...and Barack Hussein Obama is up to his eye brows in all of it.
NOW WE KNOW WHAT A COMMUNITY ORGANIZER DOES
Posted on 09/27/2008 8:41:48 PM PDT by Libertina
Good evening fellow FReepers... WA FReeper Forrestfire asked me to post this for him. Thanks, Libertina
I have worked in the financial services industry for over 20 years. I am repulsed by the boldfaced lies spewed ad nauseam by Democrats scheming to hide their culpability in this financial crisis. The complacent sycophants in the media just provide unfiltered loudspeakers for Democrats. You must inform yourself.
I BEG YOU TO WATCH THE SHORT VIDEOS BELOW. I CHALLENGE ANYONE TO REFUTE THE FACTS CITED.
Anyone who votes for the same Democrats who created this crisis DESERVES financial disaster. Without exaggeration, we are teetering on the edge of an abyss. Make no mistake—Democrats enabled this crisis and Democrats prevented reforms that could have avoided this crisis. MY MAIN POINT: If a plan is developed that helps to avoid an economic implosion, then who will prevent irresponsible Democrats from steering the country toward another cliff?
Never again!
Are you with me? I have never asked you to forward my emails before but I implore you to send this email to every voter you know.
Thank you,
David
1) Please watch this short video...
The Bush administration started warning Congress about risk at Fannie Mae and Freddie Mac in 2001. In September 2003, Secretary of the Treasury, John Snow (who was appointed by President Bush just 11 months prior) began warning about increasing risk at Fannie and Freddie and called for reform. Barney Frank said Fannie and Freddie are financially sound and encouraged them to “do more”. He blocked reform legislation. Chuck Schumer railed against reform of Fannie and Freddie on 4-26-05. John McCain pushed for regulation on 5-25-02 but ALL the Democrats voted AGAINST reform and OBAMA SAID NOTHING! NO SURPRISE! Chris Dodd and Obama are the #1 and #2 recipients of payola from Fannie Mae (47 times what McCain received)! The Democrats, including Barney Frank, Chris Dodd, Chuck Schumer and Obama have the AUDACITY to point the finger of blame at McCain and Bush!
WILL YOU let DEMOCRATS LIE AND LIE AND LIE in order to STEAL the WHITEHOUSE?
2) You must see this video that reveals OBAMA’s hypocrisy!
3) Idiotic lending practices were promoted by the Clinton administration and Democrats in Congress perpetuated
fiscal irresponsibility. Read the truth for yourself in this NEW YORK TIMES article ...
--------------------------------------------------------------------------------
September 30, 1999
Fannie Mae Eases Credit To Aid Mortgage Lending By STEVEN A. HOLMES
In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.
The action, which will begin as a pilot program involving 24 banks in 15 markets — including the New York metropolitan region — will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring. Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.
In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates — anywhere from three to four percentage points higher than conventional loans.
‘’Fannie Mae has expanded home ownership for millions of families in the 1990’s by reducing down payment requirements,’’ said Franklin D. Raines, Fannie Mae’s chairman and chief executive officer. ‘’Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.’’
Demographic information on these borrowers is sketchy. But at least one study indicates that 18 percent of the loans in the subprime market went to black borrowers, compared to 5 per cent of loans in the conventional loan market. In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980’s.
‘’From the perspective of many people, including me, this is another thrift industry growing up around us,’’ said Peter Wallison a resident fellow at the American Enterprise Institute. ‘’If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.’’ Under Fannie Mae’s pilot program, consumers who qualify can secure a mortgage with an interest rate one percentage point above that of a conventional, 30-year fixed rate mortgage of less than $240,000 — a rate that currently averages about 7.76 per cent. If the borrower makes his or her monthly payments on time for two years, the one percentage point premium is dropped.
Fannie Mae, the nation’s biggest underwriter of home mortgages, does not lend money directly to consumers. Instead, it purchases loans that banks make on what is called the secondary market. By expanding the type of loans that it will buy, Fannie Mae is hoping to spur banks to make more loans to people with less-than-stellar credit ratings. Fannie Mae officials stress that the new mortgages will be extended to all potential borrowers who can qualify for a mortgage. But they add that the move is intended in part to increase the number of minority and low income home owners who tend to have worse credit ratings than non-Hispanic whites.
Home ownership has, in fact, exploded among minorities during the economic boom of the 1990’s. The number of mortgages extended to Hispanic applicants jumped by 87.2 per cent from 1993 to 1998, according to Harvard University’s Joint Center for Housing Studies. During that same period the number of African Americans who got mortgages to buy a home increased by 71.9 per cent and the number of Asian Americans by 46.3 per cent. In contrast, the number of non-Hispanic whites who received loans for homes increased by 31.2 per cent.
Despite these gains, home ownership rates for minorities continue to lag behind non-Hispanic whites, in part because blacks and Hispanics in particular tend to have on average worse credit ratings. In July, the Department of Housing and Urban Development proposed that by the year 2001, 50 percent of Fannie Mae’s and Freddie Mac’s portfolio be made up of loans to low and moderate-income borrowers. Last year, 44 percent of the loans Fannie Mae purchased were from these groups.
The change in policy also comes at the same time that HUD is investigating allegations of racial discrimination in the automated underwriting systems used by Fannie Mae and Freddie Mac to determine the credit-worthiness of credit applicants.
NY Times Link Fannie Mae Article - Easing Credit...
There is no doubt the dems are in deep.
bookmark
...and Barack Hussein Obama is up to his eye brows in all of it.
Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis
http://www.youtube.com/watch?v=_MGT_cSi7Rs
this one too
bttt
Thank you Pacothecat, as many as possible need to view these!
BTTT Jeff... Yes, let’s keep this going!
Ping to your thread, friend!
As long as the MSM helps em I can only vote em out in November. I can only hire conservatives. I can only spend my dollars when I know who the end user is . I can only talk and share facts with those confused about the issues. I can only support, encourage and share traditional conservative values.
Only I can make that difference.....
Stay safe !
The first video is very good. Wish I could watch the second one, but the link is bad. Maybe you could repost it?
I’ve been reading about this financial mess and current debate on several threads on F.R. over the last several days.
No one, writers, congress”people” have called for hearings on this mess and what got us into it. Why hasn’t a Republican called for it...Mr. McCain?
We know, courtesy of videos and articles, some of the facts surrounding Fannie and Freddie so lets get this out in public. Transparency is requested from Wall Street, I want it from Congress.
“There is no doubt the dems are in deep.”
I really believe from all my reading on the matter that if you mean “deep”, then you have to mean “responsible”, and totally responsible.
From the Democrat Congress and President Carter in 1977, to President Clinton and his bullying of the Mortgage Industry with Reno and the gang, to Clinton rewriting the laws to ease the ability to manipulate the industry as he saw fit it was a totally DEMOCRAT controlled venture.
#2, One More Video Link, does not work.
How A Clinton-Era Rule Rewrite Made Subprime Crisis Inevitable
Your title sounded encouraging, but the post turned into a political engagement.
This isn’t about politics, people, this is about the future sovereignty of our great country!
I’m appalled at the hipocracy of blaming democrats when our own CIC has been on the television several times, in as many days, trying to cram this bail out down our throats. A bailout for a financial mess created by people that were appointed by our own CIC!
This is NOT the time for politics, this is the time for EVERYONE to pick up their phone and call their congressional representative, whatever party they belong to, and tell them to VOTE NO!!!!!!!!!
bttt
Great post!
This crisis has been building for years and is basically something that can and should be laid at the democrats feet at its root.
Creating financial regulatory insturments that created institutions and mandated others to allow "the poor" who could not qualify for decent credit, to get homes and loans thereon that they could not afford, and then opening those gates wide and pushing them through organizations like ACORN led to this.
We should point out the mistakes Bush has made, but those pale in comparison to the root of the issue that can and must be laid at the feet of the liberal, leftists, marxists in the DNC and all of their enablers.
To not do so ensures that we will get more of the same.
...and Obama is deeply implicated in it all.
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