Obama was underwater a good many times -- in polls

[Robert W]

I am an independent. I am Anti-Democrat. Anti-Republican.

Name the last independent president? Make it easier, any politician?

 

[JanetTheGreat]

Name the last independent president? Make it easier, any politician?

You raise a good question - and that's why they are all garbage.

 

[Alicia J]

If the Bush tax cuts were so bad, why did the Democrats and Obama Obama extend them.

They extended the tax cuts for the middle class. Not for the rich.

But you are obviously a sucker for the rich.

The Dodd Frank act in the Clinton era is what caused the mortgage crisis. Democrats forced lending institutions to make home loans they knew the buyers could never pay back.

No, Wall Street caused it. With their reckless gambling in the housing mortgage derivatives market. Like the book and movie The Big Short discusses.

 

[Alicia J]

So Obama’s weak approval rating for most of his administration was because of Bush?

Yep. That's what happens when a dumb ass like Bush wrecks the economy.

 

[JonKoch]

If the Bush tax cuts were so bad, why did the Democrats and Obama Obama extend them.

The Dodd Frank act in the Clinton era is what caused the mortgage crisis. Democrats forced lending institutions to make home loans they knew the buyers could never pay back.

DODD FRANK WAS 2010, AFTER DUBYA'S SUBPRIME PONZI SCHEME


Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse


2004 Republican Convention:

Another priority for a new term is to build an ownership society, because ownership brings security and dignity and independence.
...

Thanks to our policies, home ownership in America is at an all- time high.

(APPLAUSE)

Tonight we set a new goal: 7 million more affordable homes in the next 10 years, so more American families will be able to open the door and say, "Welcome to my home."


June 17, 2004


Builders to fight Bush's low-income plan


NEW YORK (CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.
There are plenty of culprits, like lenders who peddled easy credit, consumers who took on mortgages they could not afford and Wall Street chieftains who loaded up on mortgage-backed securities without regard to the risk.




But the story of how the United States got here is partly one of Bush's own making, according to a review of his tenure that included interviews with dozens of current and former administration officials.


From his earliest days in office, Bush paired his belief that Americans do best when they own their own homes with his conviction that markets do best when left alone.






Bush pushed hard to expand home ownership, especially among minority groups, an initiative that dovetailed with both his ambition to expand Republican appeal and the business interests of some of his biggest donors. But his housing policies and hands-off approach to regulation encouraged lax lending standards.

https://archive.ph/8IMpU#selection-449.0-457.479

 

[Alicia J]

So, if Trump lags, it will be Biden's fault? I knew what happened in the mortgage affair and Bush worked his ass off to prevent it. Democrats told him no economy would
be damaged and of course that was a lie.

Trump has created his own problems, you racist imbecile.

Trump started these idiotic tariffs. Trump started this disastrous war with Iran. That has nothing to do with Biden.

 

[JonKoch]

If the Bush tax cuts were so bad, why did the Democrats and Obama Obama extend them.

The Dodd Frank act in the Clinton era is what caused the mortgage crisis. Democrats forced lending institutions to make home loans they knew the buyers could never pay back.

The Presidents Working Group's March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.''
Bush drive for home ownership fueled housing bubble


He insisted that Fannie Mae and Freddie Mac meet ambitious new goals for low-income lending.

Concerned that down payments were a barrier, Bush persuaded Congress to spend as much as $200 million a year to help first-time buyers with down payments and closing costs.




And he pushed to allow first-time buyers to qualify for government insured mortgages with no money down



As for Bush's banking regulators, they once brandished a chain saw over a 9,000-page pile of regulations as they promised to ease burdens on the industry. When states tried to use consumer protection laws to crack down on predatory lending, the comptroller of the currency blocked the effort, asserting that states had no authority over national banks.



The administration won that fight at the Supreme Court. But Roy Cooper, North Carolina's attorney general, said, "They took 50 sheriffs off the beat at a time when lending was becoming the Wild West."




The president did push rules aimed at requiring lenders to explain loan terms more clearly. But the White House shelved them in 2004, after industry-friendly members of Congress threatened to block confirmation of his new housing secretary.

https://archive.ph/8IMpU#selection-449.0-457.479

CLINTON HUH

 

[Robert W]

Trump has created his own problems, you racist imbecile.

Trump started these idiotic tariffs. Trump started this disastrous war with Iran. That has nothing to do with Biden.

You have been here days. I have been here years. You don't know me at all. I know you as a Marxist. You earned that.

 

[JanetTheGreat]

You have been here days. I have been here years. You don't know me at all. I know you as a Marxist. You earned that.

I notice new users are often troll or puppet accounts. Don't give them the attention they seek.

 

[Robert W]

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.''

Fannie may and Freddie Mac did that.

 

[JonKoch]

So, if Trump lags, it will be Biden's fault? I knew what happened in the mortgage affair and Bush worked his ass off to prevent it. Democrats told him no economy would
be damaged and of course that was a lie.

Weird Dubya could get 2 UNFUNDED tax cuts, 2 UNFUNDED WARS, UNFUNDED MEDICARE EXPANSION, BUT THE DEMS VLOCKED HIM? LOL

WHO WAS IN CHARGE IN THIS PERIOD? WHO HAD THE SEC, FBI, GSE'S, ETC AS PART OF THEIR EXECUTIVE BRANCH OVERSIGHT?



Banks used cheap capital to create a bubble. Their lending strategies fueled and fed off the housing bubble, and they did so using mortgage products whose performance was premised on continued growth of that bubble.

 

[JonKoch]

Fannie may and Freddie Mac did that.

Examining the big lie: How the facts of the economic crisis stack up​

The boom and bust was global. Proponents of the Big Lie ignore the worldwide nature of the housing boom and bust.



Nonbank mortgage underwriting exploded from 2001 to 2007, along with the private label securitization market, which eclipsed Fannie and Freddie during the boom. Check the mortgage origination data: The vast majority of subprime mortgages — the loans at the heart of the global crisis — were underwritten by unregulated private firms. These were lenders who sold the bulk of their mortgages to Wall Street, not to Fannie or Freddie. Indeed, these firms had no deposits, so they were not under the jurisdiction of the Federal Deposit Insurance Corp or the Office of Thrift Supervision. The relative market share of Fannie Mae and Freddie Mac dropped from a high of 57 percent of all new mortgage originations in 2003, down to 37 percent as the bubble was developing in 2005-06.




•Private lenders not subject to congressional regulations collapsed lending standards. Taking up that extra share were nonbanks selling mortgages elsewhere, not to the GSEs. Conforming mortgages had rules that were less profitable than the newfangled loans. Private securitizers — competitors of Fannie and Freddie — grew from 10 percent of the market in 2002 to nearly 40 percent in 2006. As a percentage of all mortgage-backed securities, private securitization grew from 23 percent in 2003 to 56 percent in 2006


GROW A BRAIN

https://archive.ph/20200215001736/https://www.washingtonpost.com/business/examining-the-big-lie-how-the-facts-of-the-economic-crisis-stack-up/2011/11/16/gIQA7G23cN_story.html#selection-987.1-997.428

 

[Robert W]

He insisted that Fannie Mae and Freddie Mac meet ambitious new goals for low-income lending.

Bush never did that. I was a mortgage lender. The funds I lent came from a Wholesaler. I was very distressed when Fannie Mae and Freddie Mac blew up the market. All lenders followed their directives.

 

[JonKoch]

The Clinton administration and Democrats did that. Dodd Frank legislation. Check it out.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (2010) is a sweeping federal law that overhauled U.S. financial regulation to prevent a repeat of the 2008 financial crisis. It aims to decrease risks in the financial system, end "too big to fail" bailouts, and protect consumers from abusive practices. Sponsored by Sen. Chris Dodd and Rep. Barney Frank, the Act created new oversight agencies—most notably the Consumer Financial Protection Bureau (CFPB)—and introduced strict rules like the Volcker Rule.

 

[Alicia J]

You have been here days. I have been here years. You don't know me at all. I know you as a Marxist. You earned that.

Why does this matter? You are a racist, as you have already proven in multiple hate-filled posts about Obama.

The simple fact is that Obama was a much better president than both Bush and Trump. Obama had to spend his entire presidency trying to fix the economy after Bush destroyed it.

 

[JonKoch]

Bush never did that. I was a mortgage lender. The funds I lent came from a Wholesaler. I was very distressed when Fannie Mae and Freddie Mac blew up the market. All lenders followed their directives.

LIAR


Nonbank mortgage underwriting exploded from 2001 to 2007, along with the private label securitization market, which eclipsed Fannie and Freddie during the boom. Check the mortgage origination data: The vast majority of subprime mortgages — the loans at the heart of the global crisis — were underwritten by unregulated private firms. These were lenders who sold the bulk of their mortgages to Wall Street, not to Fannie or Freddie. Indeed, these firms had no deposits, so they were not under the jurisdiction of the Federal Deposit Insurance Corp or the Office of Thrift Supervision. The relative market share of Fannie Mae and Freddie Mac dropped from a high of 57 percent of all new mortgage originations in 2003, down to 37 percent as the bubble was developing in 2005-06.



•Private lenders not subject to congressional regulations collapsed lending standards. Taking up that extra share were nonbanks selling mortgages elsewhere, not to the GSEs. Conforming mortgages had rules that were less profitable than the newfangled loans. Private securitizers — competitors of Fannie and Freddie — grew from 10 percent of the market in 2002 to nearly 40 percent in 2006. As a percentage of all mortgage-backed securities, private securitization grew from 23 percent in 2003 to 56 percent in 2006



These firms had business models that could be called “Lend-in-order-to-sell-to-Wall-Street-securitizers.” They offered all manner of nontraditional mortgages — the 2/28 adjustable rate mortgages, piggy-back loans, negative amortization loans. These defaulted in huge numbers, far more than the regulated mortgage writers did.

https://archive.ph/20200215001736/https://www.washingtonpost.com/business/examining-the-big-lie-how-the-facts-of-the-economic-crisis-stack-up/2011/11/16/gIQA7G23cN_story.html#selection-1005.0-1008.0

 

[Robert W]

Examining the big lie: How the facts of the economic crisis stack up​

The boom and bust was global. Proponents of the Big Lie ignore the worldwide nature of the housing boom and bust.



Nonbank mortgage underwriting exploded from 2001 to 2007, along with the private label securitization market, which eclipsed Fannie and Freddie during the boom. Check the mortgage origination data: The vast majority of subprime mortgages — the loans at the heart of the global crisis — were underwritten by unregulated private firms. These were lenders who sold the bulk of their mortgages to Wall Street, not to Fannie or Freddie. Indeed, these firms had no deposits, so they were not under the jurisdiction of the Federal Deposit Insurance Corp or the Office of Thrift Supervision. The relative market share of Fannie Mae and Freddie Mac dropped from a high of 57 percent of all new mortgage originations in 2003, down to 37 percent as the bubble was developing in 2005-06.




•Private lenders not subject to congressional regulations collapsed lending standards. Taking up that extra share were nonbanks selling mortgages elsewhere, not to the GSEs. Conforming mortgages had rules that were less profitable than the newfangled loans. Private securitizers — competitors of Fannie and Freddie — grew from 10 percent of the market in 2002 to nearly 40 percent in 2006. As a percentage of all mortgage-backed securities, private securitization grew from 23 percent in 2003 to 56 percent in 2006


GROW A BRAIN

https://archive.ph/20200215001736/https://www.washingtonpost.com/business/examining-the-big-lie-how-the-facts-of-the-economic-crisis-stack-up/2011/11/16/gIQA7G23cN_story.html#selection-987.1-997.428

What was your occupation?

Mine was as a lender. I recall the events very well. Maybe you read about it. I lived it.

 

[JonKoch]

Bush never did that. I was a mortgage lender. The funds I lent came from a Wholesaler. I was very distressed when Fannie Mae and Freddie Mac blew up the market. All lenders followed their directives.

Bush Mortgage Bubble include (but not limited to)

Wanting 5.5 million more minority homeowners
Tells congress there is nothing wrong with GSEs
Pledging to use federal policy to increase home ownership
Routinely taking credit for the housing market
Forcing GSEs to buy more low income home loans by raising their Housing Goals
Lowering Investment bank's capital requirements, Net Capital rule
Reversing the Clinton rule that restricted GSEs purchases of subprime loans
Lowering down payment requirements to 0%
Forcing GSEs to spend an additional $440 billion in the secondary markets
Giving away 40,000 free down payments


PREEMPTING ALL STATE LAWS AGAINST PREDATORY LENDING


But the biggest policy was regulators not enforcing lending standards.

Thread 'FACTS on Dubya's great recession'

Jul 2, 2014

Q When did the Bush Mortgage Bubble start?

A The general timeframe is it started late 2004.

From Bush’s President’s Working Group on Financial Markets October 2008

“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”



Q Did the Community Reinvestment Act under Carter/Clinton caused it?


A "Since 1995 there has been essentially no change in the basic CRA rules or...

• Dad2three
• Replies: 481
• Forum: Economy

• 

 

[Robert W]

Why does this matter? You are a racist, as you have already proven in multiple hate-filled posts about Obama.

The simple fact is that Obama was a much better president than both Bush and Trump. Obama had to spend his entire presidency trying to fix the economy after Bush destroyed it.

Nope, not me. When I talk about Obama his race has nothing to do with it. I judge him as a president. Your so called facts are wrong. Bush never harmed the economy. Subprime lenders did, but Bush was no lender.

 

[JonKoch]

Then, we got Faxed to us daily papers from the wholesale lenders that Democrats know nothing about with rates and points. Buyers and homeowners never saw them. But even if we wanted lower rates to offer our clients, we had just what we were offered. Fannie May and Freddie Mae made the rules and even appraisers know all about that, and when they okayed bad loans, some of us lenders at that time would happily use the bad loans to get more points. I refused to do that. Lehman Brothers were king of the bad loans and only when the homeowner was desperate and I informed them the loans were bad, did the owners of the homes get shafted. I warned them.

lmaorog.

"The idea that they were leading this charge is just absurd, said Guy Cecala, publisher of Inside Mortgage Finance, an authoritative trade publication. Fannie and Freddie have always had the tightest underwriting on earth & They were opposite of subprime.";




OVER 50% OF LOANS IN 2006 COULDN'T QUALIFY FOR F/F BACKING, THEY WERE NOT DOCUMENTED INCOMES.

Thread 'FACTS on Dubya's great recession'

Jul 2, 2014

Q When did the Bush Mortgage Bubble start?

A The general timeframe is it started late 2004.

From Bush’s President’s Working Group on Financial Markets October 2008

“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”



Q Did the Community Reinvestment Act under Carter/Clinton caused it?


A "Since 1995 there has been essentially no change in the basic CRA rules or...

• Dad2three
• Replies: 481
• Forum: Economy

•