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Keyword: subprimeloans

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  • Bank victims blame Obama fundraiser (Penny Pritzker)

    10/31/2008 1:38:40 AM PDT · by healey22 · 17 replies · 1,229+ views
    The Washington Times ^ | October 29, 2008 | Jerry Seper
    John W. Courtney's world collapsed at dinnertime on a Friday in July 2001. That's when he learned from a television newscast that much of the $200,000 that he had saved from his construction job over a 30-year period was lost when his Chicago-area bank was shut down after pursuing a failed strategy of subprime loans. Seven years later, the Vietnam War veteran has yet to recoup $85,000 of his uninsured losses from Superior Bank's failure. And he watches in disbelief as one of the bank's former top officials, billionaire hotel heiress Penny Pritzker, leads the record-breaking fundraising machine of Democratic...
  • Who Was behind the Jeff Flake Set-Up?

    10/01/2018 10:09:26 AM PDT · by SeekAndFind · 58 replies
    National Review ^ | 10/01/2018 | John Fund
    ACORNÂ’s tactics live on in the senatorÂ’s elevator confrontation with activists from a Soros-backed group. On Friday morning, two women raced past reporters and security officers and blocked a senators-only elevator in the U.S. Capitol. They cornered Arizona senator Jeff Flake, who had just announced he was going to vote yes on moving Brett KavanaughÂ’s nomination out of the Judiciary Committee and onto the Senate floor for a full debate. The women wouldnÂ’t let Flake leave until they had yelled at him, face to face, for several minutes. Anyone who thinks the two left-wing activists acted without a well-thought-out plan...
  • Guess who runs the Motion Picture Association of America in the Weinstein era

    10/20/2017 8:22:17 AM PDT · by afraidfortherepublic · 10 replies
    The American Thinker ^ | 10-20-17 | James V. DeLong
    It seems as though everyone and his publicist is commenting on Harvey Weinstein and the Hollywood sex culture, but there is an interesting exception: the Motion Picture Association of America.  The scandal is not noted on its blog, nor in its news section, nor in its press releases, nor in the recent speeches by its chairman extolling the First Amendment and the institution of copyright. One would normally expect a major trade association to be active on such a big issue, but the explanation for the silence seems pretty easy.  The MPAA chairman (until the end of this year, which...
  • Hillary Clinton's Subprime Memory: Now She Says She warned About Risky Loans

    07/17/2015 4:55:05 AM PDT · by SeekAndFind · 15 replies
    IBD ^ | 07/17/2015
    If only Wall Street bankers had listened to St. Hillary during the subprime mortgage frenzy. She now claims she warned about the risky loans. Yep, a Clinton actually went there. Her campaign may regret it. While bashing Wall Street for risky acts and "criminal behavior," Clinton in her first economic stump speech portrayed herself as the voice of financial sanity in a casino of wild greed. "As we all know, in the years before the crash, financial firms piled risk upon risk," she intoned, "and regulators in Washington either wouldn't or couldn't keep up. "I was alarmed by this gathering...
  • A Subprime Loan Primer

    10/01/2008 11:25:35 AM PDT · by ForGod'sSake · 24 replies · 1,126+ views
    email ^ | 10/01/2008 | FGS
  • IRS released confidential info on conservative groups to ProPublica

    05/14/2013 3:22:15 AM PDT · by markomalley · 32 replies
    Washington Post ^ | 5/14/2013 | Josh Hicks
    ProPublica on Monday reported that the same IRS division that targeted conservative groups for special scrutiny during the 2012 election cycle provided the investigative-reporting organization with confidential applications for tax-exempt status. That revelation contradicts previous statements from the agency and may represent a violation of federal guidelines. Lois G. Lerner, who heads the IRS sector that reviews tax-exemption applications, told a congressional oversight committee in April 2012 that IRS code prohibited the agency from providing information about groups that had not yet been approved. Reps. Darrell Issa (R-Calif.), chairman of the House Oversight and Government Reform Committee, and Jim Jordan...
  • Advice from "beyond the echo chamber"

    02/06/2009 3:56:41 PM PST · by Cindy · 14 replies · 337+ views
    WHITEHOUSE.gov - blog ^ | Friday, February 6th, 2009 at 12:55 pm | n/a
    Note: The following text is a quote: http://www.whitehouse.gov/blog_post/beyond_the_echo_chamber/ Friday, February 6th, 2009 at 12:55 pm Advice from "beyond the echo chamber" We just learned the economy lost another 600,000 jobs last month. It's a staggering number, and it underscores just how deep this crisis is – and, as the President pointed out this morning, it’s accelerating. That's why he created the Economic Recovery Advisory Board -- to solicit ideas from "beyond the echo chamber of Washington, DC." "I’m not interested in groupthink, which is why the Board reflects a broad cross-section of experience, expertise, and ideology," he said. "We’ve recruited...
  • Obama administration pushes banks to make home loans to people with weaker credit

    04/03/2013 6:32:05 AM PDT · by SeekAndFind · 80 replies
    Washington Post ^ | 04/03/2013 | By Zachary A. Goldfarb,
    <p>The Obama administration is engaged in a broad push to make more home loans available to people with weaker credit, an effort that officials say will help power the economic recovery but that skeptics say could open the door to the risky lending that caused the housing crash in the first place.</p>
  • The Biggest Financial Scandal In History?

    07/05/2012 2:00:45 PM PDT · by blam · 6 replies
    TEC ^ | 7-5-2012 | Michael Snyder
    The Biggest Financial Scandal In History?Michael SnyderJuly 5, 2012 We always knew that the financial markets were rigged, but this is getting ridiculous. It is now being alleged that 20 major banks have been systematically fixing global interest rates for years. Barclays has already been fined hundreds of millions of dollars for manipulating Libor (the London Inter Bank Offered Rate). But Barclays says that a whole bunch of other banks were doing this too. This is shaping up to be the biggest financial scandal in history, and criminal investigations have been launched on both sides of the Atlantic. What those...
  • Financial Reform: Unfinished Business (Paul Volcker)

    11/15/2011 8:12:25 PM PST · by neverdem · 8 replies
    NY Review of Books ^ | November 24, 2011 | Paul Volcker
    It should be clear that among the causes of the recent financial crisis was an unjustified faith in rational expectations, market efficiencies, and the techniques of modern finance. That faith was stoked in part by the huge financial rewards that enabled the extremes of borrowing, the economic imbalances, and the pretenses and assurances of the credit-rating agencies to persist so long. A relaxed approach by regulators and legislators reflected the new financial zeitgeist. All the seeming mathematical precision that was brought to investment, all the complicated new products, including the explosion of derivatives, that were intended to diffuse and minimize...
  • Barney Frank: The Community Reinvestment Act Was a ‘Republican Failure’

    10/12/2011 10:59:56 PM PDT · by neverdem · 58 replies
    NATIONAL REVIEW ONLINE ^ | October 12, 2011 | Jim Geraghty
    In today’s Wall Street Journal: Asked who was to blame for the 2008 financial crisis and whether any bankers should have been prosecuted, Mrs. Bachmann and former House Speaker Newt Gingrich put the onus on the federal government, with Mr. Gingrich suggesting that former Senate Banking Chairman Chris Dodd and Rep. Barney Frank, former chairman of the House Financial Services Committee, should both be jailed.“It was the federal government that pushed the subprime loans . . . that pushed the community reinvestment act,” said Mrs. Bachmann, citing what she considered the causes of the housing meltdown.Mr. Frank released an emailed...
  • The Unexamined Crisis

    10/12/2011 5:02:18 PM PDT · by neverdem · 6 replies
    Project Syndicate ^ | 2011-09-22 | Luigi Zingales
    CHICAGO – Three years have now passed since the collapse of Lehman Brothers, which triggered the start of the most acute phase of the 2007-2008 financial crisis. Is the financial world a safer place today? Within days after the 9/11 terrorist attacks in 2001, the US had erected new and enormous security measures at airports throughout the country. Within a month, the US military was on the ground in Afghanistan. Within three years the US had an official report on the causes of the events of 9/11; the well-resourced expert commission that produced it identified the weaknesses of America’s national-security...
  • Untangling the Foreclosure Mystery— Part 4

    06/03/2011 4:44:39 AM PDT · by Elle Bee · 71 replies · 1+ views
    Key West The Newspaper ^ | May 27th, 2011 | Matt Gardi
    Untangling the Foreclosure Mystery— Part 4 EXAMINING THE CASE OF ONE LOCAL “DEADBEAT” Commentary by Matt Gardi The last few weeks, in this newspaper, I have made an attempt to expose what is truly going on in the foreclosure process, and how it ties back to a myriad of other systematic issues affecting our daily lives. Last week, we touched on the fact that the court system is incentivized directly by the Banks that have caused this crisis. But I would be remiss if I did not mention the Foreclosure and Economic Recovery Plan, aka the “Rocket Docket.” In...
  • Fannie and Freddie Amnesia (Great Rebuttal Piece For When Dems blame GOP for Sub Prime Mess)

    04/20/2010 10:17:16 AM PDT · by MissesBush · 2 replies · 418+ views
    Wall Street Journal ^ | 04/20/2010 | Peter Wallis
    Taxpayers are on the hook for about $400 billion, partly because Sen. Obama helped to block reform. Now that nearly all the TARP funds used to bail out Wall Street banks have been repaid, the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac stand out as the source of the greatest taxpayer losses. The Congressional Budget Office has estimated that, in the wake of the housing bubble and the unprecedented deflation in housing values that resulted, the government's cost to bail out Fannie and Freddie will eventually reach $381 billion. That estimate may be too optimistic. Last Christmas Eve,...
  • Greenlining & ACORN : Two peas in a pod?

    04/12/2010 7:42:50 PM PDT · by 2ndDivisionVet · 4 replies · 429+ views
    The Washington Examiner ^ | April 12, 2010 | Tori Richards, Special to The Examiner
    Both use controversial tactics to force powerful institutions to toe their line, but does that mean the Greenlining Institute and the Association of Community Organizations for Reform Now are two sides of the same coin? Depends on who you ask. Greenlining says on its Web site that “since 1993, the Greenlining Institute has blossomed into a major policy player throughout California and the nation ... garnering over $2.4 trillion dollars in investments into traditionally underserved areas.” Even so, Greenlining has purposely flown beneath the radar of public opinion since its inception. That began to change, however, when the subprime meltdown...
  • Time For Sunshine, Fannie And Freddie

    03/11/2010 5:13:01 PM PST · by raptor22 · 3 replies · 255+ views
    Washington Examiner ^ | March 11, 2010 | Editorial staff
    Next Tuesday is James Madison's birthday and National Freedom of Information Act Day, the high point of Sunshine Week celebrations of the public's right to know. Madison enshrined that right with the First Amendment's guarantee of an independent press. President Obama could use the occasion to strike a major blow for transparency with one simple directive: He could tell the Federal Housing Finance Agency to drop its nonsensical claim that it doesn't have to make public Fannie Mae and Freddie Mac documents, especially those concerning federal campaign contributions made on behalf of the two agencies in the years leading to...
  • VIDEO: Acorn Helping Illegal Aliens Get Home Loans

    09/21/2009 10:10:42 AM PDT · by Nachum · 74 replies · 5,262+ views
    You Tube ^ | 9/21/09 | FOX
    Acorn has been helping illegal aliens receive home loans for years. Finally the media is catching on that the government is complicit in helping the loans to go through. Fox report- video at link
  • The CRA and Key Players

    09/27/2008 10:08:08 AM PDT · by hiredhand · 54 replies · 3,831+ views
    Various ^ | 27 Sep 2008 | Self
    The Subprime home mortgage collapse...a Primer. It's ALL about the CRA of 1977 Community Reinvestment Act (CRA) of 1977 - This required banks to offer credit throughout their entire market area for “underserved” populations and small businesses. The CRA gave incentives to help low income borrowers become “home owners”. Liberals call this group “low income borrowers”. Conservatives call them a RISK!The CRA was passed by the Carter administration. In 1995 the Clinton administration authorized subprime loans under the CRA. Democrats added these provisions for the securitization of subprime loans and then ENFORCED the lending to high risk individuals. By 2000,...
  • FINANCIAL REGULATORY REFORM (New Release - Fiction)

    06/18/2009 8:07:19 AM PDT · by Renkluaf · 2 replies · 171+ views
    US Treasury Department ^ | June, 2009 | O's Revisionist Historians
    From page 70 (PDF page)...4. Access. The Agency should enforce fair lending laws and the Community Reinvestment Act and otherwise seek to ensure that underserved consumers and communities have access to prudent financial services, lending, and investment. A critical part of the CFPA’s mission should be to promote access to financial services, especially for households and communities that traditionally have had limited access. This focus will also help ensure that the CFPA fully internalizes the value of preserving access to financial services and weighs that value against other values when it considers new consumer protection regulations. Rigorous application of the...
  • The Housing Boom and Bust - Thomas Sowell on how government policies made the housing crisis...

    05/21/2009 12:57:56 AM PDT · by neverdem · 13 replies · 1,285+ views
    Reason ^ | May 20, 2009 | Brian Doherty
    Thomas Sowell on how government policies made the housing crisis possible Thomas Sowell, prolific public intellectual and the Rose and Milton Friedman Senior Fellow at the Hoover Institution, is one of America's greatest economic thinkers and educators. He's taught the fundamentals through such books as Economic Facts and Fallacies and Basic Economics and chronicled economic history through such scholarly works as Marxism: Philosophy and Economics and On Classical Economics. In his classic work Knowledge and Decisions, he espoused a sophisticated, largely Hayekian approach, revealing how the efficient spread of relevant knowledge is shaped by our social institutions, and often warped...