PatekPhilippe
Senior Member
He's not Willow...he's extolling the virtues of government intervention and manipulation of the stock market.
July/August/Sept = Foreclosure record!!!
- Thread starter skookerasbil
- Start date
He's not Willow...he's extolling the virtues of government intervention and manipulation of the stock market.
saveliberty
Diamond Member
- Oct 12, 2009
- 58,760
- 10,854
- 2,030
"The Dow is rising as is consumer confidence." - Chris
Fact: Consumer confidence fell in September to 53.1. BTW, if the market goes down can we blame Obama?
"America is now the most admired country in the world again." - Chris
Fact: We placed fourth out of four finalists for the Olympics.
"Obama has destroyed the mythology of islamic extremism..." - Chris
Fact: Still trying to kill them though isn't he?
"... and with some luck we will get healthcare reform which is badly needed." - Chris
This is a true statement, but true reform is not even on the table.
Fact: Consumer confidence fell in September to 53.1. BTW, if the market goes down can we blame Obama?
"America is now the most admired country in the world again." - Chris
Fact: We placed fourth out of four finalists for the Olympics.
"Obama has destroyed the mythology of islamic extremism..." - Chris
Fact: Still trying to kill them though isn't he?
"... and with some luck we will get healthcare reform which is badly needed." - Chris
This is a true statement, but true reform is not even on the table.
LibocalypseNow
Senior Member
- Jul 30, 2009
- 12,337
- 1,370
- 48
Nuh uh you wrong cuz Hopey Changey and Mr. Bernanke just said the Recession was Over. So what you sayin cant be true. Now stop it.
Last edited:
Why do you lie?
America has risen to most admired country again. When Bush was office we were number six. So you lie.
Consumer confidence has doubled since April. Again you lie.
Support for the Taliban in Pakistan has fallen from 41% in 2005 to 5% today. Again you lie.
Reform? That might be up for debate, but we will get some reform there is not doubt.
So please stop lying.
LibocalypseNow
Senior Member
- Jul 30, 2009
- 12,337
- 1,370
- 48
The original poster of this thread is correct. These shocking three month Foreclosure numbers are a Record. This is fact. This poster has not lied. I believe some apologies are in order to this poster.
saveliberty
Diamond Member
- Oct 12, 2009
- 58,760
- 10,854
- 2,030
Who keeps track a country admiration? Post the numbers.
Show me where consumer confidence was at a number below 30% in April.
We are fighting the Taliban in Afghanistan, just paying for it in Paskistan. Again show me the 5% figure from a credible news source. Heck, I'll even accept NBC.
My facts are 100% verifiable. Good luck with yours.
FireFly
Bright F**ker
- Oct 17, 2009
- 1,504
- 1,507
- 1,928
---1991--- ACORN interfered with a House Banking Committee meeting for two days protesting a move to bring CRA reform. "According to the Times, "the same study showed no evidence that nonwhite mortgage applicants were being discriminated against."
---1992--- Enforcement of CRA was "sporadic," as the Washington Times notes, until a Federal Reserve Bank of Boston study asserted that there were "substantially higher denial rates for black and Hispanic applicants than for white applicants."
Lynn Browne was approached by co-author Alicia Munnell to do the study because "community activists were complaining that mortgage loans were not being made in minority communities." According to the Times, however, "the study had mishandled statistics on minority default rates. When the errors were accounted for, the same study showed no evidence that nonwhite mortgage applicants were being discriminated against."
Frank Quaratiello, writing in the Boston Herald, cites Stan Liebowitz: "My guess is that they were interested in finding a particular result." Said Liebowitz, "Richard Syron was head of the Boston Fed at the time. He went on to be the head of Freddie Mac. They were looking for mortgage discrimination, and they found it." According to Quaratiello, Syron became Freddie Mac CEO and chairman in 2003 and "faced increasing pressure to buy up more and more risky mortgages, some of which the Boston Fed's guide had, in effect, served to legitimize." Regarding Syron's total compensation in 2007 of $18.3 million, Liebowitz reportedly quipped, "Nice reward for presiding over unprofessional research behavior, bankrupting Freddie Mac and crippling our financial system, all in the name of politically correct lending."
---September 1992--- The Chicago Tribune described the ACORN agenda as "affirmative action lending." And writes Stanley Kurtz, senior fellow with the Ethics and Public Policy Center in Washington, "ACORN was issuing fact sheets bragging about relaxations of credit standards that it had won on behalf of minorities."
---October 1992--- Congress, enacting the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, allowed legislation to "amend and extend certain laws relating to housing and community development." The act created the Office of Federal Housing Enterprise Oversight (OFHEO) within HUD to "ensure that Fannie Mae and Freddie Mac are adequately capitalized and operating safely." It also "established HUD-imposed housing goals for financing of affordable housing and housing in central cities and other rural and underserved areas."
Rep. Jim Leach, R-Iowa, warned about the impending danger non-regulated GSEs posed. According to the Washington Post, he was concerned that Congress was "hamstringing" the regulator. The complaint was that OFHEO was a "weak regulator." Leach worried that Fannie Mae and Freddie Mac were changing "from being agencies of the public at large to money machines for the stockholding few." Rep. Frank, according to the Post, countered that "the companies served a public purpose. They were in the business of lowering the price of mortgage loans."
---September 1993--- The Chicago Sun-Times reports an initiative led by ACORN's Talbott with five area lenders "participating in a $55 million national pilot program with affordable-housing group ACORN to make mortgages for low- and moderate-income people with troubled credit histories." Kurtz notes that the initiative included two of her former targets, Bell Federal Savings and Avondale Federal Savings, who had apparently capitulated under pressure.
---July 1994--- Represented by Obama and others, plaintiffs filed a class-action lawsuit alleging Citibank had "intentionally discriminated against the plaintiffs on the basis of race with respect to a credit transaction" and calling its action "racial discrimination and discriminatory redlining practices."
---November 1994--- President Clinton addresses the housing issue: "I think we all agree that more Americans should own their own homes, for reasons that are economic and tangible and reasons that are emotional and intangible but go to the heart of what it means to harbor, to nourish, to expand the American dream"..."I am determined to see that you have the opportunity and together we can make that opportunity for the young families of our country. I am committed to a new and unprecedented partnership between industry leaders and community leaders and government to recommit our nation to the idea of homeownership and to create more homeowners than ever before." "The [Clinton] administration announced the bold new homeownership strategy, which included monumental loosening of credit standards and imposition of subprime lending quotas."
---June 1995--- Republicans had won control of Congress and planned CRA reforms. The Clinton administration, however, allied with Rep. Frank, Sen. Ted Kennedy, D-Mass., and Rep. Maxine Waters, D-Calif., did an end-around by directing HUD Secretary Andrew Cuomo to inject GSEs into the subprime mortgage market. As Kurtz notes, "ACORN had come to Congress not only to protect the CRA from GOP reforms but also to expand the reach of quota-based lending to Fannie, Freddie and beyond." What resulted was the broadening of the "acceptability of risky subprime loans throughout the financial system, thus precipitating our current crisis."
The administration announced the bold new homeownership strategy, which included monumental loosening of credit standards and imposition of "SUBPRIME LENDING QUOTAS." HUD reported that President Clinton had committed "to increasing the homeownership rate to 67.5% by the year 2000." The plan was "to reduce the financial, information and systemic barriers to homeownership" which was "amplified by local partnerships at work in over 100 cities."
Kurtz concludes, "Urged on by ACORN, congressional Democrats and the Clinton administration helped push tolerance for high-risk loans through every sector of the banking system — far beyond the sort of banks originally subject to the CRA. So it was the efforts of ACORN and its Democratic allies that first spread the subprime virus from the CRA to Fannie and Freddie and thence to the entire financial system. Soon, Democratic politicians and regulators actually began to take pride in "LOWERED CREDIT STANDARDS" as a sign of "fairness" — and the contagion spread. Attorney General Janet Reno, who had already won a number of bank lending discrimination settlements, sternly announces, "We will tackle lending discrimination wherever it appears." With the new policy in full force, "No loan is exempt; no bank is immune. For those who thumb their nose at us, I promise vigorous enforcement."
---1997--- HUD Secretary Cuomo said, "GSE presence in the subprime market could be of significant benefit to lower-income families, minorities, and families living in underserved areas. "
---1998--- By falsifying signatures on Fannie Mae accounting transactions, $200 million in expenses was shifted from 1998 to later periods, thereby triggering $27.1 million in bonuses for top executives. James A. Johnson received $1.932 million; Franklin D. Raines received $1.11 million; Lawrence M. Small received $1.108 million; Jamie S. Gorelick received $779,625; Timothy Howard received $493,750; Robert J. Levin received $493,750.
---April 1998--- HUD announced a $2.1 billion settlement with AccuBanc Mortgage Corp. for alleged discrimination against minority loan applicants. The funds would provide poor families with down payments and low interest mortgages. "Discrimination isn't always that obvious," said Secretary Cuomo in announcing the AccuBanc deal. "Sometimes more subtle but in many ways more insidious, an institutionalized discrimination that's hidden behind a smiling face." Before the camera, Cuomo admitted the mandate amounted to "affirmative action" lending that would result in a "higher default rate."
The institution would "take a greater risk on these mortgages, yes; to give families mortgages who they would not have given otherwise, yes; they would not have qualified but for this affirmative action on the part of the bank, yes. It is by income, and is it also by minorities? Yes.
"With the $2.1 billion, lending that amount in mortgages which will be a higher risk, and I'm sure there will be a higher default rate on those mortgages than on the rest of the portfolio."
"ACORN had been given a compelling incentive, as CRA allowed the organizations to collect a fee from the banks for their services in marketing the loans. The Senate Banking Committee had estimated that, as a result of CRA, $9.5 billion had gone to pay for services and salaries of the organizers."
---May 1999--- The Los Angeles Times reports that African-American homeownership is increasing three times as fast as that of whites, with Latino homeowners growing five times as fast, attributing the growth to breathing "the first real life into enforcement of the Community Reinvestment Act."
This breath of "life" mandated that Fannie Mae and Freddie Mac buy mortgages with deviant down payments and debt-to-income ratios, which allowed lenders to approve mortgages for lower-income families that would have been denied otherwise. By now, all pretense had disappeared and lending practices were based upon concerns of discrimination in the banking system regardless of the consequences. The administration threatened to veto a bill passed by the Senate that had "shortsightedly voted to retrench" CRA, as the Times put it.
Under pressure, Fannie Mae was resisting increased targeting, arguing that the result would be more loan defaults. Barry Zigas, head of Fannie Mae's low-income efforts, argued, "There is obviously a limit beyond which (we) can't push (the banks) to produce," the Times reported.
---Fall 1999--- Treasury Secretary Lawrence Summers issued a warning: "Debates about systemic risk should also now include government-sponsored enterprises, which are large and growing rapidly."
---September 1999--- With pressure from the Clinton administration, Fannie Mae eased credit requirements on loans it would purchase from lenders, making it easier for banks to lend to borrowers unqualified for conventional loans. According to the New York Times, Fannie Mae's Raines explained that "there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market."
With this action, Fannie Mae put itself at substantial risk in the event of an economic downturn. "From the perspective of many people, including me, this is another thrift industry growing up around us," warned Peter Wallison, a fellow in financial policy studies at the American Enterprise Institute (AEI). "If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry." The danger was known.
A study by Freddie Mac, confirming earlier Federal Reserve and FDIC studies, contradicts race discrimination arguments for CRA. The study found that African-Americans with annual incomes of $65,000-$75,000 have on average worse credit records than whites making under $25,000. This showed that the difficulty in qualifying was not because of race but bad credit records. Accordingly, the Federal Reserve Bank of Dallas entitled a paper "Red Lining or Red Herring?"
"City Journal warned that the Clinton administration had turned CRA into 'a vast extortion scheme against the nation's banks,'committing $1 trillion for mortgages and development projects, most of it funneled through the community organizers."
---1992--- Enforcement of CRA was "sporadic," as the Washington Times notes, until a Federal Reserve Bank of Boston study asserted that there were "substantially higher denial rates for black and Hispanic applicants than for white applicants."
Lynn Browne was approached by co-author Alicia Munnell to do the study because "community activists were complaining that mortgage loans were not being made in minority communities." According to the Times, however, "the study had mishandled statistics on minority default rates. When the errors were accounted for, the same study showed no evidence that nonwhite mortgage applicants were being discriminated against."
Frank Quaratiello, writing in the Boston Herald, cites Stan Liebowitz: "My guess is that they were interested in finding a particular result." Said Liebowitz, "Richard Syron was head of the Boston Fed at the time. He went on to be the head of Freddie Mac. They were looking for mortgage discrimination, and they found it." According to Quaratiello, Syron became Freddie Mac CEO and chairman in 2003 and "faced increasing pressure to buy up more and more risky mortgages, some of which the Boston Fed's guide had, in effect, served to legitimize." Regarding Syron's total compensation in 2007 of $18.3 million, Liebowitz reportedly quipped, "Nice reward for presiding over unprofessional research behavior, bankrupting Freddie Mac and crippling our financial system, all in the name of politically correct lending."
---September 1992--- The Chicago Tribune described the ACORN agenda as "affirmative action lending." And writes Stanley Kurtz, senior fellow with the Ethics and Public Policy Center in Washington, "ACORN was issuing fact sheets bragging about relaxations of credit standards that it had won on behalf of minorities."
---October 1992--- Congress, enacting the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, allowed legislation to "amend and extend certain laws relating to housing and community development." The act created the Office of Federal Housing Enterprise Oversight (OFHEO) within HUD to "ensure that Fannie Mae and Freddie Mac are adequately capitalized and operating safely." It also "established HUD-imposed housing goals for financing of affordable housing and housing in central cities and other rural and underserved areas."
Rep. Jim Leach, R-Iowa, warned about the impending danger non-regulated GSEs posed. According to the Washington Post, he was concerned that Congress was "hamstringing" the regulator. The complaint was that OFHEO was a "weak regulator." Leach worried that Fannie Mae and Freddie Mac were changing "from being agencies of the public at large to money machines for the stockholding few." Rep. Frank, according to the Post, countered that "the companies served a public purpose. They were in the business of lowering the price of mortgage loans."
---September 1993--- The Chicago Sun-Times reports an initiative led by ACORN's Talbott with five area lenders "participating in a $55 million national pilot program with affordable-housing group ACORN to make mortgages for low- and moderate-income people with troubled credit histories." Kurtz notes that the initiative included two of her former targets, Bell Federal Savings and Avondale Federal Savings, who had apparently capitulated under pressure.
---July 1994--- Represented by Obama and others, plaintiffs filed a class-action lawsuit alleging Citibank had "intentionally discriminated against the plaintiffs on the basis of race with respect to a credit transaction" and calling its action "racial discrimination and discriminatory redlining practices."
---November 1994--- President Clinton addresses the housing issue: "I think we all agree that more Americans should own their own homes, for reasons that are economic and tangible and reasons that are emotional and intangible but go to the heart of what it means to harbor, to nourish, to expand the American dream"..."I am determined to see that you have the opportunity and together we can make that opportunity for the young families of our country. I am committed to a new and unprecedented partnership between industry leaders and community leaders and government to recommit our nation to the idea of homeownership and to create more homeowners than ever before." "The [Clinton] administration announced the bold new homeownership strategy, which included monumental loosening of credit standards and imposition of subprime lending quotas."
---June 1995--- Republicans had won control of Congress and planned CRA reforms. The Clinton administration, however, allied with Rep. Frank, Sen. Ted Kennedy, D-Mass., and Rep. Maxine Waters, D-Calif., did an end-around by directing HUD Secretary Andrew Cuomo to inject GSEs into the subprime mortgage market. As Kurtz notes, "ACORN had come to Congress not only to protect the CRA from GOP reforms but also to expand the reach of quota-based lending to Fannie, Freddie and beyond." What resulted was the broadening of the "acceptability of risky subprime loans throughout the financial system, thus precipitating our current crisis."
The administration announced the bold new homeownership strategy, which included monumental loosening of credit standards and imposition of "SUBPRIME LENDING QUOTAS." HUD reported that President Clinton had committed "to increasing the homeownership rate to 67.5% by the year 2000." The plan was "to reduce the financial, information and systemic barriers to homeownership" which was "amplified by local partnerships at work in over 100 cities."
Kurtz concludes, "Urged on by ACORN, congressional Democrats and the Clinton administration helped push tolerance for high-risk loans through every sector of the banking system — far beyond the sort of banks originally subject to the CRA. So it was the efforts of ACORN and its Democratic allies that first spread the subprime virus from the CRA to Fannie and Freddie and thence to the entire financial system. Soon, Democratic politicians and regulators actually began to take pride in "LOWERED CREDIT STANDARDS" as a sign of "fairness" — and the contagion spread. Attorney General Janet Reno, who had already won a number of bank lending discrimination settlements, sternly announces, "We will tackle lending discrimination wherever it appears." With the new policy in full force, "No loan is exempt; no bank is immune. For those who thumb their nose at us, I promise vigorous enforcement."
---1997--- HUD Secretary Cuomo said, "GSE presence in the subprime market could be of significant benefit to lower-income families, minorities, and families living in underserved areas. "
---1998--- By falsifying signatures on Fannie Mae accounting transactions, $200 million in expenses was shifted from 1998 to later periods, thereby triggering $27.1 million in bonuses for top executives. James A. Johnson received $1.932 million; Franklin D. Raines received $1.11 million; Lawrence M. Small received $1.108 million; Jamie S. Gorelick received $779,625; Timothy Howard received $493,750; Robert J. Levin received $493,750.
---April 1998--- HUD announced a $2.1 billion settlement with AccuBanc Mortgage Corp. for alleged discrimination against minority loan applicants. The funds would provide poor families with down payments and low interest mortgages. "Discrimination isn't always that obvious," said Secretary Cuomo in announcing the AccuBanc deal. "Sometimes more subtle but in many ways more insidious, an institutionalized discrimination that's hidden behind a smiling face." Before the camera, Cuomo admitted the mandate amounted to "affirmative action" lending that would result in a "higher default rate."
The institution would "take a greater risk on these mortgages, yes; to give families mortgages who they would not have given otherwise, yes; they would not have qualified but for this affirmative action on the part of the bank, yes. It is by income, and is it also by minorities? Yes.
"With the $2.1 billion, lending that amount in mortgages which will be a higher risk, and I'm sure there will be a higher default rate on those mortgages than on the rest of the portfolio."
"ACORN had been given a compelling incentive, as CRA allowed the organizations to collect a fee from the banks for their services in marketing the loans. The Senate Banking Committee had estimated that, as a result of CRA, $9.5 billion had gone to pay for services and salaries of the organizers."
---May 1999--- The Los Angeles Times reports that African-American homeownership is increasing three times as fast as that of whites, with Latino homeowners growing five times as fast, attributing the growth to breathing "the first real life into enforcement of the Community Reinvestment Act."
This breath of "life" mandated that Fannie Mae and Freddie Mac buy mortgages with deviant down payments and debt-to-income ratios, which allowed lenders to approve mortgages for lower-income families that would have been denied otherwise. By now, all pretense had disappeared and lending practices were based upon concerns of discrimination in the banking system regardless of the consequences. The administration threatened to veto a bill passed by the Senate that had "shortsightedly voted to retrench" CRA, as the Times put it.
Under pressure, Fannie Mae was resisting increased targeting, arguing that the result would be more loan defaults. Barry Zigas, head of Fannie Mae's low-income efforts, argued, "There is obviously a limit beyond which (we) can't push (the banks) to produce," the Times reported.
---Fall 1999--- Treasury Secretary Lawrence Summers issued a warning: "Debates about systemic risk should also now include government-sponsored enterprises, which are large and growing rapidly."
---September 1999--- With pressure from the Clinton administration, Fannie Mae eased credit requirements on loans it would purchase from lenders, making it easier for banks to lend to borrowers unqualified for conventional loans. According to the New York Times, Fannie Mae's Raines explained that "there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market."
With this action, Fannie Mae put itself at substantial risk in the event of an economic downturn. "From the perspective of many people, including me, this is another thrift industry growing up around us," warned Peter Wallison, a fellow in financial policy studies at the American Enterprise Institute (AEI). "If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry." The danger was known.
A study by Freddie Mac, confirming earlier Federal Reserve and FDIC studies, contradicts race discrimination arguments for CRA. The study found that African-Americans with annual incomes of $65,000-$75,000 have on average worse credit records than whites making under $25,000. This showed that the difficulty in qualifying was not because of race but bad credit records. Accordingly, the Federal Reserve Bank of Dallas entitled a paper "Red Lining or Red Herring?"
"City Journal warned that the Clinton administration had turned CRA into 'a vast extortion scheme against the nation's banks,'committing $1 trillion for mortgages and development projects, most of it funneled through the community organizers."
FireFly
Bright F**ker
- Oct 17, 2009
- 1,504
- 1,507
- 1,928
April 2001: The Administration's FY02 budget declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity."
May 2002: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)
September 2003: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact "legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises" and set prudent and appropriate minimum capital adequacy requirements.
November 2003: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any "legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk." To reduce the potential for systemic instability, the regulator would have "broad authority to set both risk-based and minimum capital standards" and "receivership powers necessary to wind down the affairs of a troubled GSE." (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)
February 2004: The President's FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: "The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and thereforeÂ…should be replaced with a new strengthened regulator." (2005 Budget Analytic Perspectives, pg. 83)
February 2004: CEA Chairman Mankiw cautions Congress to "not take [the financial market's] strength for granted." Again, the call from the Administration was to reduce this risk by "ensuring that the housing GSEs are overseen by an effective regulator." (N. Gregory Mankiw, Op-Ed, "Keeping Fannie And Freddie's House In Order," Financial Times, 2/24/04)
June 2004: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying "We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System." (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)
April 2005: Treasury Secretary John Snow repeats his call for GSE reform, saying "Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in AmericaÂ… Half-measures will only exacerbate the risks to our financial system." (Secretary John W. Snow, "Testimony Before The U.S. House Financial Services Committee," 4/13/05)
August 2007: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying "first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options." (President George W. Bush, Press Conference, The White House, 8/9/07)
December 2007: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying "These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon." (President George W. Bush, Discusses Housing, The White House, 12/6/07)
February 2008: Assistant Secretary David Nason reiterates the urgency of reforms, says "A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully." (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)
March 2008: President Bush calls on Congress to take action and "move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages." (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)
April 2008: President Bush urges Congress to pass the much needed legislation and "modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by Â… helping people stay in their homes." (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)
May 2008: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.
June 2008: President once again asks Congress to take the necessary measures to address this challenge, saying "we need to pass legislation to reform Fannie Mae and Freddie Mac." (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)
May 2002: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)
September 2003: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact "legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises" and set prudent and appropriate minimum capital adequacy requirements.
November 2003: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any "legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk." To reduce the potential for systemic instability, the regulator would have "broad authority to set both risk-based and minimum capital standards" and "receivership powers necessary to wind down the affairs of a troubled GSE." (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)
February 2004: The President's FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: "The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and thereforeÂ…should be replaced with a new strengthened regulator." (2005 Budget Analytic Perspectives, pg. 83)
February 2004: CEA Chairman Mankiw cautions Congress to "not take [the financial market's] strength for granted." Again, the call from the Administration was to reduce this risk by "ensuring that the housing GSEs are overseen by an effective regulator." (N. Gregory Mankiw, Op-Ed, "Keeping Fannie And Freddie's House In Order," Financial Times, 2/24/04)
June 2004: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying "We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System." (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)
April 2005: Treasury Secretary John Snow repeats his call for GSE reform, saying "Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in AmericaÂ… Half-measures will only exacerbate the risks to our financial system." (Secretary John W. Snow, "Testimony Before The U.S. House Financial Services Committee," 4/13/05)
August 2007: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying "first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options." (President George W. Bush, Press Conference, The White House, 8/9/07)
December 2007: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying "These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon." (President George W. Bush, Discusses Housing, The White House, 12/6/07)
February 2008: Assistant Secretary David Nason reiterates the urgency of reforms, says "A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully." (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)
March 2008: President Bush calls on Congress to take action and "move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages." (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)
April 2008: President Bush urges Congress to pass the much needed legislation and "modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by Â… helping people stay in their homes." (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)
May 2008: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.
June 2008: President once again asks Congress to take the necessary measures to address this challenge, saying "we need to pass legislation to reform Fannie Mae and Freddie Mac." (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)
Anguille
Bane of the Urbane
- Mar 8, 2008
- 17,910
- 2,266
- 48
How? Selling foreclosed homes?
There is a whole thread about it on this messageboard.
My facts are 100% verifiable, yours are just opinion.
NEW YORK (Reuters Life!) - The United States is the most admired country globally thanks largely to the star power of President Barack Obama and his administration, according to a new poll.
It climbed from seventh place last year, ahead of France, Germany, the United Kingdom and Japan which completed the top five nations in the Nation Brand Index (NBI).
"What's really remarkable is that in all my years studying national reputation, I have never seen any country experience such a dramatic change in its standing as we see for the United States for 2009," said Simon Anholt, the founder of NBI, which measured the global image of 50 countries each year.
He believes that during the previous administration of George W. Bush the United States suffered in the world ranking with its unpopular foreign policies but since Obama was elected, and despite the recent economic turmoil, the country's status has risen globally.
"There is no other explanation," Anholt said in an interview, referring to the impact of Obama.
U.S. most admired country globally: survey | Lifestyle | Reuters
It climbed from seventh place last year, ahead of France, Germany, the United Kingdom and Japan which completed the top five nations in the Nation Brand Index (NBI).
"What's really remarkable is that in all my years studying national reputation, I have never seen any country experience such a dramatic change in its standing as we see for the United States for 2009," said Simon Anholt, the founder of NBI, which measured the global image of 50 countries each year.
He believes that during the previous administration of George W. Bush the United States suffered in the world ranking with its unpopular foreign policies but since Obama was elected, and despite the recent economic turmoil, the country's status has risen globally.
"There is no other explanation," Anholt said in an interview, referring to the impact of Obama.
U.S. most admired country globally: survey | Lifestyle | Reuters
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The foreclosures are part of a free market economy.
You criticize Obama. What do you want him to do.
Do you want government intervention. More government?
Conservatives on this thread criticize and complain and do not provide solutions.
You criticize Obama. What do you want him to do.
Do you want government intervention. More government?
Conservatives on this thread criticize and complain and do not provide solutions.
"a Pew Global Attitudes Project poll released in September showed a remarkable drop in support for suicide bombing and Osama bin Laden in key Muslim-majority countries such as Pakistan, Egypt, Turkey and Jordan. In Pakistan, whereas some 41 percent approved of suicide terror attacks five years ago, that number has fallen to a mere 5 percent today."
Commentary: Al Qaeda's support is fading - CNN.com
Commentary: Al Qaeda's support is fading - CNN.com
FireFly
Bright F**ker
- Oct 17, 2009
- 1,504
- 1,507
- 1,928
Bill Clinton signed into law the bill that let banks sell risky mortgages, create CDOs, CDS, MBS, CDOs & other dirivatives so they could lend to risky bad credit barrowers & sell those risky loans to GSEs like Fannie & Freddie.
Obama - "Subprime lending started off as a good idea - helping Americans buy homes who couldnÂ’t previously afford to. Financial institutions created new financial instruments that could securitize these loans, slice them into finer and finer risk categories and spread them out among investors around the country and around the world. In theory, this should have allowed mortgage lending to be less risky and more diversified."
Obama - "difficult to imagine that the inability of somebody to pay for a house in Florida could contribute to the failure of the banking system in Iceland. Today what's difficult to imagine is that we did not act sooner to shape our future."
Fact: Fannie and Freddie have purchased about 80% of all new home mortgages in the United States.
Obama - "Subprime lending started off as a good idea - helping Americans buy homes who couldnÂ’t previously afford to. Financial institutions created new financial instruments that could securitize these loans, slice them into finer and finer risk categories and spread them out among investors around the country and around the world. In theory, this should have allowed mortgage lending to be less risky and more diversified."
Obama - "difficult to imagine that the inability of somebody to pay for a house in Florida could contribute to the failure of the banking system in Iceland. Today what's difficult to imagine is that we did not act sooner to shape our future."
Fact: Fannie and Freddie have purchased about 80% of all new home mortgages in the United States.
More horseshit.
The economy collapsed because of a $516 TRILLION DOLLAR derivative bubble.
It wasn't the housing market. Only a small percentage of homes went into foreclosure.
Derivatives are the new ticking time bomb Paul B. Farrell - MarketWatch
Seriously, educate yourself before you come on here talking shit.
You are a partisan, not an economist.
Even the most conservative economists admit the major driver of the economic meltdown was Wall Street decisions to make high risk investments with short term gain and high potential long term losses. As Allan Greenspan said, an open market expects decisions to be made for the long term good of the investor.
Sub Prime loans contributed to the problem. They were intended to put those who could not afford houses into houses. That was nieve assumption of government. The open market put people who could afford million dollar homes into two million dollar homes.
Derivatives were approved by 100% approval of the Senate. The open market misused the derivatives. They did not properly hedge the investments. They also pushed insurance instruments to be classified as investments to avoid government regulation. That resulted in the credit swaps that had a multiplier affect of toxic investments.
The government did make the mistakes you mentioned but they were not the major driver of the melt down. Ultimately the biggest mistake the government made was not to properly regulate Wall street.
Shorebreak
Active Member
- Sep 25, 2009
- 395
- 102
- 28
High risk mortgage resets won't reach their peak until mid-way through 2011. Expect the rate of foreclusures to increase until all of these loans begin to default.
Unless people find new and creative ways to replace lost manufacturing jobs, and unless people find new and creative ways to get pay raises in a spiraling economy, and unless people find new and creative ways to prevent their equity from going negative the foreclosure curve will continue to go up every quarter for the next 2-3 years.
Analysts from FOX, CNN, and the White House may tell you otherwise, but the numbers do not lie. The majority of current defaults are related to these mortgages (which were forced on banks by the White House, by senior officials who were appointed directly from within the finance companies) and there are no indicators to support a change in the current trend, unless the change is an increase in default ratio's as more people lose their jobs.
If you are not personally preparing to make it through very difficult times, you may be putting yourself and your family at unnecesary risk.
Unless people find new and creative ways to replace lost manufacturing jobs, and unless people find new and creative ways to get pay raises in a spiraling economy, and unless people find new and creative ways to prevent their equity from going negative the foreclosure curve will continue to go up every quarter for the next 2-3 years.
Analysts from FOX, CNN, and the White House may tell you otherwise, but the numbers do not lie. The majority of current defaults are related to these mortgages (which were forced on banks by the White House, by senior officials who were appointed directly from within the finance companies) and there are no indicators to support a change in the current trend, unless the change is an increase in default ratio's as more people lose their jobs.
If you are not personally preparing to make it through very difficult times, you may be putting yourself and your family at unnecesary risk.
saveliberty
Diamond Member
- Oct 12, 2009
- 58,760
- 10,854
- 2,030
I'm waiting for your sources pal.Old Rocks
Diamond Member
Foreclosures hit record in third quarter 2009 - Oct. 15, 2009
......from the article...............
No end in sight
The foreclosure crisis may not diminish anytime soon. "The fastest growing area is in the 180 days late-plus category, the most seriously delinquent borrowers," Sharga said. "It's going to be a lingering problem."
Plus, the RealtyTrac statistics may understate the depth of the foreclosure mess because lender and government actions have delayed many filings. As a result, some delinquencies have not been counted on the foreclosure tallies. That means the crisis may not end quickly.
When your economic policies are geared towards "Trickle Up Poverty"..........this is what you get: staggerring unemployment...........staggerring deficits...........anti-business taxation and flat growth rates............and evidently, massive increase in foreclosures.
How much fun is it going to be checking out the daily Presidential Tracking Poll in these coming months?????
The American People stated their opinion as to who was at fault in the current economic debacle in 2008. President Obama has been dealing with the failures of the eight years of incompetance and corruption that preceded his administration for less than a year. 2010 will tell if his policies are having positive results. Until then, you are just bleating about the failures of the Bush administration.
Douger
Rookie
- Banned
- #40
$1000 says Jan/Feb/Mar make those "old daze" look good.
The supposedly" religeous"...aka lying, brainwashed nitwits...that run these financial cabals will be gentle during the Holy Daze.
After that 3 month long credit card abusing fiasco, the baaahwdsz of diwektahhhhSteins will demand results for the first quarter report to their investors.
Remember BTO ?
"BuBuBuBaby ya just aint seen nuttin yet."
The supposedly" religeous"...aka lying, brainwashed nitwits...that run these financial cabals will be gentle during the Holy Daze.
After that 3 month long credit card abusing fiasco, the baaahwdsz of diwektahhhhSteins will demand results for the first quarter report to their investors.
Remember BTO ?
"BuBuBuBaby ya just aint seen nuttin yet."
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