sued for crappy mortgage loans, racists call them "crappy" because to racists no minority is EVER qualified for a loan, or anything else for that matter.

Oh, so critics of those loans are "racists"??? Really? Anyway, you might wanna do a bit more reading on that one. Obama sued to pressure banks to extend loans to people who could not meet regular, sound credit standards.

Critics who say that loans to QUALIFIED minorities were "crappy" ARE racists, yes they are.

The problem is they lowered the standard. They were always crappy.

 

[Ray From Cleveland]

To be to totally accurate, the Bush administration did not stop the then-existing policy of pressuring/enticing lenders into lowering credit standards.

There was no "then-existing policy" of lowering lending standards, Bush owns that himself, but you knew that already. Under Obama, borrowers had to be qualified, and had to have a downpayment. Bush made no downpayment loans for more than the house was worth to borrowers with bad credit who earned 20% less than the average income of the neighborhood they were buying into with his ADDI.

Fannie Mae Eases Credit To Aid Mortgage Lending

 

[Ray From Cleveland]

At least most Republicans are willing to admit Bush Fd up

That will be the day!
The Right claims Bush was not responsible for anything that happened in 2001, 2007 and 2008.

Oh please, Bush was heavily criticized by the right on several of his decisions. Our people don't march in lockstep with their heads frozen to the right like Democrats do. When one of ours makes a mistake, we take them to task for it.

 

[Fang]

Obama will go down in history as a mainly irrelevant President who added 10 trillion to the debt.. His signature piece of legislation was all but dismantled a year after he left office. His party lost the House, Senate and many Governorship's due to his far left radical agenda such as allowing men in the women's restroom. As the first black president, Obama had the potential to significantly improve race relations. Instead, race relations took a step backwards while radical groups like BLM and their hate for law enforcement pushed Obama's party even further left and away from mainstream America. Obama all but handed the White House to Trump and the Republicans in 2016.

 

[basquebromance]

keep in mind, Democrats didnt have the votes to protect Obamacare from repeal. Democrats feared the GOP would do it. but people across america raised their voices, and it got louder and bigger and louder and bigger and finally McCain caved in to the pressure, even though he had campaigned all his life on repealing obamacare. that's what's great about democracy! thats why i love america!

 

[Ray From Cleveland]

Obama will go down in history as a mainly irrelevant President who added 10 trillion to the debt.. His signature piece of legislation was all but dismantled a year after he left office. His party lost the House, Senate and many Governorship's due to his far left radical agenda such as allowing men in the women's restroom. As the first black president, Obama had the potential to significantly improve race relations. Instead, race relations took a step backwards while radical groups like BLM and their hate for law enforcement pushed Obama's party even further left and away from mainstream America. Obama all but handed the White House to Trump and the Republicans in 2016.

Obama blew a chance at being a key part of history. His problem is he always put party ahead of country every time. This is a main element that separates him from Trump. Trump doesn't care about party. He's trying to do things he believes will benefit the country whether you agree with his decisions or not.

 

[edthecynic]

Obama suing Chicago banks for not writing enough crappy mortgage loans, back when he was a community organizer.

Obama never sued for crappy mortgage loans, racists call them "crappy" because to racists no minority is EVER qualified for a loan, or anything else for that matter.

Obama never sued for crappy mortgage loans

Right, he sued because not enough people with great credit could get mortgages.

Not enough MINORITIES with QUALIFYING credit could not get mortgages after a HUD sting operation exposed the discrimination.

Hud `Sting` To Root Out Lending Bias

The U.S. Department of Housing and Urban Development plans to begin using undercover ``sting`` operations to investigate banks for racial discrimination in mortgage lending.
The department will use its authority under fair-housing legislation to send ``matched pairs`` of minority and white testers posing as mortgage applicants into banks to uncover loan discrimination. The testers will have closely matched characteristics, such as income, credit history and bank balances.

The undercover operation follows the release last fall of a Federal Reserve study of all U.S. mortgage applications in 1990 showing blacks and Hispanics were far more likely to have their applications turned down than whites, even when their incomes were similar. Affluent blacks were rejected at essentially the same rate as poor whites, the study found.

 

[edthecynic]

To be to totally accurate, the Bush administration did not stop the then-existing policy of pressuring/enticing lenders into lowering credit standards.

There was no "then-existing policy" of lowering lending standards, Bush owns that himself, but you knew that already. Under Obama, borrowers had to be qualified, and had to have a downpayment. Bush made no downpayment loans for more than the house was worth to borrowers with bad credit who earned 20% less than the average income of the neighborhood they were buying into with his ADDI.

Fannie Mae Eases Credit To Aid Mortgage Lending

From your link:

...banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans.

Under Fannie Mae's pilot program, consumers who qualify can secure a mortgage with an interest rate one percentage point above that of a conventional, 30-year fixed rate mortgage of less than $240,000 -- a rate that currently averages about 7.76 per cent. If the borrower makes his or her monthly payments on time for two years, the one percentage point premium is dropped.

 

[Ray From Cleveland]

Obama suing Chicago banks for not writing enough crappy mortgage loans, back when he was a community organizer.

Obama never sued for crappy mortgage loans, racists call them "crappy" because to racists no minority is EVER qualified for a loan, or anything else for that matter.

Obama never sued for crappy mortgage loans

Right, he sued because not enough people with great credit could get mortgages.

Not enough MINORITIES with QUALIFYING credit could not get mortgages after a HUD sting operation exposed the discrimination.

Hud `Sting` To Root Out Lending Bias

The U.S. Department of Housing and Urban Development plans to begin using undercover ``sting`` operations to investigate banks for racial discrimination in mortgage lending.
The department will use its authority under fair-housing legislation to send ``matched pairs`` of minority and white testers posing as mortgage applicants into banks to uncover loan discrimination. The testers will have closely matched characteristics, such as income, credit history and bank balances.

The undercover operation follows the release last fall of a Federal Reserve study of all U.S. mortgage applications in 1990 showing blacks and Hispanics were far more likely to have their applications turned down than whites, even when their incomes were similar. Affluent blacks were rejected at essentially the same rate as poor whites, the study found.

I can't believe you actually posted this nonsense. Banks don't give loans on income alone, and your article highlights it as if income was all that mattered. Credit history is more important to a bank along with where a home is located.

All banks care about is getting their money back with interest. WTF would they care what color somebody was? Sorry, but yes, minorities do have worse credit histories than whites. And your article only said what they were going to do, not what they found. Now can you name me a major banking or lending institution that was prosecuted for racial discrimination in loan practices?

 

[edthecynic]

Bush did call attention to the dangers of what Freddie and Fannie were doing with home loans, and Congressional Republicans tried to impose tougher regulations on them, but Democrats blocked all of their efforts.

That is a complete lie, but you knew that already. The MAJORITY Republicans blocked EVERY reform bill, the Dems were POWERLESS. Reform was only passed when the Dems took over Congress, but by then the GOP obstruction had already taken its toll.

The reform bills were blocked in COMMITTEE completely controlled by the GOP. The GOP had the chairmanship of every committee and two more voted then the Dems on the committee, the Dems were POWERLESS to block anything.

 

[Ray From Cleveland]

To be to totally accurate, the Bush administration did not stop the then-existing policy of pressuring/enticing lenders into lowering credit standards.

There was no "then-existing policy" of lowering lending standards, Bush owns that himself, but you knew that already. Under Obama, borrowers had to be qualified, and had to have a downpayment. Bush made no downpayment loans for more than the house was worth to borrowers with bad credit who earned 20% less than the average income of the neighborhood they were buying into with his ADDI.

Fannie Mae Eases Credit To Aid Mortgage Lending

From your link:

...banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans.

Under Fannie Mae's pilot program, consumers who qualify can secure a mortgage with an interest rate one percentage point above that of a conventional, 30-year fixed rate mortgage of less than $240,000 -- a rate that currently averages about 7.76 per cent. If the borrower makes his or her monthly payments on time for two years, the one percentage point premium is dropped.

So, what are you trying to prove? Yes, second rate companies wanted to give loans they could sell off to the market. But F and F dropped their standards so that most banks could give loans to sell off. That's the point I was making.

 

[edthecynic]

Obama suing Chicago banks for not writing enough crappy mortgage loans, back when he was a community organizer.

Obama never sued for crappy mortgage loans, racists call them "crappy" because to racists no minority is EVER qualified for a loan, or anything else for that matter.

Obama never sued for crappy mortgage loans

Right, he sued because not enough people with great credit could get mortgages.

Not enough MINORITIES with QUALIFYING credit could not get mortgages after a HUD sting operation exposed the discrimination.

Hud `Sting` To Root Out Lending Bias

The U.S. Department of Housing and Urban Development plans to begin using undercover ``sting`` operations to investigate banks for racial discrimination in mortgage lending.
The department will use its authority under fair-housing legislation to send ``matched pairs`` of minority and white testers posing as mortgage applicants into banks to uncover loan discrimination. The testers will have closely matched characteristics, such as income, credit history and bank balances.

The undercover operation follows the release last fall of a Federal Reserve study of all U.S. mortgage applications in 1990 showing blacks and Hispanics were far more likely to have their applications turned down than whites, even when their incomes were similar. Affluent blacks were rejected at essentially the same rate as poor whites, the study found.

I can't believe you actually posted this nonsense. Banks don't give loans on income alone, and your article highlights it as if income was all that mattered. Credit history is more important to a bank along with where a home is located.

All banks care about is getting their money back with interest. WTF would they care what color somebody was? Sorry, but yes, minorities do have worse credit histories than whites. And your article only said what they were going to do, not what they found. Now can you name me a major banking or lending institution that was prosecuted for racial discrimination in loan practices?

I can believe you never even read my pull quotes before you posted your lie!!!

From the pull quote I posted;
The testers will have closely matched characteristics, such as income, credit history and bank balances.