Obama was underwater a good many times -- in polls

[Robert W]

But the biggest policy was regulators not enforcing lending standards.

Fannie Mae and Freddie Mac were the regulators.

 

[Alicia J]

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.

You obviously judge him much more critically than Bush and Trump.

Bush's economy was a total freaking disaster for 8 years. Job growth was stagnant for 8 years. Why aren't you starting a thread about that?

Bush never harmed the economy. Subprime lenders did, but Bush was no lender.

Unbelievable. Everything is Obama's fault, but nothing is Bush's fault.

Why is that?

 

[JonKoch]

What was your occupation?

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

BS. You are too stoppid



"Another form of easing facilitated the rapid rise of mortgages that didn't require borrowers to fully document their incomes. In 2006, these low- or no-doc loans comprised 81 percent of near-prime, 55 percent of jumbo, 50 percent of subprime and 36 percent of prime securitized mortgages."

The rise and fall of subprime mortgages

After booming the first half of this decade, US housing activity has retrenched sharply. Single-family building permits have plunged 52 percent and existing-home sales have declined 30 percent since their September 2005 peaks. ; A rise in mortgage

www.academia.edu

Q HOLY JESUS! DID YOU JUST PROVE THAT OVER 50 % OF ALL MORTGAGES IN 2006 DIDN'T REQUIRE BORROWERS TO DOCUMENT THEIR INCOME?!?!?!?

A Yes.




Q WHO THE HELL LOANS HUNDREDS OF THOUSANDS OF DOLLARS TO PEOPLE WITHOUT CHECKING THEIR INCOMES?!?!?

A Banks.

Q WHY??!?!!!?!

A Two reasons, greed and Bush's regulators let them. And then they sold the loan and risk to investors and GSEs clamoring for the loans.

 

[JonKoch]

Fannie Mae and Freddie Mac were the regulators.

Gawd YOU ARE DUMB AS FUK


Fannie Mae and Freddie Mac are not, and have never been, the regulators of the mortgage market. Instead, they are government-sponsored enterprises (GSEs) that act as massive secondary market investors for home loans. The Federal Housing Finance Agency (FHFA) serves as their primary regulator, ensuring they meet their safety and soundness standards.

• Role of Fannie/Freddie: They buy mortgages from lenders, providing liquidity to the housing market, and hold or sell these as mortgage-backed securities.

Fannie Mae and Freddie Mac are often confused with regulators because of their enormous size and influence, but they are market participants that are heavily regulated by the FHFA.

 

[JonKoch]

What was your occupation?

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

Mortgage broker OR bank?

Mortgage is what hosed US in 2008, bet that was you!


24 of the 25 largest lenders, IN 2006, who sold to F/F and PRIVATE MARKETS, were not regulated like banks, THEY WERE MORTGAGE BROKERS!

 

[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.

FactWatch: Fannie and Freddie were followers, not leaders, in mortgage frenzy​

The evidence indicates Fannie and Freddie contributed to the mortgage meltdown, but they played a secondary role to Wall Street. Wall Street firms and the mortgage lenders they bankrolled led the growth of the market for subprime loans and other risky mortgages.



Government data shows 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.

FactWatch: Fannie and Freddie were followers, not leaders, in mortgage frenzy – Center for Public Integrity

Ask many Americans who’s to blame for the nation’s economic mess, and two names come to mind: Fannie and Freddie. They see Fannie Mae and Freddie Mac as the villains of the financial crisis. GOP.gov, the official website for Republicans in the House of Representatives, says flatly: “Fannie Mae...

publicintegrity.org

 

[tahuyaman]

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.

It led to the mortgage crisis.

 

[JonKoch]

It led to the mortgage crisis.

A law passed in 2010 caused this

 

[tahuyaman]

A law passed in 2010 caused this



View attachment 1242343

the problem was created by Democrats during the Clinton administration. It started in 1999.

 

[Lesh]

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.

Jesus.

You are ALWAYS wrong

 

[Lesh]

What was your occupation?

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

So you were part of the problem.

By the way… you also claimed to be involved in real estate.

If true (and given your posts that’s doubtful) that’s a huge conflict of interest

 

[JonKoch]

the problem was created by Democrats during the Clinton administration. It started in 1999.

lmaorog

So you can't read a graph?


How about THIS



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."




CLINTON HUH?

 

[Robert W]

So you were part of the problem.

By the way… you also claimed to be involved in real estate.

If true (and given your posts that’s doubtful) that’s a huge conflict of interest

I was deeply involved with Real Estate. As a Real Estate broker meaning I owned my firm, contracted the agents who handled customers, was by law responsible for them all. Decided since I legally could appraise, since daily income came to appraisers, to also get the federal appraisers license since we were rapidly approaching the date all of them had to have federal licenses, saw the lending system up close and then came lending. It was a natural progression. Always treated customers like family.

 

[tahuyaman]

lmaorog

So you can't read a graph?


How about THIS



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."




CLINTON HUH?






View attachment 1242444

Post all the graphs you want. The issue which caused the mortgage crisis started in 1999.

 

[Robert W]

Jesus.

You are ALWAYS wrong

What did you do for a living?

 

[Lesh]

I was deeply involved with Real Estate. As a Real Estate broker meaning I owned my firm, contracted the agents who handled customers, was by law responsible for them all. Decided since I legally could appraise, since daily income came to appraisers, to also get the federal appraisers license since we were rapidly approaching the date all of them had to have federal licenses, saw the lending system up close and then came lending. It was a natural progression. Always treated customers like family.

You claimed to be a mortgage lender

Can realtors do both?

In some cases they can

But you a few a walking conflict of interest

Unsurprisingly

 

[tahuyaman]

You claimed to be a mortgage lender

Can realtors do both?

In some cases they can

But you a few a walking conflict of interest

Unsurprisingly

He claims to be a real estate broker. A broker is not a mortgage lender.

 

[Robert W]

You claimed to be a mortgage lender

Can realtors do both?

In some cases they can

But you a few a walking conflict of interest

Unsurprisingly

When I retired, I was still a Mortgage lender and a Real Estate Broker. I dropped being an Appraiser when Clinton was president. Now I answered your nosy questions. What did you do to make a living? Did you sell lettuce?

 

[Robert W]

He claims to be a real estate broker. A broker is not a mortgage lender.

When I was a Real Estate Broker the license was good to be a mortgage lender. Dodd Frank put an end to that. Really hurt the lending industry.

 

[tahuyaman]

When I was a Real Estate Broker the license was good to be a mortgage lender. Dodd Frank put an end to that. Really hurt the lending industry.

They are separate licenses. Yes it is possible to hold both licenses in some states.