Zone1 Tax the Rich! Make them Pay their Fair Share!
- Thread starter Chuz Life
- Start date
Toddsterpatriot
Diamond Member
Not the only factors in causing the real estate bubble, but certainly a very large part.
Toddsterpatriot
Diamond Member
Minor part. Almost $2 trillion in subprimes owned by the GSEs, by your own admission. Durr.
Toddsterpatriot
Diamond Member
Wait, the government issued a report saying the government wasn't to blame?
I'm stunned.
Truly.
How many mortgage loans did you tell us, you personally handled? Forgive the question. You never admitted to knowing a damned thing about originating mortgage loans.
Did you work at a job? What kind of job?
Banks are smarter than you are donut.
JonKoch
Gold Member
- May 14, 2017
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Bush WAS the regulator of the GSE's (F/F) and HE forced them to buy $440 BILLION in MBS's in 2002 to meet HIS goals and n 2004 dropped Clinton's rule that bad loans not be counted towards the housing goals! Then in 2005 AS REGULATOR he allowed F/F to chase the 'free markets' to the bottom BECAUSE they had lost so much market share to the Banksters!
Add it all up, Dubya's REGULATOR FAILURE!
JonKoch
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Sure, that's why we bailed them out under Ronnie's S&L failure, Clinton's Latin America/Asia debt crisis then Dubya's subprime ponzi scheme Buttercup
Oh wait, I get it, privatize the profits as you socialize losses, THE CONSERVATIVE WAY IN THE US
I proved you are wrong. Donut, read the proof again.
JonKoch
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I'll tell you what dumbfuk, I KNOW HOW IT WORKS, UNLIKE YOU
Bankers COLLAPSED underwriting standards, NOT BECAUSE THEY WERE FORCED, BUT BECAUSE THEY COULD BUNDLE THEM AND SELL THEM OFF AS AAA RATED IN TRANCHES TO INSURANCE COMPANIES, PENSION FUNDS, CORPS, ETC
NOT BECAUSE GOV'T FORCED THE,M BECAUSE THEY COULD MAKE A TON OF MONEY
WHICH IS WHY IN THE US BANKS PAID OVER $200 BILLION IN FINES DUMMY
WORLD WIDE (AS IT WAS A WORLD WIDE BANKER CREATED PONZI SCHEME) THEY PAID ABOUT $350 BILLION IN FINES
GROW A BRAIN,
JonKoch
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You mean Bush's working group AND several different feds saying it was late 2004 means it didn't but was started under Clinton? lol
Q My conservative friends blame policies from 1864, 1977, 1992, 1995, 1999 and 2000. Why aren't those policies responsible for the Bush Mortgage Bubble?
A Those policies had nothing to do with banks lowering their lending standards in late 2004 and they had nothing to do with Bush's regulators not their jobs and had nothing to do with Bush's regulators blocking state regulators from doing their jobs.
Q I have a friend who's a realtor and she insists the Bubble started in 2000, if not a year or so before then. What about that?
A Well I cant answer for anecdotal statements that are simply not supported by any data. I can only post clear straightforward points and back them up with solid factual links. Bush's working group told you it started late 2004. The fed told you it started in the same timeframe. Subprime loans increased 300 % a little before that timeframe and No Doc loans ROCKETED UP 1000% in that exact timeframe laid out by Bush's Working Group.
How can anybody argue with that?
JonKoch
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The Financial Crisis Inquiry Commission reviewed Pinto’s research extensively. But staffers could find no way to reconcile his risk categorizations to actual loan performance. The FCIC’s findings were soon echoed by the research of David Min, then of the Center for American Progress. Four years later, Zandi’s updated analysis confirms and validates the earlier assessments made by Min, and almost all FCIC commissioners.
As the one Pinto-skeptic in the room, Zandi proceeded to answer his own question, “Where are the losses?” As of year-end 2013, approximately $1 trillion in credit losses on pre-crisis loans had been realized. But the realized loss rate among different sectors varied considerably. Best in class were Fannie and Freddie, with a realized loss rate of 3%. Then came depository institutions, like banks, which had a realized loss rate of 6%.
The strong outlier was private label mortgage securities, with a realized loss rate of 23%, seven times that of the GSEs.
These numbers are in line with Laurie Goodman’s 2010 projections, which showed a 24% overall loss rate on private 1st lien securities. And Zandi’s 2013 numbers are consistent with his year-end 2012 numbers, which showed private label losses as 51% of the grand total, and GSE losses as 14% of the nationwide total.
These lopsided disparities are confirmed over and over from data going back two decades. By any standard — delinquencies, defaults, loss severity — GSE mortgages perform exponentially better than the rest of the market, whereas private label mortgages perform exponentially worse. To state otherwise is to lie.
You mean Bush's working group AND several different feds saying it was late 2004 means it didn't but was started under Clinton? lol
Q My conservative friends blame policies from 1864, 1977, 1992, 1995, 1999 and 2000. Why aren't those policies responsible for the Bush Mortgage Bubble?
A Those policies had nothing to do with banks lowering their lending standards in late 2004 and they had nothing to do with Bush's regulators not their jobs and had nothing to do with Bush's regulators blocking state regulators from doing their jobs.
Q I have a friend who's a realtor and she insists the Bubble started in 2000, if not a year or so before then. What about that?
A Well I cant answer for anecdotal statements that are simply not supported by any data. I can only post clear straightforward points and back them up with solid factual links. Bush's working group told you it started late 2004. The fed told you it started in the same timeframe. Subprime loans increased 300 % a little before that timeframe and No Doc loans ROCKETED UP 1000% in that exact timeframe laid out by Bush's Working Group.
How can anybody argue with that?
Toddsterpatriot
Diamond Member
the right wing who spent the first part of the 2000's arguing the Gov't wasn't doing as much as the "private sector"
WTF are you whining about now?
blamed Gov't when the subprime ponzi scheme, led by the private markets, crashed
Encouraged by the government.
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