Posted on 10/03/2008 2:53:25 PM PDT by Scotswife
Presidential Debate, Sept. 26,2008
"Obama:...Two years ago, I warned that, because of the subprime lending mess, because of the lax regulation, that we were potentially going to have a problem and tried to stop some of the abuses in mortgages that were taking place at the time.
Last year, I wrote to the secretary of the Treasury to make sure that he understood the magnitude of this problem and to call on him to bring all the stakeholders together to try to deal with it."
Source: http://cnn.com/2008/POLITICS/09/26/debate.mississippi.transcript
(Excerpt) Read more at cnn.com ...
sad isn’t it
to see the Dems all this week praising obama and lying over this about franks has been disgusting
OK - I haven’t done this before.
How do I revise my books?
**************************************
Just write to Obama at the US Senate and he will mail you a full page sticker that has the “corrected” text to paste in your copy of the congressional record.
I really hope you are right, I really do
What I find astounding is that no one is talking about Biden stating that he and Zerobama want bankruptcy judges to have the power to reduce not only mortgage interest rates, but the principle balance as well.
That is the most astonishingly stupid and dangerous thing I've heard from any politician during this entire election cycle.
Yikes...are those Obama sites that you linked to.
Obama, Durbin propose federal mortgage reforms
Wednesday, February 15, 2006
Sen. Barack Obama (D-Ill.) proposed a sweeping set of federal reforms Tuesday to combat mortgage fraud, ratcheting up enforcement and creating a national database of brokers who have been disciplined.That addresses outright fraud at the mortgage broker level.
It does not appear to address other problems that led to the current situation. Like offering sub-prime borrowers loans they would not be able to repay when the rates adjusted, lenders begging mortgage brokers for high interest loans to purchase so they can be packaged and sold to other investors, or packaging these loans into other financial instruments without clear documentation of their true value.
That’s because 0bama took all that money from Fannie Mae. He knew it was going to collapse just like Bush knew it was going to collapse, but 0bama wanted to milk it as long as he could.
I am more than skeptical. I flat out don’t believe it.
Now why would a Senator write directly to the Secratary of the Treasury?(Administrative Branch)
Would not a Senator go to the Chairman of the Banking Committee? (Dodd)
Damn Senate mail system!
No fingerprints?
Just like he voted against the war in Iraq....even though he wasn’t in the Senate.
A New Opportunity for McCain
American Spectator | 10-01-08 | Peter Ferrera - Commentary
Posted on 09/30/2008 9:40:54 PM PDT by smoothsailing
http://www.freerepublic.com/focus/f-news/2094617/posts
[snip] at a hearing in the House in 2004, now available in video on YouTube, the Republicans sought to expand supervision and regulation, over Fannie Mae and Freddie Mac. Federal regulators testified that the reckless financial practices of these two government-sponsored enterprises threatened the entire financial system. Republican after Republican called for a new regulatory authority to supervise Fannie and Freddie and impose standard bank regulation on them. Franklin Raines, the former Clinton budget director who went on to serve as chairman and CEO of Fannie Mae, testified that the mortgage-related securities of these two organizations, which have now rocked the entire financial world, were “riskless.” During his tenure, Raines criminally led Fannie Mae to falsify its books so that he would qualify for excessive bonuses and compensation eventually totaling $90 million... The following year John McCain was one of three co-sponsors of legislation to impose such regulatory supervision and controls over Fannie and Freddie. The Bush Administration supported this as well, in one of its four attempts to win legislative approval for such expanded regulatory authority. But the Democrats shouted these proposals down as an assault on affordable housing for the middle class and the poor... [end]
Obama urges second stimulus after bailout passes
The Hill | 10/03/08 04:41 PM [ET] | Sam Youngman
Posted on 10/03/2008 2:05:57 PM PDT by Jean S
http://www.freerepublic.com/focus/f-news/2096965/posts
No, no not irritated at all... just do not think that it is breaking. Rush talked about this almost a week ago, he just was amazed that Obama could even try and pass this off and that, of course, the MSM was giving him a free pass on it.
The letter is asking the government to figure out ways to stop foreclosures, not to fix the underlying problems of Fannie and Freddie.
Can’t somebody post a picture of Barack with his crystal ball?
Thank you very much for those links.
OK - after reading the letter I see Barak was aware - like the rest of americans - that many people were going through foreclosure because interest rates were rising on their sub-primes.
I’m sure this was not news to Paulsen or Bernanke - or to anyone else.
I thought this quote from the speech you posted was most pertinent...
“There are a number of lessons that we must learn from this going forward. We know that much of this could have been avoided if the market operated with more honesty and accountability. We also know we would have been far better off if there were greater transparency and more information had been available to the American people.
To that extent, I believe there are a few steps we should take to prevent future crises of this kind and restore some measure of public trust in the market: First, we need more disclosure and accountability in the housing market. To ensure that potential homeowners aren’t tricked into purchasing loans they can’t afford, I’ve proposed updating the current mortgage rules to establish a federal definition of mortgage fraud and enact tough penalties against lenders who knowingly act in bad faith. I’ve also proposed a Home Score system that would create a simplified, standardized metric for home mortgages, sort of like the APR. This would empower Americans to make smart decisions by allowing prospective buyers to easily compare various mortgage products so they can find out whether they can afford the payments. And I believe we should finally enact the meaningful mortgage disclosure laws that the mortgage industry has been lobbying against for far too long.”
Nothing about Fannie and Freddie I see.
Yep...and some Freepers simply make insipid, ‘change history textbook’ remarks...hey, this is serious stuff!
Point is O is so confident that his media carries his H2O that he can claim anything...I, too am boilind with the lack of calling O on these things...until Mac and Palin do, expect many claims of trees falling in forests and HE WAS THE ONLY ONE to hear it.
ok...post #15 has the best information where he probably can point and say “see! this is where I warned everyone!”
Except - his focus is on everything BUT fannie/freddie.
“The letter is asking the government to figure out ways to stop foreclosures, not to fix the underlying problems of Fannie and Freddie.”
exactly. In fact - he focuses on everything BUT fannie/freddie.
I missed it on Rush.
When Biden said it again last night I said to myself “there it is again!”
my reflexes are slow must be :)
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