the right has a problem with picking crooks to help them run the country...….Paulson was a former chairman for Goldman Sachs....one that received a huge amount from the gov.....anything happen to him...of course not!
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Wake Up, America! Wake Up! PLEASE!!
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the right has a problem with picking crooks to help them run the country...….Paulson was a former chairman for Goldman Sachs....one that received a huge amount from the gov.....anything happen to him...of course not!
not hard to make a fool look like a fool......when all you have to do is let him talk....and everytime you shoot off with your so called facts....just makes you look like a fool!......now talk about your kool aid!
as for all the foreclosures...…..just more corruption on the part of big biz and the banks
By studying the documents in their own mortgage cases, Epstein, Szymoniak and Redman noticed some glaring irregularities. Signatures on key documents appeared forged. Official dates on those signatures were off by months or even years. Entire documents are clearly fabricated.
His protagonists had uncovered a nationwide scandal. Wall Street had fractured the legal foundations of the nation’s housing property system so deeply that banks were simply making up documentation in order to pursue foreclosures. They frequently couldn’t prove they had a legal right to foreclose, or even determine if they had a financial interest in doing so. Banks were misplacing mortgage payments, and in other cases, refusing to accept them. Sometimes they evicted homeowners even after they successfully completed bank-designed repayment plans.
https://www.huffingtonpost.com/entry/wall-street-bailout_us_57616a49e4b0df4d586eb6af
the American public can do very little against a corrupt banking system....Obama did enact laws to prevent it from happening again......but trump has removed those laws
By studying the documents in their own mortgage cases, Epstein, Szymoniak and Redman noticed some glaring irregularities. Signatures on key documents appeared forged. Official dates on those signatures were off by months or even years. Entire documents are clearly fabricated.
His protagonists had uncovered a nationwide scandal. Wall Street had fractured the legal foundations of the nation’s housing property system so deeply that banks were simply making up documentation in order to pursue foreclosures. They frequently couldn’t prove they had a legal right to foreclose, or even determine if they had a financial interest in doing so. Banks were misplacing mortgage payments, and in other cases, refusing to accept them. Sometimes they evicted homeowners even after they successfully completed bank-designed repayment plans.
https://www.huffingtonpost.com/entry/wall-street-bailout_us_57616a49e4b0df4d586eb6af
the American public can do very little against a corrupt banking system....Obama did enact laws to prevent it from happening again......but trump has removed those laws
what are you referring to?
If others would do their research They would find that Bush tried to prevent the housing bubble - but the left likes to blame anyone but themselves.
https://georgewbush-whitehouse.archives.gov/news/releases/2008/10/20081009-10.html
in either case you are correct - no accountability. This subject really makes the left go into defensive mode as you can see.
That's where you are wrong Mac. TONS of proof to the contrary - all you have to do is look. (just read the article your lapdog posted above
) LOLThe money could have been paid out to save peoples homes and jail the scammers just as easily.
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apparently you can't read either..on top of just plain sticking with your bullshit
Bush sold a can of worms to congress and the American people on the financial crisis..just like he did with Iraq
sure they did...hiring a chairman from goldman sachs to straighten it out ...and one of the biggest winners in that deal.....go on and defend your party of crooks and thieves
that's like you blaming Obama for not saving the houses being foreclosed on.....hard to do with the banks literally forging documents and etc
you are quick to say everything is on the left......while hiding and turning a blind eye to all the corruption of the party you support so much...talk about being a hypocrite...….
Fox news? and alan Greenspan? the same greenspan that helped Reagan fuck the American people into paying more money into social security to cover his trickle down losses
those are 2 very good sources!?????
those are 2 very good sources!?????
you take the cake 2bi!
I will let you speak on your own now......you do a better job of proving my point and showing how corrupt the right is than I ever could
Barney Frank was a key firewall since the early 90's blocking any meaningful oversight of Fannie & Freddie which led to the subprime mortgage crisis and subsequent economic disaster. GW's administration tried numerous times to push Congress to do something about this before it all fell apart, but the Democraps and Barney's party of NO would have none of it. Even Ole Bubba took enough time off from getting blow jobs to see this was a brewing problem. He tried to add better regulation of Fannie & Freddie but was blocked by Barney & his own party. Clinton has said so:
In 2003 when the Republican's & GW were pushing for regulation, Barney said: " I do think I do not want the same kind of focus on safety and soundness that we have in OCC and OTS. I want to roll the dice a little bit more in this situation towards subsidized housing. " Too bad we all paid so much for Barney & the Dems rolling snake eyes.
Official record of Barney's statement is here: http://commdocs.house.gov/committees/bank/hba92628.000/hba92628_0f.htm
Of course Ole Barney had a huge conflict of interest since for years as Barney sat on the House committee overseeing Fannie & Freddie, his boyfriend, Herb Moses, was an executive with Fannie. Of course the newsworthiness of such conflicts is inversely proportional to the proximity of politician's party letter designation to the start of the alphabet.
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is this the old adage...one will lie and the other swear to it?
A member of the Financial Crisis Inquiry Commission responds to our interview with Barney Frank, arguing that without the government's intervention, there would be no housing crisis
His most successful effort was to impose what were called "affordable housing" requirements on Fannie Mae and Freddie Mac in 1992. Before that time, these two government sponsored enterprises (GSEs) had been required to buy only mortgages that institutional investors would buy--in other words, prime mortgages--but Frank and others thought these standards made it too difficult for low income borrowers to buy homes. The affordable housing law required Fannie and Freddie to meet government quotas when they bought loans from banks and other mortgage originators.
At first, this quota was 30%; that is, of all the loans they bought, 30% had to be made to people at or below the median income in their communities. HUD, however, was given authority to administer these quotas, and between 1992 and 2007, the quotas were raised from 30% to 50% under Clinton in 2000 and to 55% under Bush in 2007. Despite Frank's effort to make this seem like a partisan issue, it isn't. The Bush administration was just as guilty of this error as the Clinton administration. And Frank is right to say that he eventually saw his error and corrected it when he got the power to do so in 2007, but by then it was too late.
It is certainly possible to find prime mortgages among borrowers below the median income, but when half or more of the mortgages the GSEs bought had to be made to people below that income level, it was inevitable that underwriting standards had to decline. And they did. By 2000, Fannie was offering no-downpayment loans. By 2002, Fannie and Freddie had bought well over $1 trillion of subprime and other low quality loans. Fannie and Freddie were by far the largest part of this effort, but the FHA, Federal Home Loan Banks, Veterans Administration and other agencies--all under congressional and HUD pressure--followed suit. This continued through the 1990s and 2000s until the housing bubble--created by all this government-backed spending--collapsed in 2007. As a result, in 2008, before the mortgage meltdown that triggered the crisis, there were 27 million subprime and other low quality mortgages in the US financial system. That was half of all mortgages. Of these, over 70% (19.2 million) were on the books of government agencies like Fannie and Freddie, so there is no doubt that the government created the demand for these weak loans; less than 30% (7.8 million) were held or distributed by the banks, which profited from the opportunity created by the government. When these mortgages failed in unprecedented numbers in 2008, driving down housing prices throughout the U.S., they weakened all financial institutions and caused the financial crisis.
These numbers show, beyond question, that it was government housing policy that caused the financial crisis. Even he has admitted it. In an interview on Larry Kudlow's show in August 2010, he said "I hope by next year we'll have abolished Fannie and Freddie ... it was a great mistake to push lower-income people into housing they couldn't afford and couldn't really handle once they had it."
It is the government's fault for offering a housing finance program without making any effort to prevent the deterioration in mortgage underwriting standards.
The Community Reinvestment Act (CRA)--which required banks to make mortgage loans to borrowers that were riskier than their normal loans--was certainly a part of the same government-quota approach that underlay the affordable housing requirements and was strongly supported by Congressman Frank. However, as far as I can tell, CRA was a relatively small contributor to the crisis, when compared to the GSEs and the affordable housing requirements. In any event, the FCIC acquitted the CRA from any responsibility for the crisis before it even began its study
https://www.theatlantic.com/busines...vernment-did-cause-the-housing-crisis/249903/
Just because Frank supported something...it still took gov to approve!
His most successful effort was to impose what were called "affordable housing" requirements on Fannie Mae and Freddie Mac in 1992. Before that time, these two government sponsored enterprises (GSEs) had been required to buy only mortgages that institutional investors would buy--in other words, prime mortgages--but Frank and others thought these standards made it too difficult for low income borrowers to buy homes. The affordable housing law required Fannie and Freddie to meet government quotas when they bought loans from banks and other mortgage originators.
At first, this quota was 30%; that is, of all the loans they bought, 30% had to be made to people at or below the median income in their communities. HUD, however, was given authority to administer these quotas, and between 1992 and 2007, the quotas were raised from 30% to 50% under Clinton in 2000 and to 55% under Bush in 2007. Despite Frank's effort to make this seem like a partisan issue, it isn't. The Bush administration was just as guilty of this error as the Clinton administration. And Frank is right to say that he eventually saw his error and corrected it when he got the power to do so in 2007, but by then it was too late.
It is certainly possible to find prime mortgages among borrowers below the median income, but when half or more of the mortgages the GSEs bought had to be made to people below that income level, it was inevitable that underwriting standards had to decline. And they did. By 2000, Fannie was offering no-downpayment loans. By 2002, Fannie and Freddie had bought well over $1 trillion of subprime and other low quality loans. Fannie and Freddie were by far the largest part of this effort, but the FHA, Federal Home Loan Banks, Veterans Administration and other agencies--all under congressional and HUD pressure--followed suit. This continued through the 1990s and 2000s until the housing bubble--created by all this government-backed spending--collapsed in 2007. As a result, in 2008, before the mortgage meltdown that triggered the crisis, there were 27 million subprime and other low quality mortgages in the US financial system. That was half of all mortgages. Of these, over 70% (19.2 million) were on the books of government agencies like Fannie and Freddie, so there is no doubt that the government created the demand for these weak loans; less than 30% (7.8 million) were held or distributed by the banks, which profited from the opportunity created by the government. When these mortgages failed in unprecedented numbers in 2008, driving down housing prices throughout the U.S., they weakened all financial institutions and caused the financial crisis.
These numbers show, beyond question, that it was government housing policy that caused the financial crisis. Even he has admitted it. In an interview on Larry Kudlow's show in August 2010, he said "I hope by next year we'll have abolished Fannie and Freddie ... it was a great mistake to push lower-income people into housing they couldn't afford and couldn't really handle once they had it."
It is the government's fault for offering a housing finance program without making any effort to prevent the deterioration in mortgage underwriting standards.
The Community Reinvestment Act (CRA)--which required banks to make mortgage loans to borrowers that were riskier than their normal loans--was certainly a part of the same government-quota approach that underlay the affordable housing requirements and was strongly supported by Congressman Frank. However, as far as I can tell, CRA was a relatively small contributor to the crisis, when compared to the GSEs and the affordable housing requirements. In any event, the FCIC acquitted the CRA from any responsibility for the crisis before it even began its study
https://www.theatlantic.com/busines...vernment-did-cause-the-housing-crisis/249903/
Just because Frank supported something...it still took gov to approve!
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can you tell me how this applies to 2bi's original statement?
"Deflection - completely irrelevant to my point. Obama could have helped the people - He didn't. He bailed out the banks, made the rich man richer no matter how you try to point the finger the other direction. Keep telling yourself the Democrats are for the people all the while they get rich while in office."
we go from Obama not helping the people to Frank the cause of the housing collapse...when the facts show Bush was just as much involved as anyone else
and you guys talk about deflection! You seem to have a problem staying on topic when proven wrong!
you could take it all the way back to FDR I guess...isn't that the policy of the right...fuck the country and blame the left!
"Deflection - completely irrelevant to my point. Obama could have helped the people - He didn't. He bailed out the banks, made the rich man richer no matter how you try to point the finger the other direction. Keep telling yourself the Democrats are for the people all the while they get rich while in office."
we go from Obama not helping the people to Frank the cause of the housing collapse...when the facts show Bush was just as much involved as anyone else
and you guys talk about deflection! You seem to have a problem staying on topic when proven wrong!
you could take it all the way back to FDR I guess...isn't that the policy of the right...fuck the country and blame the left!
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And here we see Democrap Senator Bob Menendez along with about 30 other democrap congressmen hard at work looking for an answer to the US Government shutdown. I have no doubt they'll find the answer...provided the answer is sunning itself on the beaches of Puerto Rico
careful there your bias is showing...….what happened to the phrase I will be proud to shut the government down over this wall?
but I'm sure the right didn't see that even though it was on every major network...it probably wasn't on Fox!
and you probably missed the poll that says 2/3 of the country is AGAINST the wall!
and that includes a lot of Texans right on the border!
only ones for it...you trumpies!
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