Posted on 09/16/2008 7:11:16 AM PDT by HD1200
”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.”
(Excerpt) Read more at hotair.com ...
If you have time send me a private message how it’s done.
And the people have demanded it, Congress didn't think it up.
Without a restoration of what used to be called republican (and I don't mean the GOP) virtue, we're basically screwed.
Pinochet or Castro, Suharto or Pol Pot - pick your poison.
I don't know why Bush "speaks out" when he does, or why he says what he says.
But in 125 days, the books will close on the Bush administration, and all that will be left are his deeds, not his words.
And his deeds, with regard to national economic policy, are pretty unimpressive.
I'm not saying there should BE a "national economic policy" - I'm just commenting on what President Bush has actually DONE.
“Sorry, but I don’t do private messages.”
Then go somewhere else to spout your crap!
Who? the borrowers who signed up for more debt than they could handle. THEY ultimately made the choice that crashed.
I bought a house a couple years ago, and was stunned at how much I was offered in credit - but it was ultimately up to ME to decide where the line was.
“AFFORDABLE housing.”
“AFFORDABLE healthcare”
“AFFORDABLE food.”
“AFFORDABLE transportation”
“AFFORDABLE education”
Loans to unqualified buyers, high interest rates.
Universal healthcare (Hillary care).
Food Stamps/USDA subsidies.
“Get people out of their cars/SUV’s” into buses.
More property taxes.
Just wondering; if it was Bush’s policy to let people that didn’t have jobs get a mortgage and if it was, why was he speaking out against it 5 year ago?”
Problem goes back to Clinton/Reno/Cisneros. Period.
They hammered Congress to give loans to “poor people and Hispanic people” who didn’t qualify because they felt it was rascist to not let them have their own home ownership.
Facts notwithstanding as to the borrowers ability to repay the loan to the bank, having a verified work history, keep up the insurance, pay the property taxes, and maintain the home in a decent manner, they pushed for the banks to loosen their standards for borrowers.
At the end of this debacle, you just had to be able to sign your signature and be warm and walking. Some banks were even offering to lend 105% of the appraisal value so you could “take a vacation or whatever”. Appraisers were playing the game, and real estate agents were happy as larks getting 6% of an inflated value of a property.
Keep in mind that in California and some other areas of the country, the PURCHASE price of the property sets the property taxes, also. If done by an appraiser, using “comparable sales data” as a guideline, then that also inflates the property taxes.
Counties, townships, and cities and states were extatic that they were reaping the money of this inflated value system. They spent according to the money that was flowing in. They set up lots of “entitlements” that will have no funding in the very near future. Will they end the “entitlements”? Doubtful.
Loans have been given with absolutely NO income verification, prior history of payments, etc.
Clinton, Reno, and Cisneros were put on a pedestal by the Liberals for “helping the poor people” and this is the outcome.
Everyone turned their heads at the lack of proper identification on borrowers as illegal intruders came by the droves. I know of a borrower who has a mortgage of $665,000 on a property and he has sworn in depositions that he made only $3000 in 2007. They gave him the mortgage in early 2008.
This mortgage and others will be bundled at the local level and sent to Freddie Mac or Fannie Mae, where there is no liklihood of them reviewing the contents of the bundle of loans. They rely on the local bank to do all that footwork.
That is the genisis of how this kind of problem has taken down the bigger players on Wall Street and some of the bigger banks.
It has been a giant game of 3 card monte and the walnut and the pea all combined together.
Democrats can look long and hard at themselves. They fomented this mess, IMO.
McPalin MUST do a better job reframing this currnt financial crisis to reflect the points made in this article. The Dims are seizing the stock market falling to blame it on the GOP. Sheeple will buy it if it is not effectively counter-reframed.
Once again a supposedly well-meaning Dem/lib policy comes back to bite the country in the posterior. Clinton not only handed a recession off to Bush, he handed off a bacillus that would grow and chop off an economic surge at the knees. Thanks all you corrupt (Frank, Raines, Gorelick), “we meant well” Dems. (smirk)
Crooked business people who gave out the loans with no interest (no pun intended) in whether they'd be repaid because they just bundle 'em up and sell 'em to somebody else and greedy, irresponsible Americans who gobbled up the loans because they've been conditioned to live beyond their means and spend like drunken sailors.
One thing that was drummed into me as a child was to live within my means and avoid debt like the plague. I'm happy to have lived with the scorn this brought me because I have zero debt, owe nobody anything and sleep very well at night.
There you have the Fannie Mae problem in profile. Mr. Frank wants you to pick up the tab for its failures, while he still vows to block a reform that might prevent the same disaster from happening again.[excerpt]At least the Massachusetts Democrat is consistent. His record is close to perfect as a stalwart opponent of reforming the two companies, going back more than a decade. The first concerted push to rein in Fan and Fred in Congress came as far back as 1992, and Mr. Frank was right there, standing athwart. But things really picked up this decade, and Barney was there at every turn.
Try Joe Biden, the Senator from Bank of America.
Video: Fannie Mae Scandal and Obama’s friends
Youtube ^ | 9/15/08 | cmddrums
Posted on Mon Sep 15 23:27:09 2008 by april15Bendovr
Articles that inform and raise question about Fannie Mae.
http://www.freerepublic.com/focus/f-news/2083221/posts
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