Biden: 2 years ago Obama spoke out against Fannie Mae

[dalight]

Words, Just Words...

[Pan_Yan]

I read the letter a few weeks ago when he started stumping with it, so I cheated. I googled “Obama letter Federal Reserve.”

[Pan_Yan]

Sorry, I missed your post. Search ‘Obama letter Federal Reserve’ and it’ll come up in about a half dozen places.

[Pan_Yan]

The statement was only five months off, making it fairly close to the truth . . . by Biden standards.

[higgmeister]

Actually, if it’s real, doesn’t sound half bad.

...summit participants should also evaluate options for independent loan counseling, voluntary loan restructuring, limited forbearance, and other possible workout strategies.

He is complaining about home foreclosures and wants the debt forgiven. Socialist drivel and says nothing about bad underwriting by the GSEs.

[Misschuck]

Biden also looks like a used car saleman

I disagree. He looks like a Chinese used car salesman.

[pieces of time]

Thanks for the link. I’d prefer to see a source other than Obama’s own website to verify the date it was written and I see you provided the search words you used in a later post. Appreciate it.

[igoramus08]

This says nothing about Fannie mae and freddie mac, nor about the impending crisis we have. And it wasn't 2 years ago, it was written March 22, 2007, about the time this mess started. Nice try on trying to make Obama look like he had the foresight, but I am sure many Dems were doing the same because at this time, doom was imminent

It was a letter to hold a summit to "talk" about fighting foreclosures.

[ArchAngel1983]

”Finishing that thought, perhaps one of the “investigative” reporters up in Alaska can take their head out of the dumpster long enough to FOIA the letter.”

LOL ..Great point, I think they like their heads exactly where they are.

[Moorka]

Nevertheless, a consortium of industry-related service providers and public interest advocates may be able to bring quick and efficient relief to millions of at-risk homeowners and neighborhoods, even before Congress has had an opportunity to act.

This is a CYA letter, if it was sent. Note that he wants to get “public interst advocates” or Acorn mortgage counselors to “bring quick and efficient relief to millions of at-risk homeowners and neighborhoods, even before Congress has had an opportunity to act. Even here Obama is pimping off Acorn and “community activists”.

[hecht]

what alarms me by the letter is the focus on the homeowner. While this may seem compassionate, it treats a symptom not the cause. The problem is GSE’s and the CRA. He does not focus on the cause, I assume because it is in his agenda to have maintained the status quo.
It's time to name names. If McCain wont, talk=radio, OReilly and Freeper will have to.

[ArchAngel1983]

”The statement was only five months off, making it fairly close to the truth . . . by Biden standards."

”If it walks like a Democrat and quacks like a Democrat... It's probably a Democrat trying to duck the truth.”

Ya have to admit, it’s an oldie but a goodie.

[okokie]

What’s the date of the letter? yesterday?

[stocksthatgoup]

Actually, if it’s real, doesn’t sound half bad.

Where does he refer to the need for stricter limits on subprime lending?

[eggman]

The letter is focusing almost exclusively on the symptom and not the cause. From the first paragraph,
Because regulators are partly responsible for creating the environment that is leading to rising rates of home foreclosure in the subprime mortgage market,
It is obvious that Obama is concerned with the failure of the regulators to respond with help for the borrowers facing foreclosure. He is not concerned with the fact that Fannie and Freddie were encouraging loans that never should have been made. It was only by increasing these bad loans that they were able to keep the scam going. Obama didn't want the loans stopped because once it stopped they knew it would collapse.

[Pan_Yan]

March 22, 2007.

[aquila48]

“Where does he refer to the need for stricter limits on subprime lending?”

How about here:

“What standards investors should require of lenders, particularly with regard to verification of income and assets and the underwriting of borrowers based on fully indexed and fully amortized rates.”