Please contact me if you’re interested in being added on or taken off the Carl Paladino for Governor ping list. This looks to be a fairly high volume ping list for a while, probably until the election.
Posted on 10/16/2010 2:57:25 AM PDT by Mr. K
CUOMO: To take a greater risk on these mortgages, yes. To give families mortgages that they would not have given otherwise, yes. Q: [unintellible] … that they would not have given the loans at all? CUOMO: They would not have qualified but for this affirmative action on the part of the bank, yes. Q: Are minorities represented in that low and moderate income group? CUOMO: It is by income, and is it also by minorities? Yes. CUOMO: With the 2.1 billion, lending that amount in mortgages — which will be a higher risk, and I’m sure there will be a higher default rate on those mortgages than on the rest of the portfolio …
I agree. As long as ‘they’ were benefiting ‘they’ didn’t want to stop it
no matter who ‘they’ were.
“Excellent. This video needs to go viral. Also it should be used against all Dems. Their policies created the financial and economic mess we have today.”
Truth.
Huge Federal Government is a core tenet of RATS though. Yes Pubbies have contributed, but philosophically Conservatives and most Republicans stand against this kind of market intervention that has led to this debacle.
EXACTLY, Left is Left, and they ALL gotta go.
If you think the Rats were part of something much bigger then it stands to reason you think what the Rats did was only a small part.
You are wrong and you gloss over what really happened.
Could you point me to that longer video link? I would like to see it also.
“It’s very old video- just uncovered, not sure if the campaign knows about this yet.”
With all due respect, it’s not just uncovered (maybe be you, or us). It was posted on Hot Air 2 years ago this month, if you look at your link.
That’s not to say we shouldn’t pass this around!
“The FANNIE and FREDIE execs, real estate brokers, property developers, construction company owners, property flippers, appraisers, your local government that adds taxes and fees to the transaction.”
Without the RAT supported real estate market intervention, and the subsequent sub-prime mortgage mess, the flash fire that took down the house of cards would have taken much longer to light - and it’s possible that the market could have helped to work out the excesses. It’s when you keep building up and up, on a house of cards that the inevitable will happen.
RATS, and yes other Americans, got greedy. The greed excess is definitely being worked out of real estate now, that’s for sure.
Now we’re onto chapter 2 with the foreclosuregate document fiasco, MERS and who actually owns the Deeds of Trust, and chain of title for many of these properties. This too will drag down the banks that we’ve spend so many billions propping up.
I guess I’m saying this disaster is not over yet. And may not be well into a Republican Congress, and even if a new Republican Prez is elected.
It’s a tough road ahead.
The government forced the banks to hand out risky mortgages in the first place, now the government wants them to stop.
Where’s the problem? With the government, it looks to me...
Good question. This is the ONLY issue Paladino should be talking about. Cuomo as one of the primary architects of the housing meltdown while at HUD. He has 16 days left to get off the dime and start spending some of his wealth on media ads about Cuomo as the granddaddy of the meltdown and forget about all the other distractions. Focus,Carl,focus.
Thanks Mr K
See this everybody-—send it to everyone you know
http://www.eyeblast.tv/public/checker.aspx?v=e4SUkUSUQu
Anyone with a NY ping list? This needs to go viral in NY.
In April 2001, before the events of 9/11 and just after entering the White House, President Bush began signaling warnings to members of congress that both Fannie and Freddie were headed into deep treacherous waters which could cause “strong repercussions in financial markets.”
In early 2003, the Bush White House upgraded its warnings to “a systemic risk that could extend well beyond just the housing markets.”
On September 10, 2003, Bush Treasury Secretary John Snow testified in congress that something had to be done to confront the growing storm at Fannie and Freddie. Democrat Barney Frank, now Chairman of the House Financial Services Committee, reacted by saying “Fannie Mae and Freddie Mac are NOT in a crisis...” completely rejecting Bush administration calls for reform.
Frank went on to say that Fannie and Freddie should do even more to get low-income families into homes. “The more people, in my opinion, exaggerate the threat of safety and soundness, the more people conjure up the possibility of more serious financial losses to the treasury, which I do not see, I think we see entities that are fundamentally sound financially, and withstand some of the disaster scenarios, and even if there were a problem, the federal government doesn’t bail them out, but the more pressure there is there, then the less, I think we see, in affordable housing.” Said Democrat Frank
Congressional Democrats then killed the 2003 bill put forth by Republicans, intended to head off financial crisis.
In 2005, Fed Chairman Alan Greenspan went before congress to sound an even louder warning concerning the soundness of the Government Sponsored Enterprises headed for disaster, testifying that, “Without restrictions on the size of GSE balance sheets, we put at risk our ability to preserve safe and sound financial markets in the United States, a key ingredient of support for homeownership.”
Again, Democrats reacted by ignoring the warnings and blocking all legislative efforts to confront the economic tsunami now raging towards land.
In May 2006, Republican Senator John McCain sponsored legislation aimed at immediately reforming Fannie and Freddie, and once again, Democrats led by New York Senator Charles Schumer, blocked the Republican effort to avoid impending financial calamity. The bill failed by a strict party line vote, in which every Senate Democrat voted against reforming the GSE’s.
Then Freshman Senator Barack Obama, did not comment on the bill or the impending disaster...
In 2007 and 2008, several more Republican efforts to address the coming failure of Fannie and Freddie were put forth, but Democrats regained full control of both the Senate and the House in 2006, and they continued to deny any impending financial crisis.
On September 7, 2008 Fannie and Freddie were placed into conservatorship, bankruptcy. By JB Williams
I saw a video during the 2008 election where even Bill Clinton said that HE and republicans tried to put some regulations on Fannie and Mac but the Democrats wanted no part of it.
It’s interesting how Raines used the fall of the Berlin wall as the reason for the push to lend to minorities. I would like to know who wrote this statement from Raines. Perhaps the fall of the Soviet Union and the impending fall of the United States are linked? Hmmmm....
You’re the IDIOT, idiot.
They were able to bundle and sell these as ‘derivatives’ precisely BECAUSE the government (FANNIE and FREDDIE) guaranteed them
The bottom line, is that the GOVERNMENT SET THIS WHOLE PROCESS OFF
Idiot
Please contact me if you’re interested in being added on or taken off the Carl Paladino for Governor ping list. This looks to be a fairly high volume ping list for a while, probably until the election.
Paladino wasn’t running for office last year
and we didn’t know Cuomo was running either
And besides that’s EXACTLY what I said you freakin’ moron
I SAID the banks DO NOT lend money they know they will lose. SO!!!! (and this is the part where you need to read the entire post and use your brain) SO... THEY KNEW THEY WOULD NOT LOSE THIS MONEY
why? (still following me?)
BECAUSE THE GOVT GUARANTEED THEY WOULD NOT LOSE- Which is exactly what you said, AFTER I said it...
And.. (listen carefully here... this is the good part)
ANDREW CUOMO IS HERE ON THIS VIDEO SAYING SO!!!!!!!!!!!
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