” how can I trash a company that did when the courts ruled against companies that refused to?”
They were only required to write a small percentage of sub-prime. Not 50% or 80%. And they were writing loans they knew would go into foreclosure soon .
” None the less, this is what the courts had deemed ‘must comply’.”
Again, only 5%, not 50-80% sub prime. But you are right that the left wing Democrats concocted, and forced this on the banks. Bush tried to stop it, then embraced it. Another reason to despise Bush.
“In essence, you were lucky not to have been taken to court and forced to have to give out some of these loans.”
I was a broker, not a direct lender, so I was not under a federal bank charter.
Okay, and those are good points.
I hate to beat a dead horse, but it seems you are saying the banks were required to only loan out up to 5% of their loans as sub-prime.
What the courts forgot, and Congress forgot, and the Leftists forgot, is that if you demand up to 5%, you’ve just ruled that 100% is okay by law. These loans were deemed reasoned, and they didn’t set an upper level limit. To do so would reveal that those loans were bad loans to begin with. That’s something the courts refused to accept. Congress refused to accept it also.
So the fact is, and I’m not trying to be argumentative here, these entities opened the barn door wide to anyone who wanted to peruse sub-prime mortgages up to whatever amount they wanted.
The courts had ruled the loans to be justified. Now they want to say they weren’t? Hmmmm...
BTW, I couldn’t agree more when it comes to Bush. If he couldn’t prevail, he at least could have made such a massive racket about it, so that when this did hit the fan, the Democrats would have been caught red-handed.
Instead ‘Conservatism’ took a direct hit, as if this was a problem causes by Conservatives.
IMO, this more than anything else resulted in Obama becoming president.
With all due respect, Bush was on-board from the very beginning of his first term. IOW, he was for it before he was against it.
The bottom-line is that Bush comes from a long line of Wall Street banksters and everything he did WRT to changes in banking laws and real estate policy during his first term was to benefit them.
On February 16, 2001, just 3 weeks after his inauguration, President George W. Bush met with Mexican President Vicente Fox to discuss the terms of the Partnership for Prosperity Agreement (with Mexico). (See: Partnership for Prosperity Agreement (with Mexico))
In Bush's June 17, 2002 speech, he called on Fannie Mae and Freddie Mac to increase 'minority' spending by $440 billion to create 5.5 million new 'minority' homeowners.
In response to the mandate contained in the P4P agreement, the New Alliance Task Force was formed in May 2003. (See: New Alliance Task Force)
The NATF is a broad-based coalition of 62 members, including the FDIC, Mexican Consulate, 34 banks, community-based organizations, federal bank regulatory agencies, government agencies, and representatives from the secondary market and private mortgage insurance (PMI) companies.
Their goal was to open the Mexican illegal alien market to US banks and visa-versa using low-cost remittances as the bait. As Bush's 2002 speeches show he was talking about hundreds of billions of U.S. tax dollars going to directly benefit millions of Mexican illegal aliens.
The Congressional Republicans are just as guilty. In addition to calling on Fannie Mae and Freddie Mac to increase 'minority' spending, Bush also called for the creation of the American Dream Down Payment Fund.
And, the 108th Congress (2003-2005) responded with the American Dream Downpayment Act. The act was authorized to appropriate up to $200 million per year of US taxpayer funds between FY2004 through FY2007 to go to Bush's 'minorities'.
The sponsor and co-sponsors of this $800 million giveaway?
Sponsor: Sen. Wayne Allard [R-CO]
Co-sponsors:
Sen. Samuel Brownback [R-KS]
Sen. Conrad Burns [R-MT]
Sen. Ben Campbell [R-CO]
Sen. Michael Crapo [R-ID]
Sen. Michael Enzi [R-WY]
Sen. Charles Hagel [R-NE]
Sen. Lisa Murkowski [R-AK]
Sen. Richard Santorum [R-PA]
Sen. Jefferson Sessions [R-AL] Sen. Ben Campbell [R-CO]
But, the banksters got greedy and the real estate bubble inflated and burst during the last half of Bush's second term instead of crashing down onto Obolo's head.