TBD on Ning

This article here certainly seems contradict Rubio, even making fun of him.

But Rubio is right.  Good grief, it's a historical fact that Fannie Mae and Freddie Mac, the government-chartered mortgage giants, bought risky mortgages in order to meet affordable housing goals at the direction and order of George W Bushs: "We want everybody in America to own their own home."

It's Bush's fault.

Views: 145

Replies to This Discussion

Sounds exactly like Democrat talking points. Please do go on, but provide facts.

I will go on, more wars, a more bloated military budget, more restricted voting rights, ignoring of one of the greatest threats to our country global warming, anti science, myths used as facts. Want more I have them

Actually it's Clintons fault. He insisted that mortgage parameters be reduced so that "all" Americans could afford a house. The government threatened penalties against banks who didn't loan enough to marginaly qualified applicants. Companies made millions of dollars originating risky mortgages on the secondary market. There were mortgages that required no income verification,no asset verification, and no employment verification. All this under the Affordable Care Act.


So if you do some deeper research, you'll see it was enacted under Bill Clinton, well before Bush. 


By the way, these type mortgages are making a comeback.

Sure he did ...

Lies, lies, lies, everybody lies...LOL

Don't blame them, they only watch Fox and listen to Limbaugh.

"Companies made millions of dollars originating risky mortgages on the secondary market. There were mortgages that required no income verification,no asset verification, and no employment verification."

and this was all under the direction of PRIVATE enterprise...banks, mortgage brokers, wall street...they were all churning record profits by doing risky loans , bundling those loans into reits or other investment vehicles to offload the risk to clients looking to create a stream of wealth thru investments. some of those vehicles caught even the pros and you ended up with the financial meltdown as risks vastly exceeded the assets. the government did not REQUIRE them to make risky loans.. that is usually a false accusation brought about by people pointing to the community reinvestment act that outlawed redlining and required banks to make loans available in all their communities rather than take deposits in predominantly black and hispanic areas and loan that same money out only in white areas while refusing loans to black and hispanic customers

Been watching too much Faux News Saltie?

First, we need to take a refreshing sip of Poland Springs, then look what was a story of financial complicity between everyone involved, and that was the idea that Americans should and can owe their own homes, and to deny anyone of that dream is evidence of discrimination of all sorts and denial of opportunity to ownership and wealth.

And yes, it proved to be a scam for scammers due to the low threshold that was created as to financial viability of the lendee and the volume that was created that meant oversight was overwhelmed during the bubble.  And yes, there were people that knew what was going on, and no, they didn't take away the punch bowl.

As to who ended up in prison, nobody, nobody important that is and we now know that some are too big to fail.

prior to the community reinvestment act it was very very difficult for people of color to get loans UNDER ANY CIRCUMSTANCES.....and certain areas that were redlined were blighted by the property not qualifying for loans under any circumstances as well. there were cases when ghetto landlords would subordinate other properties in order to obtain mortgages for purchase of more rental units...but people could not obtain a mortgage on a home for a family to live in as owners...thus a dead end for the neighborhood to improve...remember the animosity for 'gentrification'?

and by the way...the oversight is the responsibility of the lending party....when they were shoveling out mortgages by the wheelbarrow full and doing robosigning and offloading those mortgages before the ink was dry, do you really think they were following due diligence and exercising fiduciary responsibility? they were selling mortgages like honest al, the scrap-iron used car dealer whose office is in a trailer so he can move when there are too many irate customers

Elizabeth Warren grills banking regulators at first hearing

Democrats eager to see consumer champion Elizabeth Warren take Wall Street's biggest banks to task got their wish on Thursday when the newly elected Democratic senator made her debut at a Senate Banking Committee hearing.

"What I'd like to know is tell me a little bit about the last few times you've taken the biggest financial institutions on Wall Street all the way to a trial," the Massachusetts lawmaker said to applause, speaking to the federal regulators gathered for a hearing on Wall Street reform.

No witnesses spoke up.

Warren raised her eyebrows. "Anybody?" she asked.

Thomas Curry, head of the Office of the Comptroller of the Currency, spoke up: "We've actually had a fair number of consent orders. We do not have to bring people to a trial..."

"I appreciate that you say you don't have to bring them to trial," Warren said. "My question is, when did you bring them to trial?"

"We have not had to do it as a practical matter to achieve our supervisory goals," Curry said.

Warren moved on to the rest of the panel, knowing full well that none of the regulators present have brought a Wall Street bank to trial.

"I'm really concerned that 'too big to fail' has become 'too big for trial,'" Warren later said.

Warren ousted Republican Sen. Scott Brown in November in a hard-fought campaign. She was President Barack Obama's first pick in 2011 to head up the government's newly established Consumer Financial Protection Bureau, an entity the former Harvard University law professor and attorney helped create. But Republicans in Washington essentially killed her nomination, citing her record of taking on big banks and Wall Street. That opposition helped boost Warren's reputation and led Democrats nationwide to embrace her decision to run for U.S. Senate.





© 2024   Created by Aggie.   Powered by

Badges  |  Report an Issue  |  Terms of Service