-- Ronald Wilson Reagan
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Posted on 07/08/2009 3:33:43 AM PDT by Man50D
ping
Barack Obama, The Democrats and the Housing Crisis
Filibusterd by Dodd in 2004, and killed in committe by Democrats in 2005, 2006.
..............
http://www.nytimes.com/2003/09/11/business/new-agency-proposed-to-oversee-freddie-mac-and-fannie-mae.html
September 11, 2003
New Agency Proposed to Oversee Freddie Mac and Fannie Mae
By STEPHEN LABATON
The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.
I’m on to it. Thanks.
You got that right. Within months of the reports of the roles the FMs and the gov had in the crisis, the leading roles as it were, Big Media made it all disappear down the memory hole. Then all you heard was the role of "greedy bankers and financiers." The role of the government in the whole thing was never mentioned. Barney Frank, Chris Dodd, Franklin Raines never existed. At least not their parts in the disaster. And they were the major causes of the whole thing.
You should re-read the O’s Chi-town days re: housing, etc.
I suggest these neglected must reads (spread them around again please:
BTW, John Harris (Blago/O fame) pleads guilty on Seat Gate.
That’s about 7 or 8 out of the circle (off the top of my head).
The fruit of fascism. Few will learn the lesson.
So we just need more of that federal government intervention to fix the problem. Right?
Consequently, under both the Clinton and Bush administrations, HUD dramatically increased these quotas, which reached their zenith when the Bush administration raised them to 56 percent, 27 percent and 39 percent, respectively.”http://www.ibdeditorials.com/IBDArticles.aspx?id=314582096700459
What's your point?
Did you read the IBD column? It actually cited as an example how an article stated that Bush raised a quota to 56 percent (but fails to mention that this move raised it from 50 percent to 56 percent, and that it was clinton that CREATED the previously non-existent quota and raised it to 50 percent in the first place).
So the paragraph you cited makes it sound like Bush is responsible for most of the increase in the quotas when in fact clinton CREATED the quotas and set them ridiculously high while the HUD department under Bush slightly increased the quotas from the clinton quotas.
Woody Guthrie:
A friend of mine bought an automobile
At a dollar down and a dollar a week.
Every time he turned the wheel,
It was a dollar down and a dollar a week.
He went riding down the road,
Pinched this girl upon her cheek.
Speed cop took him to the judge,
He got a dollar down and a dollar a week.
Sixty days he laid in jail,
At a dollar down and a dollar a week,
Another man was a lovin’ his gal,
At a dollar down and a dollar a week.
When he got out he shot the man,
And laid him in the graveyard six feet deep.
And when he bought the graveyard spot,
it was a dollar down and a dollar a week.
Ade olay E-E
Ade olay E-E
Ade olay E-E
E-E-E-E-E (repeat)
Frank, that lying POS, claimed a couple of months ago that the funding was for the Catholic Church!
Unfortunately, when it got to the House floor, right-wing Republicans added language that would have prevented the Affordable Housing Trust Fund from working, by excluding organizations that they distrusted, such as the arm of the Catholic Church that builds affordable housing. I voted against the bill in protest of those restrictions, while making it clear that I was for the reforms it otherwise contained.
No, the paragraph makes it sound like the Bush Administration raised the quotas to the highest point they’d ever reached.
How much criticism does someone who throws the last straw on the overloaded camel’s back deserve, especially when they could have unloaded the camel instead but chose not to?
It’s probably a matter of opinion.
Amen and amen! I was there and saw it with my own two eyes.
self-ping!
If you read the report, it's the Bush administration's version of events that was peddled around when the bubble burst right at the end of Bush's second term. Blame is placed squarely on Clinton's CRA, Franklin Raines, etc. The whole tawdry yarn is there.
Naturally, there's no mention of Bush's Partnership for Prosperity Agreement (with Mexico), the New Alliance Task Force and the loosening of the banking laws to allow, nay, enthusiastically encourage Mexican illegal aliens into the US banking system using only a Matricula Consular card and a US ITIN.
Bush was supposed to be out of office and Obama was supposed to take the fall for the economic crash. But, the economy crashed before Bush left office, so there's no one else to blame, but him.
This report wants to blame the GSEs. But if you read the movers and shakers behind the the P4P and NATF, it was the banks who wanted to cash in on the illegal alien market who were spearheading this activity. We're talking about a market in the hundreds of billions of dollars. Fannie and Freddie, i.e.: the US taxpayer were always intended to be the rubes left holding the bag for Bush's banker buddies fleecing of the American taxpayer.
This report is just so much more covering of Bush's tracks.
Did you notice the report mentioned nothing about Bush's Partnership for Prosperity Agreement (with Mexico), the New Alliance Task Force and the loosening of the banking laws to allow, nay, enthusiastically encourage Mexican illegal aliens into the US banking system using only a Matricula Consular card and a US ITIN.
I can post the details here, if you'd like. Or, you can visit my FR homepage. (See: Ol' Dan Tucker)
And, the Republicans in Congress were on-board with the plan.
Go read it for yourself.
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