Vigilante
Diamond Member
- Banned
- #341
Don't ever believe the TRUTH means a fucking thing to these Commie, subversives, the more they post, the more you hit them with the same TRUTHS, they can't answer! Just remember, and keep repeating....
Andrew Cuomo ADMITTED he and Blow Job Clinton STARTED the Housing bubble collapse!
LIAR
Yes, you are!
REALLY? REALLY? LOL
1998? LOL
"(In 2000, CLINTON)) HUD restricted Freddie and Fannie, saying it would not credit them for loans they purchased that had abusively high costs or that were granted without regard to the borrower's ability to repay."
How DUBYA'S HUD Mortgage Policy Fed The Crisis
"In 2004 (DUBYA) , the 2000 rules were dropped and high‐risk loans were again counted toward affordable housing goals."
http://www.prmia.org/sites/default/files/references/Fannie_Mae_and_Freddie_Mac_090911_v2.pdf
The Presidents (DUBYA) Working Group’s 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. "
The regulators report to Bush and he encouraged, funded and protected lower lending standards.
We want more people owning their own home in America," Bush said. His goal is to have 5.5 million minority homeowners in the country by the end of the decade.
March 26, 2004
Bush Ties Policy to Record Home Ownership
Bush Ties Policy to Record Home Ownership Fox News
2005 FANNIE REPORT (FOR 2004)
We have also relaxed some of our underwriting criteria to obtain goals-qualifying mortgage loans and increased our investments in higher-risk mortgage loan products that are more likely to serve the borrowers targeted by HUD’s goals and subgoals,
http://www.fanniemae.com/resources/file/ir/pdf/stock-info/series_T_05152008.pdf
HOLY COW! Bush forced them to lower their standards. If only somebody had warned us that Bush's policies would hurt Freddie and Fannie. Wait, somebody did.
Fannie, Freddie to Suffer Under New Rule, Frank Says
Fannie Mae and Freddie Mac would suffer financially under a Bush administration requirement that they channel more mortgage financing to people with low incomes, said the senior Democrat on a congressional panel that sets regulations for the companies.
So if your narrative is "GSEs are to blame" then you have to blame bush
http://democrats.financialservices....s/112/06-17-04-new-Fannie-goals-Bloomberg.pdf
No, the GSEs Did Not Cause the Financial Meltdown (but thats just according to the data)
Wall Street, Not Fannie and Freddie, Led Mortgage Meltdown
Government data show Fannie and Freddie didn’t take the same risks that Wall Street’s mortgage-backed securities machine did. Mortgages financed by Wall Street from 2001 to 2008 were 4½ times more likely to be seriously delinquent than mortgages backed by Fannie and Freddie
Wall Street Not Fannie and Freddie Led Mortgage Meltdown - The Daily Beast
So policy, once made, NEVER changes? Good thing BJ Bill stopped the policy 2 years after it started when they saw what was happening right? To bad Dubya put it back in place in 2004, lol
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I don't know what YOUR mental problem is, the FACTS are the Andy Cuomo, and Blow Job Clinton STARTED the housing bubble collapse in 1998.... I do LOVE the denial of REALITY!