Yeah, people who couldn't afford them...
But that was ok, because Freddie and Fannie were going to cover them.
Idiots.
To the Conservatives.
- Thread starter RetiredGySgt
- Start date
Yeah, people who couldn't afford them...
But that was ok, because Freddie and Fannie were going to cover them.
Idiots.
Yeah, people who couldn't afford them...
But that was ok, because Freddie and Fannie were going to cover them.
Idiots.
How could they not afford them? If they got those homes in the 90's and made payments all the way until they lost their jobs in 2006 or 2007, how is it that they could not afford them?
And if the mortgage companies didn't "bundle" all those loans up and sell them to the big banks, then this wouldn't really be a major problem, now would it?
Before pulling out your box of tissues and weeping for the "millions of low income kids" this "heartless veto" has denied insurance, I think it is important to look into what Democrats, and the media, are not telling you about this bill.
For starters it is important to note that President Bush did not veto the SCHIP program, what he vetoed was the enormous expansion of it. President Bush had asked for a small expansion of this program from Congress, requesting an additional $5 billion over the next five years. The House's first draft of this bill authorized an additional $50 billion and covered "children" as old as 25 from families which made as much as $82,000 per year. Those numbers have since been toned down; however the final bill which was presented to President Bush requested an increase of $35 billion and would cover "children" as old as 21.
SCHIP: What They Aren't Telling You
For starters it is important to note that President Bush did not veto the SCHIP program, what he vetoed was the enormous expansion of it. President Bush had asked for a small expansion of this program from Congress, requesting an additional $5 billion over the next five years. The House's first draft of this bill authorized an additional $50 billion and covered "children" as old as 25 from families which made as much as $82,000 per year. Those numbers have since been toned down; however the final bill which was presented to President Bush requested an increase of $35 billion and would cover "children" as old as 21.
SCHIP: What They Aren't Telling You
It wasn't the first ones getting these Loans who, in bulk, could not afford them...
And some of these people were using their Homes as some sort of "Piggy Bank" that they believed was generating money that they were not generating. Believing that prices would just continue up, to no end.
It also took these new "Customers" to drive the Market up to make the prices unaffordable, only after a few years.
And as they lessened and lessened the requirements, over the years, there became more and more who could not pay.
Yeah, people who couldn't afford them...
But that was ok, because Freddie and Fannie were going to cover them.
Idiots.
And didn't a lot of people just walk away from their mortgages because they bought them at really high prices, PLUS they took out home equity loans? **** it. Why pay off $160k when your home is only worth $100k? I'd walk too.
The unregulated mortgage industry knew the market was going to collapse but kept giving out loans they knew would ultimately go bad.
And the initial mortgage company made a fortune doing this, and the next company they sold your mortgage to made a fortune, and so on and so on. All the way to the top. And believe it or not, the big banks made a fortune too, because they own all the good loans plus got $750 billion. I say that was bullshit!
But they can take the economy down if we don't give them what they want.
That is why the only real solution is to end the Federal Reserve and socialize the banking system in this country. Right now, private bankers have too much power/control over our government. They love it that Bush doubled the debt. And if you didn't notice, the GOP were notorious for socializing the losses and privatizing the profits. We lost, they made a fortune.
Keep in mind that not only did this also occur on Bush's watch too, but the process was excellerated under his watch.
But besides that, Freddy & Fanny loans are only a small fraction of the foreclosures and they are not responsible for the mess we are in now.
That's just who the GOP chose to blame.
Andrew2382
Gold Member
- Oct 1, 2008
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One great example is SCHIP. It passed both houses with bipartisan support. Do you know what that means Gaar?
Ok, so Bush veto'ed it 2 times.
Last week it was passed a 3rd time Gaar. Guess what? Obama's going to sign it.
Now that we don't have Republicans blocking progress, we will get a lot more done. We only need a few of you fuckers to sign on to get anything passed. That should be easy.
Are you refering to the State Health Insurance Program? Because it is in effect and Bush signed it and expanded funding till March of 09 where I am sure your savior Obama will put it into effect permenantly.
These programs have been available, in florida it's called Kid Care.
they are available here in Maine also
bobo is a moron that has no clue
Bullshit.
Bush, as well as McCain, has been calling for additional Regulation on Freddie and Fannie for better than 4 YEARS now...
And Freddie and Fannie are the one's that OK'd such Loans to begin with, and everyone knew they could sell them to them, because they were backed by the Government.
That needs to end.
The House will vote Wednesday on legislation to reauthorize and expand the State ChildrenÂ’s Health Insurance Program (SCHIP).
The Democratic leaders of the Energy and Commerce and Ways and Means committees who introduced legislation Tuesday that they said would expand SCHIP benefits to 4 million children who have no health benefits and maintain coverage for the 7 million kids already enrolled in SCHIP.
The announcement came just minutes before the House Rules Committee was scheduled to begin its consideration of the legislation, which is the final procedural step to clear the way for a floor vote.
Congressional action on the popular SCHIP measure, which passed Congress with bipartisan votes twice in 2007 but died under President BushÂ’s veto pen, would give the incoming Obama administration a quick victory on healthcare, one of its major priorities.
The House will vote Wednesday on legislation to reauthorize and expand the State ChildrenÂ’s Health Insurance Program (SCHIP).
The Democratic leaders of the Energy and Commerce and Ways and Means committees who introduced legislation Tuesday that they said would expand SCHIP benefits to 4 million children who have no health benefits and maintain coverage for the 7 million kids already enrolled in SCHIP.
The announcement came just minutes before the House Rules Committee was scheduled to begin its consideration of the legislation, which is the final procedural step to clear the way for a floor vote.
Congressional action on the popular SCHIP measure, which passed Congress with bipartisan votes twice in 2007 but died under President BushÂ’s veto pen, would give the incoming Obama administration a quick victory on healthcare, one of its major priorities.
Well now it isn't just being offered to people in Maine who feel entitled.
TheHill.com - House Democrats introduce SCHIP bill
Bush and McCain, the great Regulators!!!
Was McCain the Maverick Reformer or the Reformed Maverick?
McCain called for reform of Freddie Mac and Fannie Mae in May, 2006, video of Fannie Mae CEO calling Obama and Dems familyBush and McCain, the great Regulators!!!
Was McCain the Maverick Reformer or the Reformed Maverick?
On May 25, 2006 John McCain called for reform of Freddie Mac and Fannie Mae. He co-sponsored the S. 190 [109th]: Federal Housing Enterprise Regulatory Reform Act of 2005 that was introduced in January 2005.
Sen. John McCain [R-AZ]: Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.
The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.
The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.
For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac–known as Government-sponsored entities or GSEs–and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.
Quick Info
S. 190 [109th]: Federal Housing Enterprise Regulatory Reform Act of 2005
Last Action: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
Status: Dead
I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.
I urge my colleagues to support swift action on this GSE reform legislation.
yeah, and how will he pay for itThe Dems just expanded SCHIP benefits to 4 million children.
Yes, I can show you too where Obama did the same thing.
I have also been explaining to you all day that Freddy & fanny are not the reason the economy crashed.
So you are showing me that the GOP tried to do something about this.
How about they deregulated the industry so that people didn't even need to show documentation to get a home? So Illegals could buy homes. How easy was it for them to walk away after they took home equity loans out of those houses that lost thousands in value?
And how about bundling all the loans up and selling them to the next bank, who then sold them to the next bank, until the biggest banks had all the bad loans.
Why do you focus on Freddy Fanny? I know people who make $100K who lost their homes. They didn't go through fanny.
I know Big 3 employees who lost their homes. They didn't go thru fanny or freddy.
Why are you picking on Freddy & fanny? It was a great idea until Bush & tom Delay fucked up the economy.
I have tape of Bush saying not only should poor people have homes, they should go for really nice homes!!!!! Do you understand what a joke it is to blame Clinton/Carter?
You have zero credibility going this route.
You will pay for it Dive. Since you insist that the rich get all the tax breaks, you will pick up the tab, you dumb mother ******.
And the Dems will fix what is wrong with Healthcare. They have been gouging us the last 8 years just like the oil companies did.
I'm sure you will argue for them that they weren't, but trust me, you've been wrong on every other issue, and this is no different.
What was it? 191% since Bush took office?
Dive, listen carefully. Our healthcare costs rose 191% since 2000. Can you explain how/why?
Just like gas went from $4 for no ******* reason. Oh you have reasons. I just think your reasons are bullshit. Not buying it. So don't bother.
yeah, programs like schipYou will pay for it Dive. Since you insist that the rich get all the tax breaks, you will pick up the tab, you dumb mother ******.
And the Dems will fix what is wrong with Healthcare. They have been gouging us the last 8 years just like the oil companies did.
I'm sure you will argue for them that they weren't, but trust me, you've been wrong on every other issue, and this is no different.
What was it? 191% since Bush took office?
Dive, listen carefully. Our healthcare costs rose 191% since 2000. Can you explain how/why?
Just like gas went from $4 for no ******* reason. Oh you have reasons. I just think your reasons are bullshit. Not buying it. So don't bother.
btw asshole, you are the dumb ************
YOU will be paying for it
bend over and lube up, you about to get "helped" by the government
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Don't tell me you can, do it...
He did no such thing, and therefore you cannot.
I cite Sources and information to support the things I assert here.
You, not so much.
Imagine that.
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AllieBaba
Rookie
- Oct 2, 2007
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I posted this months ago. Along with transcripts of speeches and copies of letters the president had written begging for more regulation.
The left ignores the facts and continues with the mindless rant, which has no basis in fact.
Bill Clinton even admitted on national radio that he played a role and made a huge mistake in backing F&F....
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