Posted on 09/03/2011 11:00:25 PM PDT by Clairity
[Paul Krugman is convinced that Perry’s statement about Bernanke prevented Q3.]
Kudos to Perry if that’s true.
But what I want to hear from a prospective President Perry is that his justice department will have as a top priority the rendering of Justice upon those who deliberately and massively defrauded the American People. Complete ACCOUNTABILITY from all involved to the full extent of the Law -- from those who lied about their incomes on their Liar Loan mortgage applications -- all the way through the gamesters who packaged the resulting mortgages into securitized a$$paper and above.
As a fellow Eagle Scout (class of '76) - I want to be encouraged that his administration will uphold the Laws of this Republic better than past and present administrations whose SEC evidently couldn’t find their own arse with both hands and a SQL statement telling them exactly where to find it.... and a whole bunch of Loan Apps for which the FICO score was fraudulently manufactured.
Watch “The Smartest Guys in the Room” -- about Enron; and listen with your own ears to voice recordings of telephone conversations between Enron floor traders laughing about what they were doing. Merchants using dishonest scales and laughing whilst doing it. It SHOULD be infuriating.
And what did the software programmers who Empower(tm)ed those Enron Quisling Traders learn? Evidently NOTHING other than it’s only bad if you get caught.
Care guess where a bunch of them ended up?
Ameriquest.
I know that for a fact because I sat next to some of them at Argent Mortgage (Ameriquest's "immune" wholesale division) and listened to them giggling "gosh, tee hee, I hope that doesn't happen here".
In June 2007, during a discussion regarding the predatory nature of the behavior that necessitated legislative requirements for translating loan docs from English into the native language of the Borrower (mostly Spanish), the application support manager at Argent Mortgage told me to my face "we're not predators, those people are uneducated, illiterate, and stupid. They DESERVE to be taken advantage of".
That OUGHT to be infuriating.
This time, LESSONS NEED TO BE LEARNED; because a Republic is a system, of governance characterized by the Rule of Law - and when the Law fails, the Republic fails.
"TO SECURE THESE RIGHTS, governments are instituted among men"
I don’t know about you - but for me the failure of our FREE Republic is not acceptable.
Our children are watching what we do -
“Hey dooods, those Enron/Ameriquest/Goldman guys got it pretty sweet... and look how tanned and buffed the token few who got busted are after their short vacation in Club FED. I want me some.”
vs
“Holy crapoly - Really, they got whated in prison? I don’t want to get punished like that... I’m Scared Straight. It's not worth it.”.
What’s it gonna be? The statute of limitations on Fraud is what, "Usualy 7 years or less"? TICK TICK TICK.
Where's RICO and LEO, RINOs?
The Proud Pirates of the American Dream.
Those loans were never legal in Texas.
“Ultimately, the record is fairly unforgiving for Republicans—particularly in Congress—who have been in power in Washington over the last decade or so. They haven’t just spent our money wildly—they have blatantly ignored our core founding principles and expanded the reach of Washington into our lives while blowing a once-in-a-lifetime opportunity to restore the balance of power from Washington back to states.”
Rick Perry is pretty critical of Statist RINO’s and the very notion of “compassionate conservativism.” Fed Up!,” from 139 to p 145 lays out problem after problem. He names specifics like Farm Subsidies, Small Business Administration, Social Security, No Child Left Behind, and many, many more pork projects and wrong moves by Republicans, throughout the book.
He talks about the sub-prime loans and bank bailouts, the abuse of Fannie Mae and Freddie Mac on p. 71 - but the electronic version of the book won’t let me copy and paste any more.
” Banks gave out sub-prime loans like they were aqua fresca ....if the applicant could breathe and make an X, no questions asked....not about jobs, residency, citizenship, ability to pay. “
N I N J A loans......” no income, no job applicants “
The housing market is just the most visible fossil of a sunbelt economy based on its own population growth and little else. Arizona gained nothing from an influx of people coming to work in retail, or call centers or some other service industry dreck. And when the music stops in Texas you will have the same problem there from absorbing tremendous social costs for a substantially non-contributing segment of society that will up and leave to chase the $7.25 dream in the next sunbelt hot spot.
Not their fault, and not Texas or Perry's fault - but sure as hell not a model to pitch to the rest of the country.
And those people are now moving to Texas, congratulations.
The bailouts manufactured in order to contain the damage that was done by forcing the banking industry to finance those who hadn't earned the credit required for a traditional mortgage.
That fraud.
Which comes from Perry signing Texas legislation that allowed those with "contract-for-deeds" to convert them into traditional mortgages? This not tracking the logic, here.
Now that’s a good question that needs some good research into.
Have you seen the homes that were being built on Florida’s coasts. They were billed as “luxury homes from $750,000 up” for the most part. Those with ‘no job, no income’ weren’t getting into these.
Plus, after Katrina, most flood insurance providers pulled out of Florida, with only the state-owned one remaining. And that one offers flood insurance at astronomical rates. Considering that banks will not offer a loan to anyone unless they get flood insurance in Florida... it’s choked off the demand for housing right there.
Join Date: Jan 2002Location: Denton, TexasState: Texas
Professional Status: Certified General AppraiserPosts: 8,258
"We're all familiar with Alt-A loans, also known as the "liar loan". No doc, good credit, relies on a statement from the borrower as to assets, debts, etc.A bill that was passed in the last Texas Legislature has quietly gone into effect. Le[n]ders have to look at the submission and see if it passes the "smell test". Do the assets and debts in the application match the credit report? Is the job and income data confirmable? If things don't match up, it is referred to a law enforcement task force without telling the borrower that he's now being looked at. Lying can result in a felony charge, with prison time and a $10K fine.Yes, this should have been in place years ago [emphasis added]. But it is now, and maybe other states will follow suit."
Now that’s a good question that needs some good research into.
I was wrong in believing that lying was always illegal. Did the required mortgage insurance for loans over 80% help?
Moral hazard
In economic theory, moral hazard is a situation in which a party insulated from risk behaves differently from how it would behave if it were fully exposed to the risk....
Been there, did that. And if it takes another 4 years wandering in the ODesert to expose the Rainbow RINO Eunuchs infesting/running The Party(tm) for what they and their FRUITs really are - then so be it.
You obviously have some deep-set issues. Remind me to not waste my time responding to any more of your drivel. So sure of eveything but who you WOULD endorse. Until such time as you actually give a name, your posts will collect dust.
Across the highway from me is a sea of new suburbs that never cracked $150,000 even at the height of the boom, many of which are now in foreclosure. The only people still in their homes are snowbirds, military families and well heeled refugees who fled Hugo Chavez.
And those $150,000 homes still require flood insurance before any bank will allow the loan. And no insurance company outside of the state-owned one is offering.
And the state-owned one, being able to insurance only Florida homes, has to charge very high yearly rates, which many can’t afford.
Which means no loan, even though the customer could afford it.
My folks live in Florida (Jupiter) and I grew up there. I hear about the problems regularly.
[Until such time as you actually give a name, your posts will collect dust.]
As opposed to collecting RINOcerous dung?
What did you think of the results of that half-marathon in Storm Lake, Iowa? I thought they were pretty impressive.
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