What's new
US Message Board - Political Discussion Forum

This is a sample guest message. Register a free account today to become a member! Once signed in, you'll be able to participate on this site by adding your own topics and posts, as well as connect with other members through your own private inbox!

Obama Jobs Plan May Be Aimed at High Risk Mortgage Borrowers

oreo

Gold Member
Joined
Sep 15, 2008
Messages
18,102
Reaction score
2,922
Points
290
Location
rocky mountains
- Frank E. Nothaft, the chief economist at Freddie Mac, talking to the New York Times about a reported administration plan to offer lower mortgage rates to borrowers with bad credit.

At the center of the Panic of 2008 were defaults on cheap mortgages for Americans with poor credit. The latest idea to reverse the resulting recession is for the government to offer cheap mortgages to Americans with poor credit.

There have been rumblings for weeks that the economic plan to be offered by President Obama after he returns from his vacation would be aimed, at least in part, at trying to re-inflate the American housing market.

Nearly non-existent interest rates, tax-rebates and free money for banks that refinanced underwater borrowers have not worked to reverse perhaps the steepest slide in home values ever. Even when there was hope for recovery, home values kept descending.

There are lots of problems for American homeowners, but one of the biggest is that foreclosures continue to hit the market. Rather than clearing the glut of foreclosures from the bubble burst that preceded the panic, lenders have been forced to delay the process.

Fannie, Freddie Takeover Could Be Key To Obama Jobs Plan | FoxNews.com

I believe we have been there--done this before -and anyone who who doesn't know that these two government agencies are GROUND ZERO for the current economic collapse-have been living in a very dark closet for several years.

TO REFRESH YOUR MEMORY:

Basically the Federal Government thought it would be a great idea to co-sign our names to 50% of the mortgages in this country-using Fannie/Freddie-while pressuring banks to lower their lending standards--no down payment--no collateral--and less than a desirable credit rating could get you a 500K custom home with sub-prime mortgage qualification.

Due to deregulation of Fannie/Freddie and the Glass/Steagall act of the 1930's Wall street bankers were able to buy up these mortgage backed securities and use them as collateral on the global market--in the mother of all casino's known as the derivatives market. All warnings of an imminent collapse were completely ignored by both congressional and senate banking boards. .

The Federal government basically built a house of cards that collapsed leaving the American taxpayer holding the bag.

And when did all this deregulation happen? Under Bill Clinton's watch. Now it appears that Obama may want to try it again.

Fannie Mae Eases Credit To Aid Mortgage Lending - NYTimes.com

$donkey stimulus.jpg
 
Last edited:
OP
oreo

oreo

Gold Member
Joined
Sep 15, 2008
Messages
18,102
Reaction score
2,922
Points
290
Location
rocky mountains
- Frank E. Nothaft, the chief economist at Freddie Mac, talking to the New York Times about a reported administration plan to offer lower mortgage rates to borrowers with bad credit.

At the center of the Panic of 2008 were defaults on cheap mortgages for Americans with poor credit. The latest idea to reverse the resulting recession is for the government to offer cheap mortgages to Americans with poor credit.

There have been rumblings for weeks that the economic plan to be offered by President Obama after he returns from his vacation would be aimed, at least in part, at trying to re-inflate the American housing market.

Nearly non-existent interest rates, tax-rebates and free money for banks that refinanced underwater borrowers have not worked to reverse perhaps the steepest slide in home values ever. Even when there was hope for recovery, home values kept descending.

There are lots of problems for American homeowners, but one of the biggest is that foreclosures continue to hit the market. Rather than clearing the glut of foreclosures from the bubble burst that preceded the panic, lenders have been forced to delay the process.

Fannie, Freddie Takeover Could Be Key To Obama Jobs Plan | FoxNews.com

I believe we have been there--done this before -and anyone who who doesn't know that these two government agencies are GROUND ZERO for the current economic collapse-have been living in a very dark closet for several years.

TO REFRESH YOUR MEMORY:

Basically the Federal Government thought it would be a great idea to co-sign our names to 50% of the mortgages in this country-using Fannie/Freddie-while pressuring banks to lower their lending standards--no down payment--no collateral--and less than a desirable credit rating could get you a 500K custom home with sub-prime mortgage qualification.

Due to deregulation of Fannie/Freddie and the Glass/Steagall act of the 1930's Wall street bankers were able to buy up these mortgage backed securities and use them as collateral on the global market--in the mother of all casino's known as the derivatives market. All warnings of an imminent collapse were completely ignored by both congressional and senate banking boards. .

The Federal government basically built a house of cards that collapsed leaving the American taxpayer holding the bag.

And when did all this deregulation happen? Under Bill Clinton's watch. Now it appears that Obama may want to try it again.

Fannie Mae Eases Credit To Aid Mortgage Lending - NYTimes.com

View attachment 14916


I am not quite sure how lending mortgage money to high risk borrowers--puts construction workers back to work anyway. There is currently such a glutton of foreclosed homes on the market-that it is still much CHEAPER today to buy an existing home--(even 1 or 2 years old) than it is to build new.
 
Last edited:
OP
oreo

oreo

Gold Member
Joined
Sep 15, 2008
Messages
18,102
Reaction score
2,922
Points
290
Location
rocky mountains
Same Pub BS= Over 80% of bad debts were private, would take ANYONE, no paper at ALL, thanks to no ENFORCEMENT. Same big lie.

Sure they would loan to anyone--they had 310 MILLION American co-signers.-:lol:


You must be totally CONFUSED.

Fannie Mae and Freddie Mac loans are issued by private banks & mortgager's--BUT the guarantee of their loans are federal government controlled. IOW--you can run down to Wells Fargo mortgage department or any PRIVATE mortgage lender and they will give you a Fannie Mae or Freddie Mac loan--aka a federal government guaranteed loan.
 
Last edited:

JWBooth

Gold Member
Joined
Jul 15, 2009
Messages
10,972
Reaction score
3,195
Points
255
Location
Texas Republic
- Frank E. Nothaft, the chief economist at Freddie Mac, talking to the New York Times about a reported administration plan to offer lower mortgage rates to borrowers with bad credit.

At the center of the Panic of 2008 were defaults on cheap mortgages for Americans with poor credit. The latest idea to reverse the resulting recession is for the government to offer cheap mortgages to Americans with poor credit.

There have been rumblings for weeks that the economic plan to be offered by President Obama after he returns from his vacation would be aimed, at least in part, at trying to re-inflate the American housing market.

Nearly non-existent interest rates, tax-rebates and free money for banks that refinanced underwater borrowers have not worked to reverse perhaps the steepest slide in home values ever. Even when there was hope for recovery, home values kept descending.

There are lots of problems for American homeowners, but one of the biggest is that foreclosures continue to hit the market. Rather than clearing the glut of foreclosures from the bubble burst that preceded the panic, lenders have been forced to delay the process.
Fannie, Freddie Takeover Could Be Key To Obama Jobs Plan | FoxNews.com

I believe we have been there--done this before -and anyone who who doesn't know that these two government agencies are GROUND ZERO for the current economic collapse-have been living in a very dark closet for several years.

TO REFRESH YOUR MEMORY:

Basically the Federal Government thought it would be a great idea to co-sign our names to 50% of the mortgages in this country-using Fannie/Freddie-while pressuring banks to lower their lending standards--no down payment--no collateral--and less than a desirable credit rating could get you a 500K custom home with sub-prime mortgage qualification.

Due to deregulation of Fannie/Freddie and the Glass/Steagall act of the 1930's Wall street bankers were able to buy up these mortgage backed securities and use them as collateral on the global market--in the mother of all casino's known as the derivatives market. All warnings of an imminent collapse were completely ignored by both congressional and senate banking boards. .

The Federal government basically built a house of cards that collapsed leaving the American taxpayer holding the bag.

And when did all this deregulation happen? Under Bill Clinton's watch. Now it appears that Obama may want to try it again.

Fannie Mae Eases Credit To Aid Mortgage Lending - NYTimes.com

View attachment 14916

Great fucking idea.
Fannie and Freddie gave loans to a bunch of folks who couldn't pay them back, so the fucks want to do it again as a way to undo it all.
 
OP
oreo

oreo

Gold Member
Joined
Sep 15, 2008
Messages
18,102
Reaction score
2,922
Points
290
Location
rocky mountains
- Frank E. Nothaft, the chief economist at Freddie Mac, talking to the New York Times about a reported administration plan to offer lower mortgage rates to borrowers with bad credit.

At the center of the Panic of 2008 were defaults on cheap mortgages for Americans with poor credit. The latest idea to reverse the resulting recession is for the government to offer cheap mortgages to Americans with poor credit.

There have been rumblings for weeks that the economic plan to be offered by President Obama after he returns from his vacation would be aimed, at least in part, at trying to re-inflate the American housing market.

Nearly non-existent interest rates, tax-rebates and free money for banks that refinanced underwater borrowers have not worked to reverse perhaps the steepest slide in home values ever. Even when there was hope for recovery, home values kept descending.

There are lots of problems for American homeowners, but one of the biggest is that foreclosures continue to hit the market. Rather than clearing the glut of foreclosures from the bubble burst that preceded the panic, lenders have been forced to delay the process.
Fannie, Freddie Takeover Could Be Key To Obama Jobs Plan | FoxNews.com

I believe we have been there--done this before -and anyone who who doesn't know that these two government agencies are GROUND ZERO for the current economic collapse-have been living in a very dark closet for several years.

TO REFRESH YOUR MEMORY:

Basically the Federal Government thought it would be a great idea to co-sign our names to 50% of the mortgages in this country-using Fannie/Freddie-while pressuring banks to lower their lending standards--no down payment--no collateral--and less than a desirable credit rating could get you a 500K custom home with sub-prime mortgage qualification.

Due to deregulation of Fannie/Freddie and the Glass/Steagall act of the 1930's Wall street bankers were able to buy up these mortgage backed securities and use them as collateral on the global market--in the mother of all casino's known as the derivatives market. All warnings of an imminent collapse were completely ignored by both congressional and senate banking boards. .

The Federal government basically built a house of cards that collapsed leaving the American taxpayer holding the bag.

And when did all this deregulation happen? Under Bill Clinton's watch. Now it appears that Obama may want to try it again.

Fannie Mae Eases Credit To Aid Mortgage Lending - NYTimes.com

View attachment 14916

Great fucking idea.
Fannie and Freddie gave loans to a bunch of folks who couldn't pay them back, so the fucks want to do it again as a way to undo it all.

:lol: That's the Federal Government for ya--let's try round 2 and see if the same thing that created this disaster--works now--:lol:

Obviously what Barack Obama doesn't GET. This is NOT going to create any JOBS. There is still too much of a glutton of foreclosed properties on the market that need to get bought up--before new construction jobs will open up.
 
OP
oreo

oreo

Gold Member
Joined
Sep 15, 2008
Messages
18,102
Reaction score
2,922
Points
290
Location
rocky mountains
80% of loans from 2003-06 had NOTHING to do with Fannie-Freddie.You are misled. And too big to fail.


50% of the mortgages in this country are Fannie Mae or Freddie Mac loans. You can look all over but you will never walk into a bank or lending institution that's name is Fannie Mae/Freddie Mac bank--DA--DUH!

And you're full of shit.

The collapse of this economy leads to the front doors of Fannie Mae/Freddie Mac.
 

shintao

Take Down ~ Tap Out
Joined
Aug 27, 2010
Messages
7,231
Reaction score
359
Points
83
- Frank E. Nothaft, the chief economist at Freddie Mac, talking to the New York Times about a reported administration plan to offer lower mortgage rates to borrowers with bad credit.

At the center of the Panic of 2008 were defaults on cheap mortgages for Americans with poor credit. The latest idea to reverse the resulting recession is for the government to offer cheap mortgages to Americans with poor credit.

There have been rumblings for weeks that the economic plan to be offered by President Obama after he returns from his vacation would be aimed, at least in part, at trying to re-inflate the American housing market.

Nearly non-existent interest rates, tax-rebates and free money for banks that refinanced underwater borrowers have not worked to reverse perhaps the steepest slide in home values ever. Even when there was hope for recovery, home values kept descending.

There are lots of problems for American homeowners, but one of the biggest is that foreclosures continue to hit the market. Rather than clearing the glut of foreclosures from the bubble burst that preceded the panic, lenders have been forced to delay the process.

Fannie, Freddie Takeover Could Be Key To Obama Jobs Plan | FoxNews.com

I believe we have been there--done this before -and anyone who who doesn't know that these two government agencies are GROUND ZERO for the current economic collapse-have been living in a very dark closet for several years.

TO REFRESH YOUR MEMORY:

Basically the Federal Government thought it would be a great idea to co-sign our names to 50% of the mortgages in this country-using Fannie/Freddie-while pressuring banks to lower their lending standards--no down payment--no collateral--and less than a desirable credit rating could get you a 500K custom home with sub-prime mortgage qualification.

Due to deregulation of Fannie/Freddie and the Glass/Steagall act of the 1930's Wall street bankers were able to buy up these mortgage backed securities and use them as collateral on the global market--in the mother of all casino's known as the derivatives market. All warnings of an imminent collapse were completely ignored by both congressional and senate banking boards. .

The Federal government basically built a house of cards that collapsed leaving the American taxpayer holding the bag.

And when did all this deregulation happen? Under Bill Clinton's watch. Now it appears that Obama may want to try it again.

Fannie Mae Eases Credit To Aid Mortgage Lending - NYTimes.com

View attachment 14916

While we are refreshing memories....................

New Prosperity Initiative
April 11, 2000
“I propose a New Prosperity Initiative…A plan to
help remove obstacles
on the road to the middle class…
Instead of helping people cope with their need, we will
help them to move beyond it.
With the same energy and
activism that others have brought to expanding government,
we must expand opportunity.”
Governor George W. Bush:lol:
 
OP
oreo

oreo

Gold Member
Joined
Sep 15, 2008
Messages
18,102
Reaction score
2,922
Points
290
Location
rocky mountains
Same Pub BS= Over 80% of bad debts were private, would take ANYONE, no paper at ALL, thanks to no ENFORCEMENT. Same big lie.

Fannie Mae//Freddie Mac--are PRIVATE--ya nit-wit.--:cuckoo: Of course they would take anyone--they had 310 MILLION American co-signers.

$donkey stimulus.jpg
 
OP
oreo

oreo

Gold Member
Joined
Sep 15, 2008
Messages
18,102
Reaction score
2,922
Points
290
Location
rocky mountains
- frank e. Nothaft, the chief economist at freddie mac, talking to the new york times about a reported administration plan to offer lower mortgage rates to borrowers with bad credit.

at the center of the panic of 2008 were defaults on cheap mortgages for americans with poor credit. the latest idea to reverse the resulting recession is for the government to offer cheap mortgages to americans with poor credit.

there have been rumblings for weeks that the economic plan to be offered by president obama after he returns from his vacation would be aimed, at least in part, at trying to re-inflate the american housing market.

Nearly non-existent interest rates, tax-rebates and free money for banks that refinanced underwater borrowers have not worked to reverse perhaps the steepest slide in home values ever. Even when there was hope for recovery, home values kept descending.

There are lots of problems for american homeowners, but one of the biggest is that foreclosures continue to hit the market. Rather than clearing the glut of foreclosures from the bubble burst that preceded the panic, lenders have been forced to delay the process.

fannie, freddie takeover could be key to obama jobs plan | foxnews.com

i believe we have been there--done this before -and anyone who who doesn't know that these two government agencies are ground zero for the current economic collapse-have been living in a very dark closet for several years.

to refresh your memory:

basically the federal government thought it would be a great idea to co-sign our names to 50% of the mortgages in this country-using fannie/freddie-while pressuring banks to lower their lending standards--no down payment--no collateral--and less than a desirable credit rating could get you a 500k custom home with sub-prime mortgage qualification.

Due to deregulation of fannie/freddie and the glass/steagall act of the 1930's wall street bankers were able to buy up these mortgage backed securities and use them as collateral on the global market--in the mother of all casino's known as the derivatives market. All warnings of an imminent collapse were completely ignored by both congressional and senate banking boards. .

the federal government basically built a house of cards that collapsed leaving the american taxpayer holding the bag.

and when did all this deregulation happen? under bill clinton's watch. now it appears that obama may want to try it again.

fannie mae eases credit to aid mortgage lending - nytimes.com

View attachment 14916

while we are refreshing memories....................

New prosperity initiative
april 11, 2000
“i propose a new prosperity initiative…a plan to
help remove obstacles
on the road to the middle class…
instead of helping people cope with their need, we will
help them to move beyond it.
with the same energy and
activism that others have brought to expanding government,
we must expand opportunity.”
governor george w. Bush:lol:

link?
 

auditor0007

Gold Member
Joined
Oct 19, 2008
Messages
12,566
Reaction score
2,265
Points
255
Location
Toledo, OH
- Frank E. Nothaft, the chief economist at Freddie Mac, talking to the New York Times about a reported administration plan to offer lower mortgage rates to borrowers with bad credit.

At the center of the Panic of 2008 were defaults on cheap mortgages for Americans with poor credit. The latest idea to reverse the resulting recession is for the government to offer cheap mortgages to Americans with poor credit.

There have been rumblings for weeks that the economic plan to be offered by President Obama after he returns from his vacation would be aimed, at least in part, at trying to re-inflate the American housing market.

Nearly non-existent interest rates, tax-rebates and free money for banks that refinanced underwater borrowers have not worked to reverse perhaps the steepest slide in home values ever. Even when there was hope for recovery, home values kept descending.

There are lots of problems for American homeowners, but one of the biggest is that foreclosures continue to hit the market. Rather than clearing the glut of foreclosures from the bubble burst that preceded the panic, lenders have been forced to delay the process.

Fannie, Freddie Takeover Could Be Key To Obama Jobs Plan | FoxNews.com

I believe we have been there--done this before -and anyone who who doesn't know that these two government agencies are GROUND ZERO for the current economic collapse-have been living in a very dark closet for several years.

TO REFRESH YOUR MEMORY:

Basically the Federal Government thought it would be a great idea to co-sign our names to 50% of the mortgages in this country-using Fannie/Freddie-while pressuring banks to lower their lending standards--no down payment--no collateral--and less than a desirable credit rating could get you a 500K custom home with sub-prime mortgage qualification.

Due to deregulation of Fannie/Freddie and the Glass/Steagall act of the 1930's Wall street bankers were able to buy up these mortgage backed securities and use them as collateral on the global market--in the mother of all casino's known as the derivatives market. All warnings of an imminent collapse were completely ignored by both congressional and senate banking boards. .

The Federal government basically built a house of cards that collapsed leaving the American taxpayer holding the bag.

And when did all this deregulation happen? Under Bill Clinton's watch. Now it appears that Obama may want to try it again.

Fannie Mae Eases Credit To Aid Mortgage Lending - NYTimes.com

View attachment 14916


I am not quite sure how lending mortgage money to high risk borrowers--puts construction workers back to work anyway. There is currently such a glutton of foreclosed homes on the market-that it is still much CHEAPER today to buy an existing home--(even 1 or 2 years old) than it is to build new.

The whole problem is that there are too many homes on the market, not too few buyers. We built too many of them, so now we must wait for the population to increase enough to absorb them all. This is the most basic problem that nobody ever wants to discuss. I read somewhere that for the two years prior to the housing bust, 75% of all new homes were purchased by speculators looking to flip them. All of a sudden, there were no more buyers and people began to figure out there were way too many homes and not enough buyers, and the house of cards came crumbling down. Yes, the easy credit helped get us there, but it was much more than that.
 

shintao

Take Down ~ Tap Out
Joined
Aug 27, 2010
Messages
7,231
Reaction score
359
Points
83
- Frank E. Nothaft, the chief economist at Freddie Mac, talking to the New York Times about a reported administration plan to offer lower mortgage rates to borrowers with bad credit.



Fannie, Freddie Takeover Could Be Key To Obama Jobs Plan | FoxNews.com

I believe we have been there--done this before -and anyone who who doesn't know that these two government agencies are GROUND ZERO for the current economic collapse-have been living in a very dark closet for several years.

TO REFRESH YOUR MEMORY:

Basically the Federal Government thought it would be a great idea to co-sign our names to 50% of the mortgages in this country-using Fannie/Freddie-while pressuring banks to lower their lending standards--no down payment--no collateral--and less than a desirable credit rating could get you a 500K custom home with sub-prime mortgage qualification.

Due to deregulation of Fannie/Freddie and the Glass/Steagall act of the 1930's Wall street bankers were able to buy up these mortgage backed securities and use them as collateral on the global market--in the mother of all casino's known as the derivatives market. All warnings of an imminent collapse were completely ignored by both congressional and senate banking boards. .

The Federal government basically built a house of cards that collapsed leaving the American taxpayer holding the bag.

And when did all this deregulation happen? Under Bill Clinton's watch. Now it appears that Obama may want to try it again.

Fannie Mae Eases Credit To Aid Mortgage Lending - NYTimes.com

View attachment 14916


I am not quite sure how lending mortgage money to high risk borrowers--puts construction workers back to work anyway. There is currently such a glutton of foreclosed homes on the market-that it is still much CHEAPER today to buy an existing home--(even 1 or 2 years old) than it is to build new.

The whole problem is that there are too many homes on the market, not too few buyers. We built too many of them, so now we must wait for the population to increase enough to absorb them all. This is the most basic problem that nobody ever wants to discuss. I read somewhere that for the two years prior to the housing bust, 75% of all new homes were purchased by speculators looking to flip them. All of a sudden, there were no more buyers and people began to figure out there were way too many homes and not enough buyers, and the house of cards came crumbling down. Yes, the easy credit helped get us there, but it was much more than that.

Right on. And banks were holding back homes from the market to artificially inflate sales.
 
OP
oreo

oreo

Gold Member
Joined
Sep 15, 2008
Messages
18,102
Reaction score
2,922
Points
290
Location
rocky mountains
I am not quite sure how lending mortgage money to high risk borrowers--puts construction workers back to work anyway. There is currently such a glutton of foreclosed homes on the market-that it is still much CHEAPER today to buy an existing home--(even 1 or 2 years old) than it is to build new.

The whole problem is that there are too many homes on the market, not too few buyers. We built too many of them, so now we must wait for the population to increase enough to absorb them all. This is the most basic problem that nobody ever wants to discuss. I read somewhere that for the two years prior to the housing bust, 75% of all new homes were purchased by speculators looking to flip them. All of a sudden, there were no more buyers and people began to figure out there were way too many homes and not enough buyers, and the house of cards came crumbling down. Yes, the easy credit helped get us there, but it was much more than that.

Right on. And banks were holding back homes from the market to artificially inflate sales.


Uh--How do BANKS hold back homes to artificially inflate sales?--:cuckoo: The problem is that the Federal Government created a bubble in the housing market--through their policies with Fannie/Mae--Freddie Mac. They opened the door for banks to make lousy loans- and mortgagers took advantage of Federal Government policies--because they had 310 million co-signers.
 

Avorysuds

Gold Member
Joined
Jul 4, 2010
Messages
13,834
Reaction score
1,658
Points
245
Location
Eugene Oregon
- Frank E. Nothaft, the chief economist at Freddie Mac, talking to the New York Times about a reported administration plan to offer lower mortgage rates to borrowers with bad credit.

At the center of the Panic of 2008 were defaults on cheap mortgages for Americans with poor credit. The latest idea to reverse the resulting recession is for the government to offer cheap mortgages to Americans with poor credit.

There have been rumblings for weeks that the economic plan to be offered by President Obama after he returns from his vacation would be aimed, at least in part, at trying to re-inflate the American housing market.

Nearly non-existent interest rates, tax-rebates and free money for banks that refinanced underwater borrowers have not worked to reverse perhaps the steepest slide in home values ever. Even when there was hope for recovery, home values kept descending.

There are lots of problems for American homeowners, but one of the biggest is that foreclosures continue to hit the market. Rather than clearing the glut of foreclosures from the bubble burst that preceded the panic, lenders have been forced to delay the process.

Fannie, Freddie Takeover Could Be Key To Obama Jobs Plan | FoxNews.com

I believe we have been there--done this before -and anyone who who doesn't know that these two government agencies are GROUND ZERO for the current economic collapse-have been living in a very dark closet for several years.

TO REFRESH YOUR MEMORY:

Basically the Federal Government thought it would be a great idea to co-sign our names to 50% of the mortgages in this country-using Fannie/Freddie-while pressuring banks to lower their lending standards--no down payment--no collateral--and less than a desirable credit rating could get you a 500K custom home with sub-prime mortgage qualification.

Due to deregulation of Fannie/Freddie and the Glass/Steagall act of the 1930's Wall street bankers were able to buy up these mortgage backed securities and use them as collateral on the global market--in the mother of all casino's known as the derivatives market. All warnings of an imminent collapse were completely ignored by both congressional and senate banking boards. .

The Federal government basically built a house of cards that collapsed leaving the American taxpayer holding the bag.

And when did all this deregulation happen? Under Bill Clinton's watch. Now it appears that Obama may want to try it again.

Fannie Mae Eases Credit To Aid Mortgage Lending - NYTimes.com

View attachment 14916

While we are refreshing memories....................

New Prosperity Initiative
April 11, 2000
“I propose a New Prosperity Initiative…A plan to
help remove obstacles
on the road to the middle class…
Instead of helping people cope with their need, we will
help them to move beyond it.
With the same energy and
activism that others have brought to expanding government,
we must expand opportunity.”
Governor George W. Bush:lol:

Awww, thx for proving again just how much like Bush Obama is... What's that Shito? You fully plan to vote for Bush, er I mean Obama again? Good boy!
 
OP
oreo

oreo

Gold Member
Joined
Sep 15, 2008
Messages
18,102
Reaction score
2,922
Points
290
Location
rocky mountains
- Frank E. Nothaft, the chief economist at Freddie Mac, talking to the New York Times about a reported administration plan to offer lower mortgage rates to borrowers with bad credit.



Fannie, Freddie Takeover Could Be Key To Obama Jobs Plan | FoxNews.com

I believe we have been there--done this before -and anyone who who doesn't know that these two government agencies are GROUND ZERO for the current economic collapse-have been living in a very dark closet for several years.

TO REFRESH YOUR MEMORY:

Basically the Federal Government thought it would be a great idea to co-sign our names to 50% of the mortgages in this country-using Fannie/Freddie-while pressuring banks to lower their lending standards--no down payment--no collateral--and less than a desirable credit rating could get you a 500K custom home with sub-prime mortgage qualification.

Due to deregulation of Fannie/Freddie and the Glass/Steagall act of the 1930's Wall street bankers were able to buy up these mortgage backed securities and use them as collateral on the global market--in the mother of all casino's known as the derivatives market. All warnings of an imminent collapse were completely ignored by both congressional and senate banking boards. .

The Federal government basically built a house of cards that collapsed leaving the American taxpayer holding the bag.

And when did all this deregulation happen? Under Bill Clinton's watch. Now it appears that Obama may want to try it again.

Fannie Mae Eases Credit To Aid Mortgage Lending - NYTimes.com

View attachment 14916

While we are refreshing memories....................

New Prosperity Initiative
April 11, 2000
“I propose a New Prosperity Initiative…A plan to
help remove obstacles
on the road to the middle class…
Instead of helping people cope with their need, we will
help them to move beyond it.
With the same energy and
activism that others have brought to expanding government,
we must expand opportunity.”
Governor George W. Bush:lol:

Awww, thx for proving again just how much like Bush Obama is... What's that Shito? You fully plan to vote for Bush, er I mean Obama again? Good boy!

Ditto--they still haven't provided a LINK to Bush's statement--so I imagine he was talking about something else other than Fannie/Freddie.

Where are these liberals LINKS? They are continually making statements without backing up with links!
 
Last edited:

USMB Server Goals

Total amount
$515.00
Goal
$350.00

New Topics

Most reactions - Past 7 days

Forum List

Top