Obama is setting us up for another housing-market collapse

[richard_daily]

"Draconian??"

Time-tested ratios are based on actual default rates. People with too much debt have nowhere to turn when something (inevitably) strains their budget.

As far as reserves, if you don't have the ability to save one months PITI, you are not at all able to commit to 360 payments.

Keep parroting the partisan line, but oversight was under (and blocked by) Chris Dodd and Barney Frank and associates.

Your response has little to do with what I posted. Nobody said you shouldn't have one months' reserve... In fact, you should have at least 3, with 6 being ideal... but you don't go into someone's bank account when you take out a car loan, and you shouldn't when taking out a home loan either.

The risk/reward for banks is huge with mortgages... the meltdown happened because of the way that securities were bundled, which helped banks to avert any responsibility for the loans they chose to take out.

If you want to place blame where blame is deserved, that is the first and foremost place to put it.

 

[4est_4est_Gump]

Maybe Zandi can create another derivative model proving how sound and what a good investment bad loans are...



I mean, not all of them end up in default. :nods:

 

[NeverEndingMe]

Your response has little to do with what I posted. Nobody said you shouldn't have one months' reserve... In fact, you should have at least 3, with 6 being ideal... but you don't go into someone's bank account when you take out a car loan, and you shouldn't when taking out a home loan either.

The risk/reward for banks is huge with mortgages... the meltdown happened because of the way that securities were bundled, which helped banks to avert any responsibility for the loans they chose to take out.

If you want to place blame where blame is deserved, that is the first and foremost place to put it.

you be kind of stupid, just saying

 

[smartjuanxxx]

Your response has little to do with what I posted. Nobody said you shouldn't have one months' reserve... In fact, you should have at least 3, with 6 being ideal... but you don't go into someone's bank account when you take out a car loan, and you shouldn't when taking out a home loan either.

The risk/reward for banks is huge with mortgages... the meltdown happened because of the way that securities were bundled, which helped banks to avert any responsibility for the loans they chose to take out.

If you want to place blame where blame is deserved, that is the first and foremost place to put it.

its GREAT to be a LIB and NIGGER and CUNT echo lyte

being cluless is a VIRTUE

 

[smartjuanxxx]

Some people (you) will believe anything they read.

What standards are slipping?

axe the RACIST WHITE MALE Comp of Currency

 

[NeverEndingMe]

Required debt to Income ratios were draconian for the last 6 years. That's one of the major reasons why the housing market has taken so much time to rebound. So, you're arguing that the regulations are too loose, but I don't see it that way. You still need high credit scores, verifiable income, a W2, and pay stubs. If you're self-employed, it's still extremely difficult to get a package that works for you, and you have a tremendous amount of hoops to jump through, all to give someone the privilege of earning as much as double the principal on a 30 year fixed mortgage.

So I don't see anything as being the same as in 2007. I got 2 loans in 2007, and there is very little in common with then as compared to 2010 and on.

Who was in charge in 2007?

proof! more obama made up bullshit. two loans...yeah right.

 

[smartjuanxxx]

when Knee Growz were denied LOANS cause the BANKS knew they wouldnt pay em back

banks were sured and they made the loans

when Knee Growz didnt pay em back and lost the houses they sued the banks for GIVING em LOANS the banks KNEW the couldnt pay and thereby lost the houses

KNEE GROWZ cause teh meltdown

a new KNEE GROW is creating a new one

 

[smartjuanxxx]

Dick Daley the NIGGER and CUNT echo Lyte will not see this


http://georgewbush-whitehouse.archives.gov/news/releases/2008/10/20081009-10.html

Setting the Record Straight: Six Years of Unheeded Warnings for GSE Reform
The Washington Times Fails To Research The Administration's Efforts To Reform Fannie Mae And Freddie Mac


RSS Feed White House News
Fact sheet Setting the Record Straight
Fact sheet In Focus: Economy
Today, the Washington Times incorrectly accused the White House of ignoring warnings of trouble ahead for government-sponsored enterprises (GSEs) and neglecting to "adopt any reform until this summer," when it was too late. "Neither the White House nor Congress heeded the warnings, Fannie and Freddie retained strong bipartisan support during the 1990s and early part of this decade." (Editorial, "Hear, See And Speak No Evil About Fannie And Freddie," The Washington Times, 10/9/08)

Over the past six years, the President and his Administration have not only warned of the systemic consequences of failure to reform GSEs but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. In fact, it was Congress that flatly rejected President Bush's call more than five years ago to reform the GSEs. Over the years, the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems with the GSEs.

 

[smartjuanxxx]

it was the leader of the GAY STOPOH,

B Fag Frank that said

NOTHING DOING! WE GOTTA GIVE FREE MONEY T KNEE GROWZ

https://rasica.files.wordpress.com/2010/10/barney-frank-fatladysinging-adorned.jpg

 

[smartjuanxxx]

as BUSYBODY always said

its teh Knee Grrrz fault

Fact Check: Obama Had More to Do With 2008 Economic Meltdown Than Bush Ever Did



Here’s something you’ll never read about in the liberal media.

Barack Obama played a leading role in the mortgage crisis of 2008 that sunk the US economy.

In his early activist days, Barack Obama the community organizer sued banks to ease lending practices.





In 1994, Barack Obama was one of the plaintiffs in a class action lawsuit, alleging that Citibank had engaged in practices that discriminated against minorities. The lawsuit forced the bank to ease its lending practices.
The Daily Caller reported:

http://www.thegatewaypundit.com/201...th-2008-economic-meltdown-than-bush-ever-did/

 

[4est_4est_Gump]

I don't know who sounds dumber, Jen or busybody...



Coherency-challenged; they sound like Trump and Sanders voters.

 

[Que]

Your response has little to do with what I posted. Nobody said you shouldn't have one months' reserve... In fact, you should have at least 3, with 6 being ideal... but you don't go into someone's bank account when you take out a car loan, and you shouldn't when taking out a home loan either.

The risk/reward for banks is huge with mortgages... the meltdown happened because of the way that securities were bundled, which helped banks to avert any responsibility for the loans they chose to take out.

If you want to place blame where blame is deserved, that is the first and foremost place to put it.

...and who sets the guidelines for banks to adhere to if they want their loans bought and bubdled?

Hint:it is not the banks.


The idea of loaning 150k without at leasr verifying they have the actual money to avoid being a first payment default is ludicrous.

 

[smartjuanxxx]

I don't know who sounds dumber, Jen or busybody...



Coherency-challenged; they sound like Trump and Sanders voters.

STFU Kneee Grrrrrr

 

[richard_daily]

...and who sets the guidelines for banks to adhere to if they want their loans bought and bubdled?

Hint:it is not the banks.


The idea of loaning 150k without at leasr verifying they have the actual money to avoid being a first payment default is ludicrous.

Well, since the banks don't write laws (at least not directly), I think the answer is fairly obvious. As is the fact that the banks and hedge funds lobbied for the changes.

There was never no income verification, not even in the loosest of underwriting guidelines. Plus, if the banks are properly assessing the properties (which they weren't) there would be no issue with a 150k loan defaulting, IF there was 150k in collateral (which there often wasn't).

You're really quick to give banks and rich folks a pass on this.

 

[4est_4est_Gump]

STFU Kneee Grrrrrr

Just keep me on ignore this time.

​

 

[miles]

Rd=js

 

[Que]

Well, since the banks don't write laws (at least not directly), I think the answer is fairly obvious. As is the fact that the banks and hedge funds lobbied for the changes.

There was never no income verification, not even in the loosest of underwriting guidelines. Plus, if the banks are properly assessing the properties (which they weren't) there would be no issue with a 150k loan defaulting, IF there was 150k in collateral (which there often wasn't).

You're really quick to give banks and rich folks a pass on this.

You haven't the slightest idea. Yes there were loans with no income verification. Theu wete known as low-doc or no-doc loans. Liar loans is what they wrre called in the industry.. the offical name was "stated income loans."

These are not "laws the banks libbied for." These are unelected people making MILLIONS in bonuses like Franklin Raines with FNMA writing the guidelines, with the stated goal to increase homeownership in general, and minority homeownership specifically. This goal began under Carter and was put on steroids under Clinton. Any "lobbying" was done to block oversight Dodd and Frank chaired thosr committees.

Banks were arm twisted initially with threats of sanctions if they did not "reinvest" in the community by funding more ways to approve more minorities that typically carried levels of debt to high for conventional lending guidelines. To make it possible to do eithout banks going bankrupt on the defaults the lians were guaranteed to be bought by fannie and freddie si long as the ever looser guidelinrs were met. Eventually, the guideline was, "have a pulse."

The rich and banks play the game by the rules your saimted dems put into place. Hate the game not the players,playa.

 

[NeverEndingMe]

Well, since the banks don't write laws (at least not directly), I think the answer is fairly obvious. As is the fact that the banks and hedge funds lobbied for the changes.

There was never no income verification, not even in the loosest of underwriting guidelines. Plus, if the banks are properly assessing the properties (which they weren't) there would be no issue with a 150k loan defaulting, IF there was 150k in collateral (which there often wasn't).

You're really quick to give banks and rich folks a pass on this.

are you wearing a helmet today?

 

[miles]

It's hard to believe there are actually people like richard daily inhabiting our planet.

 

[smartjuanxxx]

It's hard to believe there are actually people like richard daily inhabiting our planet.

how else do DUMZ win elections?

 

[Que]

...not to mention banks don't assess, tax assessors assess. Banks rely on appraisals. Done by actual apprasers who have proffessional standards and boards of apprasal who oversee their work. They are ALWAYS fully independent. Appraised value was there WHEN the lians wee made. The entire house of cards was based on the idea that real estate always goes up.

The actual bubble was caused by making it ridiculously eady and cheap for real estate dillatamtes to become straight up speculators with no-doc, 5% insteaf of 220 down investor loans.

You keep hollering about the greddy rich and banks, seemingly unawate that the bulk of loanoriginations are by mortgage brokers. At tanhe peak, mortgage brokers were able to submit thlanoans themselves already underwritten using automated underwritung. Banks never saw or passed judgements on the borrowers or the lians.

Reading a few headlines or some partisan hack article and especially listening to politicians place blame is a poor way to learn how an industry works

 

[Que]

At least be a man and admit that you have nothing to support your claims, and that they're just your opinions, but you really really really feel them strongly.

 

[Que]

And still no empirical data to support your asinine claims.



I'm aware he'll never do it. His kind if incapable of it.

 

[miles]

Even in the face of indisputable facts Litlibs are incapable of admitting they are wrong.

 

[4est_4est_Gump]

They were presented a story to memorize, and memorize they did.

It is never the fault of their lofty and noble intentions.

Failure is someone else's fault.