Posted on 07/20/2009 12:18:45 PM PDT by JosephSmithNAW
Who’s to blame for the subprime housing bubble? A popular answer – especially on the right side of the aisle - is Massachusetts Democrat, Barney Frank.
Why?
The argument, best summed up in an Investor's Business Daily editorial published in March 2009, goes like this: "Starting in the early 1990s," Rep. Barney Frank "(and other Democrats) stood athwart efforts by regulators, Congress and the White House to get the runaway housing market under control." It goes on to say in, "2002, Frank nixed reforms" of Fannie Mae and Freddie Mac and that in 2003, "led by Frank, Democrats stood as a bloc against any changes" that President Bush proposed making to Fannie and Freddie.
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LIAR
Barney Frank in 2005: What Housing Bubble?
http://www.youtube.com/watch?v=iW5qKYfqALE
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
(Excerpt) Read more at finance.yahoo.com ...
Good down to earth analysis of Bawney’s/Dems game. The most important cog is that when banks were forced to loan to meet govt. mandate normal questions by loan officers went out the windows. There is also the proven aspect of this driving the use of “proxy” buyers—cutout minority buyers, who are “spotted” on a minimal down payment by the “backer” who then lets them live on the premises, flips the property from them, for under the table bucks and fake sale prices to inflate the value. Actually know of transactions where the HUD document had different money amount on it than the “sale” for a separate payment.
In any case, loans were made to people who could never pay them, banks hedged their already known bad paper, and the hedge funds were invested in and it was all a lie— the bubble bursts.
I’ve recently seen some interesting data suggesting subprime lending isn’t the culprit - it was lending against insufficient equity or down payment. But I’ll still blame Bwarney.
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Right, which was still pushed front and center by dims trying to ‘spread’ the dream (wealth)...instead, we get the double nightmare, and the idiots in the press blame it all on Bush, like a bunch of ninnie school children...
Back in 2005 (there is YouTube video of this), the head of the watchdog agency that supervised Fannie Mae and Freddie Mac said in front of Frank’s House Banking Committee that those institutions were “cooking the books”. Barney, Maxine Waters, and the whole liberal “crew” on the committee ripped the watchdog head a new one - saying that he did not know what he was talking about and that he was racist.
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These idiots should have a cable access show - and no more...yet, they run our country...
Run it into the ground more like..
Lying Sack of $h!t Alert!
He has to get his partner’s from somewhere, and I do not think the upper class gays are looking his way.
These two “servants” have been a disgrace to an already questionable congress.
I expect to be flamed as an enemy of capitalism (and I truly am not), but here goes.
“We have a good deal of comfort about the capital cushions at these firms at the moment.” — Christopher Cox, chairman of the Securities and Exchange Commission, March 11, 2008.
I do blame Frank, Clinton, Holder, Kennedy, etc. but Cox was on Bush's watch. The SEC in 2004 allowed "exemptions" for "big" investment firms like Bear Stearns to increase their leverage to 33 to 1. Pauson was pushing hard for these "exemptions." Two years later he became treasury secretary, and then in 2008 -- well, you know.
I believe that 2004 SEC decision helped the investment firms to hide the bad mortgages, and that we still have not discovered all the losses and risks.
U.S. Rescue May Reach $23.7 Trillion, Barofsky Says (Update3)
No-No=No, “You are HELPING the democrats by not repeating the narrative that Bush fought tooth and nail to stop the housing bubble, by not repeating it to fellow Freepers” As if they will vote democrat if you tell the truth. I am and expert at drawing fire for showing any independent thought on issues.
On the bright side, the Health Reform plane has both engines on fire and is spinning after dropping 30K feet. But I am sure Obama’s press conference tomorrow will bring up the nose, blaming it all on .....Republican obstructionism LOL. This is where having McCain lose (+ Frankin 60th vote late in the game) makes being a anti-democrat fun again. If McCain had won he'd been blamed for everything now.,
On MSNBC KO they are claiming Republicans lose if the bill fails because they will get blamed, Even Ed Schulz would make that delusional claim.
Sorry
On MSNBC KO they are claiming Republicans lose if the bill fails because they will get blamed, Even Ed Schulz WOULDNT make that delusional claim.
The people of MA would blame Barney for nothing but credit him for the sun rising tomorrow if it were feasible to do so.
I am not in the morgage business but it seems there is something to be said for that. If a person makes a big enough down payment there would seem to be no need for even a credit check but if there is littel or no down payment they are not actually risking anything.
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