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03 28, 24, 04:53:39:AM

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Biden Does NOT need a BILL to close the border
He only needs a PEN. Thats all he needed to open it.
Thats all he needed to close it. Thats all Trump needed.
Maybe this is just Proof Trump is better than Biden.

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 |  All Boards  |  Current Events  |  Topic: Bush Praises Fannie Mae and Freddie Mac, calls for 5 million more... 0 Members and 1 Guest are viewing this topic.
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hoosier_daddy
Don't hate me because I am beautiful
Sr. Member

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how cool that chemtrail can change profiles


« Reply #12 on: 09 27, 10, 09:26:01:PM » Reply

fannie mae and freddie mac did not qualify anybody for a mortgage.  they were secondary lenders.  and even then they only accounted for about 30% or so.  any way you slice it, they were not the PRIMARY cause for the mortgage meltdown that occurred AFTER the housing bubble burst in late 2006......
Dan
Contributor
Sr. Member

Posts: I am a geek!!

JW2 is a homosexual


« Reply #13 on: 09 27, 10, 09:26:31:PM » Reply

Quote
There was widespread lying on mortages applications according to many reports. People falsified assets, incomes, and debts on their applications. Over aggressive lenders induced some of this behavior.

With government guarantees, there was no incentive to verify the applications.  Standards were lowered too, to expand home ownership to those who previously wouldn't have been able to qualify.
dg9990
Honored Member

Posts: 9902


« Reply #14 on: 09 27, 10, 09:28:53:PM » Reply

Fannie and Freddie knew about the high risk mortgages. They failed to disclose them when selling mortgage backed securities to investors. This became a major cause of the financial meltdown.
Dan
Contributor
Sr. Member

Posts: I am a geek!!

JW2 is a homosexual


« Reply #15 on: 09 27, 10, 09:29:31:PM » Reply

Quote
fannie mae and freddie mac did not qualify anybody for a mortgage.  they were secondary lenders.  and even then they only accounted for about 30% or so.  any way you slice it, they were not the PRIMARY cause for the mortgage meltdown


The Community Reinvestment Act, which encouraged those bad loans, was.

Today, over 90% of home mortgage loans are controlled by the Federal government.
hoosier_daddy
Don't hate me because I am beautiful
Sr. Member

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how cool that chemtrail can change profiles


« Reply #16 on: 09 27, 10, 09:40:08:PM » Reply

today, compared to when?  how many of them are today because THE FUCKING BOTTOM DROPPED OUT OF THE HOUSING MARKET AND THE FEDS HAD TO TAKE OVER?
Oz
Sr. Member

Posts: 27517


« Reply #17 on: 09 27, 10, 09:45:41:PM » Reply

Recession Causes:
<?  " " /><.> </.>
Bush Signs American Dream Downpayment Act

Article from:
Atlanta Inquirer
Article date:
December 27, 2003
More results for:
bush: more americans living the american dream | Copyright informationProvided by ProQuest LLC. (Hide copyright information)


Atlanta Inquirer
<?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" /><st1:date Month="12" Day="27" Year="2003">12-27-2003</st1:date>
There is a reason why many American families can't buy their first home -
they can't afford the downpayment and other upfront closing costs required
to qualify for a mortgage. For as many as 40,000 two-income families, that
will change as President Bush has signed The American Dream Downpayment Act
into law.

Applauding Congress for authorizing the annual $200 million downpayment
assistance program, Bush and Housing and Urban Development Acting Secretary
Alphonso Jackson said the initiative will also help meet the
Administration's "Homeownership Challenge" to increase minority
homeownership by 5.5 million families by the end of the decade.

"Today we are taking action to ...


Read all of this article with a FREE trial <.></.>

<.> </.>
<.> </.>
At the time, Barney Frank was a minority member of the committee. <.></.>
<.> </.>

At the time, Bush was still pushing for more and more subprime loans and bragging about "more Americans living the American dream of home ownership"... and urging Fannie Mae and Freddie Mac to buy more subprime mortgages from the banks, so banks could make more loans.


At the time, Fannie Mae and Freddie Mac weren't in trouble, and weren't part of the problem.

Fannie Mae and Freddie Mac don't write mortgages. They just buy mortgages from banks to free up money so banks can make more loans.

<.></.>

Bush and Republicans strutted around for 4 years bragging about "more Americans living the American dream of home ownership". It was the only bright spot in an otherwise dismal economy. <.></.>

Then when the dream turned into a nightmare, they tried to blame it on people who had no power to do anything about it.

And they're still trying.

Oz
Sr. Member

Posts: 27517


« Reply #18 on: 09 27, 10, 09:48:10:PM » Reply

The public ain't buying that bullshit any more.
<?  " " /><.></.>
But what put us in the toilet was 7 record budget deficits, a $13.2 trillion national debt, a weakened dollar, 7 record trade deficits, and the loss of 9 million jobs in the past 8 years. <.></.>

The housing meltdown was just the cherry on top a shit sundae.
<.></.>

Yes, The Community Reinvestment Act has been in place for decades. However, before Bush it wasn't being abused, as banks knew they had to take the risk. <.></.>

What Bush and the Republicans did was take away the risk of making bad loans, and let them be shuffled off to someone else. <.></.>


Then Investment Banks got into the act (thanks to Phil Gramm getting Glass-Stengall repealed), and they bundled the subprime loans as "securities" that weren't secure, insured by "Swap Loan Guarantees" that weren't insurance, and the market just went insane with greed.<.></.>

<.> </.>
whaler23
Sr. Member

Posts: 10814


« Reply #19 on: 09 27, 10, 10:25:17:PM » Reply

dano and dg trapmle each other to death as the excuse machine hits full power.
 
snick
dg9990
Honored Member

Posts: 9902


« Reply #20 on: 09 27, 10, 10:56:14:PM » Reply

Why don't the "experts" of Fannie and Freddie tell us about accounting fraud and fraudylant sales of mortgage backed securitities?
 
Why not tell us about Franklin Raines?
 
 
http://www.businessweek.com/magazine/content/05_02/b3915646.htm
 
 
Why not tell us about the numerous times John Snow testified before Congress seeking  regulations of the GSE's to prevent a financial crisis?
 
http://www.ustreas.gov/press/releases/js716.htm
 
http://www.ustreas.gov/press/releases/js2369.htm
 
Why not tell us about Barney Frank's roll in causing the financial crisis?
 
http://www.boston.com/bostonglobe/editorial_opinion/oped/articles/2008/09/28/franks_fingerprints_are_all_over_the_financial_fiasco/
Oz
Sr. Member

Posts: 27517


« Reply #21 on: 09 28, 10, 12:40:08:AM » Reply

Mortgage Meltdown caused by…<?  " " /><.></.>
<.> </.>
Bush said that the homeownership was a great accomplishment <.></.>

Expanding Home Ownership <.></.>


"This Administration will constantly strive to promote an ownership society in
<?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" /><st1:country-region><st1:place>America</st1:place></st1:country-region>. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."

- President George W. Bush,
<st1:date Month="12" Day="16" Year="2003">December 16, 2003</st1:date> <.></.>

The Accomplishments <.></.>
<.> </.>
Increasing Homeownership

The
<st1:country-region><st1:place>US</st1:place></st1:country-region> homeownership rate reached a record 69.2 percent in the second quarter of 2004. The number of homeowners in the <st1:country-region><st1:place>United States</st1:place></st1:country-region> reached 73.4 million, the most ever. And for the first time, the majority of minority Americans own their own homes.

The President set a goal to increase the number of minority homeowners by 5.5 million families by the end of the decade. Through his homeownership challenge, the President called on the private sector to help in this effort. More than two dozen companies and organizations have made commitments to increase minority homeownership - including pledges to provide more than $1.1 trillion in mortgage purchases for minority homebuyers this decade.


President Bush signed the $200 million-per-year American Dream Downpayment Act which will help approximately 40,000 families each year with their downpayment and closing costs.


The Administration proposed the Zero-Downpayment Initiative to allow the Federal Housing Administration to insure mortgages for first-time homebuyers without a downpayment. Projections indicate this could generate over 150,000 new homeowners in the first year alone.
<.></.>
http://www.whitehouse.gov/infocus/achievement/chap7.h...<.></.>
<.> </.>
1.      
<.> </.>
Oz
Sr. Member

Posts: 27517


« Reply #22 on: 09 28, 10, 12:40:56:AM » Reply

<?  " " /><.></.>
1.                   HUD News Release 03-140<.></.>

BUSH SIGNS AMERICAN DREAM DOWNPAYMENT ACT $200 million program will help tens of thousands of ... www.hud.gov/news. For Release
<?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" /><st1:date Month="12" Day="16" Year="2003">Tuesday December 16, 2003</st1:date> ...
www.hud.gov/news/release.cfm?content=pr03-140.cfm - 31k -
Cached - Similar pages
<.></.>

<.> </.>
Then Bush jaw-boned Fannie Mae and Freddie Mac into buying more sub-prime loans from banks and mortgage companies, so the banks and mortgage companies could make MORE sub-prime loans.

As soon as they took over as chairmen of the banking committees, in 2007, Barney Frank and Chris Dodd stopped Fannie Mae and Freddie Mac from buying more sub-prime loans, but by then it was too damned late.<.></.>

Then the Investment Banks created a brand-new class of "securities" which weren't secure, insured by "Trade Swap Agreements" which weren't insurance, by bundling those same sub-prime loans and selling them at AAA-rated prices. <.></.>

Same effect as penny stocks and junk bonds... worthless, or nearly so... <.></.>

<.> </.>
Baretta19
Sr. Member

Posts: 20417


« Reply #23 on: 09 28, 10, 04:26:11:AM » Reply

And Bush LEARNED his lesson, sadly liberal morons like Barney Fag and Hoosier missed it..
 
A September 11, 2003 New York Times article shows that President Bush proposed “the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.”  His proposal: An agency within the Treasury Department to supervise mortgage giants Fannie Mae and Freddie Mac.
Fearing that mortgages would no longer be available to people who were unable to pay them back, Democrats eventually killed the proposal. The current meltdown in the mortgage industry is a direct result of giving mortgages to people who could not pay them back, a practice protected by Congressional Democrats.
Both entities were recently taken over by the government, a move that puts trillions of taxpayer dollars at risk.
 
But Democrats in Congress, also known as “the caucus perpetually on the wrong side of history,” were having none of this “responsibility” stuff.
 
”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
Representative Melvin L. Watt, Democrat of North Carolina, agreed.
”I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,” Mr. Watt said.
 
The proposal worked its way around Congress for a couple of years.  Efforts at reform of the kind proposed by President Bush were shot down by Democrats each time.
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