Zone1 Tax the Rich! Make them Pay their Fair Share!

[JonKoch]

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. Freddie and Fannie adopted policies not to buy some high-cost loans.

HUD wouldn't credit them for some subprime loans but would credit them for some other subprime loans?

So, they bought some subprime loans; they didn't buy some other subprime loans.

Was that supposed to prove your claim?

DURR

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. Freddie and Fannie adopted policies not to buy some high-cost loans.

 

[Toddsterpatriot]

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. Freddie and Fannie adopted policies not to buy some high-cost loans.

Right, they still bought plenty of subprime loans.

DURR

 

[JonKoch]

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. Freddie and Fannie adopted policies not to buy some high-cost loans.

HUD wouldn't credit them for some subprime loans but would credit them for some other subprime loans?

So, they bought some subprime loans; they didn't buy some other subprime loans.

Was that supposed to prove your claim?

DURR

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.

 

[JonKoch]

Right, they still bought plenty of subprime loans.

DURR

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



...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

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-997.88-997.428

 

[Mac-7]

The Congress get's to make laws you know?

Organized theft that you support

Of course naturally like all the libs on this forum you dont want any of the money in you or your’s pocket

Right?

 

[JonKoch]

Right, they still bought plenty of subprime loans.

DURR

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.

Bush drive for home ownership fueled housing bubble​

https://archive.ph/8IMpU#selection-307.0-328.0

 

[JonKoch]

Right, they still bought plenty of subprime loans.

DURR

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

 

[Toddsterpatriot]

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.

Bush fucked up too.
He expanded on Clinton's idiocy.

 

[Toddsterpatriot]

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



...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

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-997.88-997.428

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

After their massive accounting scandals, they faced restrictions on expanding their portfolios.

 

[Toddsterpatriot]

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

But his housing policies and hands-off approach to regulation encouraged lax lending standards.

Yes, more lending than even under Clinton's 50% rule.

 

[JonKoch]

Bush fucked up too.
He expanded on Clinton's idiocy.

TOO? LMAOROG

 

[JonKoch]

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

After their massive accounting scandals, they faced restrictions on expanding their portfolios.

BS. Dubya MADE them buy $440 BILLION in MBS's



In June 2002, President Bush announced a goal to increase homeownership, stating he was calling on the private sector to help.


From 2004 to 2006, Fannie Mae and Freddie Mac purchased roughly $434 billion in securities backed by subprime loans, which helped fuel the high-risk lending market.

WHO WAS THE REGULATOR THERE AGAIN?

 

[JonKoch]

But his housing policies and hands-off approach to regulation encouraged lax lending standards.

Yes, more lending than even under Clinton's 50% rule.

YEAH, HOW MUCH WAS GSE'S VS WALL STREET CUPCAKE? LOL




Well, from $1 trillion a year of mortgage originations in 2001 to $4 trillion by 2003

https://sociology.berkeley.edu/sites/default/files/faculty/fligstein/The%20Transformation%20of%20Mortgage%20Finance2.pdf

 

[JonKoch]

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

After their massive accounting scandals, they faced restrictions on expanding their portfolios.

But his housing policies and hands-off approach to regulation encouraged lax lending standards.

Yes, more lending than even under Clinton's 50% rule.

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

 

[EvilCat Breath]

Why do children get to inherit ANY money? They grew up with every advantage so shouldn't they have to make their own way in the world as an adult like everyone else? Do we really want a noble class with families passing wealth and power to people who don't deserve it?

Everything belongs to the government why should they share? No. Take it all.

 

[JonKoch]

But his housing policies and hands-off approach to regulation encouraged lax lending standards.

Yes, more lending than even under Clinton's 50% rule.

• Pressure to Buy: The Bush administration pressured Fannie and Freddie to buy more affordable housing loans to meet targets set by the Department of Housing and Urban Development (HUD), often at the expense of sound risk management.

• Final Push (2008): In early 2008, federal regulators removed limits on the size of the investment portfolios at Fannie and Freddie, allowing them to add over $600 billion in mortgage credit exposure in the four quarters leading up to the crisis.

 

[Toddsterpatriot]

TOO? LMAOROG


View attachment 1242341

Exactly. Bush expanded on Clinton's bad idea.

 

[Toddsterpatriot]

YEAH, HOW MUCH WAS GSE'S VS WALL STREET CUPCAKE? LOL




Well, from $1 trillion a year of mortgage originations in 2001 to $4 trillion by 2003

https://sociology.berkeley.edu/sites/default/files/faculty/fligstein/The%20Transformation%20of%20Mortgage%20Finance2.pdf

How much did Fannie, Freddie and the FHA hold by 2008?

DURR

 

[Toddsterpatriot]

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

Fannie and Freddie didn’t take the same risks that Wall Street’s mortgage-backed securities machine did.

How much did the government spend to rescue Fannie and Freddie with their "lower risk"?

DURR

 

[Toddsterpatriot]

• Pressure to Buy: The Bush administration pressured Fannie and Freddie to buy more affordable housing loans to meet targets set by the Department of Housing and Urban Development (HUD), often at the expense of sound risk management.

• Final Push (2008): In early 2008, federal regulators removed limits on the size of the investment portfolios at Fannie and Freddie, allowing them to add over $600 billion in mortgage credit exposure in the four quarters leading up to the crisis.

Bush administration pressured Fannie and Freddie to buy more affordable housing loans

I know! From Clinton's 50% of all purchases all the way up to 56%.