Bill Clinton, Barney Franks, Chris Dodd = Housing Collapse...

[amicus]

An insider interviewed today described the coercion and intimidation used by Fannie and Freddie and the Federal Reserve to force private banks to take on 'sub prime mortgages'; loans they knew would not be paid back. They wrote off the loans and sold them in bundles, all over the world.

So...if you want a reason and a cause for the current world financial difficulties, you have them: Clinton, Franks, Dodd, Fannie & Freddie, and the social engineering of the Democrats who destroyed the housing market and with it, the economy at large, here and abroad.

Just thought you should know who to blame.

And, oh, yes, Bush tried to stop the process...the Democrats in Congress voted him down.

Amicus

 

[RobDownSouth]

I'll believe it when you post a credible link.

Until then, it's the usual assumption that the Amicus Fact Fabrication Corporation has the night shift achieving record production levels.

 

[amicus]

With millions of people being foreclosed upon, life savings lost, and a general malaise across the entire economy, all fomented by the social engineering of Clinton and his cohorts, it would appear to me a subject of interest to many.

In terms of the number of dollars and people affected, this social engineering scam injured far more people than the two Middle East wars combined. The grand social experiment of the New Deal, the Great Society and the current socialist in office, have all combined to humble a once proud Nation.

That should give you something to be proud of, you anti American Bastard.

Amicus Veritas

 

[Ulaven_Demorte]

Not one single private bank was forced to make a home loan to anyone, ever.
They did, in fact, actively steer people who qualified for normal loans toward sub-primes with low teaser rates.

Why?
It's pretty simple really. You make an attractive sub-prime loan for a property assuming that it will increase in value, knowing that in five years when the rate goes adjustable the homeowner will not be able to make the quickly increasing payments. You then foreclose on a property that is worth more than what it was originally and resell it.

$profit$

The problem was that the real estate bubble popped, and the artificially inflated property values nose-dived.

You could of course point out a single instance of a bank being forced by Fannie and Freddy and/or the Federal reserve into making a loan to anyone. But you won't, because it never happened.

 

[JohnnySavage]

If they wrote off the loans, how did they sell them

Maybe that Southern European country, Denmark, bought them.

 

[JohnnySavage]

Not one single private bank was forced to make a home loan to anyone, ever.
They did, in fact, actively steer people who qualified for normal loans toward sub-primes with low teaser rates.

Why?
It's pretty simple really. You make an attractive sub-prime loan for a property assuming that it will increase in value, knowing that in five years when the rate goes adjustable the homeowner will not be able to make the quickly increasing payments. You then foreclose on a property that is worth more than what it was originally and resell it.

$profit$

The problem was that the real estate bubble popped, and the artificially inflated property values nose-dived.

You could of course point out a single instance of a bank being forced by Fannie and Freddy and/or the Federal reserve into making a loan to anyone. But you won't, because it never happened.

That's an oversimplification. The banks were under pressure to write loans in poor areas, which they did knowing they would immediately bundle them and sell the bundle on the secondary market.

The bank got to say it was loaning to low income people, but then got those loans off its books.

 

[JAMESBJOHNSON]

Not one single private bank was forced to make a home loan to anyone, ever.
They did, in fact, actively steer people who qualified for normal loans toward sub-primes with low teaser rates.

Why?
It's pretty simple really. You make an attractive sub-prime loan for a property assuming that it will increase in value, knowing that in five years when the rate goes adjustable the homeowner will not be able to make the quickly increasing payments. You then foreclose on a property that is worth more than what it was originally and resell it.

$profit$

The problem was that the real estate bubble popped, and the artificially inflated property values nose-dived.

You could of course point out a single instance of a bank being forced by Fannie and Freddy and/or the Federal reserve into making a loan to anyone. But you won't, because it never happened.

Youre correct.

Plenty of Americans demanded a place at the trough (especially pensions) and thought the fun would last forever.

 

[Ulaven_Demorte]

That's an oversimplification. The banks were under pressure to write loans in poor areas, which they did knowing they would immediately bundle them and sell the bundle on the secondary market.

The bank got to say it was loaning to low income people, but then got those loans off its books.

True enough, but nobody forced those banks to loan to people who could not afford to pay them back.

 

[JohnnySavage]

True enough, but nobody forced those banks to loan to people who could not afford to pay them back.

The alternative was to "red line" and refuse to make loans in poor neighborhoods - which is illegal.

On the one hand you are saying no one forced the banks to make the loans, but based on your previous postings, had they refused to make the loans you would have said they were discriminating against certain groups of people. It was a no-win situation for the banks, and a lesson they learned. Now they just aren't loaning to anybody even though the rates are are the lowest on record.

 

[unregistered]

 

[NeverEndingMe]

and why hasn't anyone gone to jail from Freddie/Fanny?


who ever came up with this fantasy that its a right to own a home? nuts

An insider interviewed today described the coercion and intimidation used by Fannie and Freddie and the Federal Reserve to force private banks to take on 'sub prime mortgages'; loans they knew would not be paid back. They wrote off the loans and sold them in bundles, all over the world.

So...if you want a reason and a cause for the current world financial difficulties, you have them: Clinton, Franks, Dodd, Fannie & Freddie, and the social engineering of the Democrats who destroyed the housing market and with it, the economy at large, here and abroad.

Just thought you should know who to blame.

And, oh, yes, Bush tried to stop the process...the Democrats in Congress voted him down.

Amicus

 

[klippert]

Corruption, Chicago style

Dodd and Frank should be in jail....Waiting for members of Obama's inner circle who seem to have Solyndra and 16 other bankrupt Green-Weenie companies hanging round their necks as well as Fast and Furious.....I Can't wait to see who falls on the sharpened corners of 'The Communist Manifesto', for Obama.

Obama Admin. making Nixon look like a angle.....

 

[JohnnySavage]

Dodd and Frank should be in jail....Waiting for members of Obama's inner circle who seem to have Solyndra and 16 other bankrupt Green-Weenie companies hanging round their necks as well as Fast and Furious.....I Can't wait to see who falls on the sharpened corners of 'The Communist Manifesto', for Obama.

Obama Admin. making Nixon look like a angle.....

Way to be on point

 

[Ishmael]

It's more complicated than that, but you did identify the major players leading up to the collapse.

Bill Clinton ran his first election campaign on the premise of using the housing market to get out of the 'Bush recession.' Of course the recession was over in the spring of 1992, but that didn't slow him down. In Dec. of 1992, Clinton had been elected but not yet taken office, the NYT ran an editorial warning Clinton NOT to follow through on his plan warning that there would be an inevitable collapse of the mortgage markets. (I posted the link to the editorial in a thread back in 2007. And the NYT was not run by Pinch back in '92 either.)

Bush II continued with the Clinton policies until his appointees got a handle on exactly what was happening and started flying the storm flags re. Fannie & Freddie back in 2003-4 time frame. Dodd and Frank, along with a host of other democrats insisted that everything was perfectly fine with the mortgage markets. Dodd in particular was able to effectively block any action in the senate, which effectively blocked any action by congress at all.

Ishmael

 

[busybody..]

Not one single private bank was forced to make a home loan to anyone, ever.
.

you lie

you know you lie

you dont care, you will continue to lie

 

[off2bed]

and why hasn't anyone gone to jail from Freddie/Fanny?

Because it's homophobic to prosecute a gay, and Democrats protect their own. Plus, laws simply don't apply to Democrats.

I know the lefties hate these two words, but they apply here:

Cloward-Piven.

 

[busybody..]

Because it's homophobic to prosecute a gay, and Democrats protect their own. Plus, laws simply don't apply to Democrats.

I know the lefties hate these two words, but they apply here:

Cloward-Piven.

plus the people there were

a

BLACK....Rains

and

a

CUNT.....The one who HELPED do 9/11, J Gorelick

 

[albertaboy]

How about the Clinton plan started the mess and then Bush and Greenspan flooded the world with free money after 9-11 to stimulate the economy. No oversight of off-balance sheet lending in US housing loans, no due diligence on mortgages sources through brokers.

If the collapse and massive deleveraging of the US consumer was caused by loans in poor areas, then why are the foreclosure capitals of the country overwelming white spec markets like Vegas and Phoenix?

 

[Shagly]

With millions of people being foreclosed upon, life savings lost, and a general malaise across the entire economy, all fomented by the social engineering of Clinton and his cohorts, it would appear to me a subject of interest to many.

In terms of the number of dollars and people affected, this social engineering scam injured far more people than the two Middle East wars combined. The grand social experiment of the New Deal, the Great Society and the current socialist in office, have all combined to humble a once proud Nation.

That should give you something to be proud of, you anti American Bastard.

Amicus Veritas

Could there be a 1929 type of World depression plan going on?

 

[busybody..]

How about the Clinton plan started the mess and then Bush and Greenspan flooded the world with free money after 9-11 to stimulate the economy. ?

yup

they shoulda done nothing and let us collapse

 

[JohnnySavage]

How about the Clinton plan started the mess and then Bush and Greenspan flooded the world with free money after 9-11 to stimulate the economy. No oversight of off-balance sheet lending in US housing loans, no due diligence on mortgages sources through brokers.

If the collapse and massive deleveraging of the US consumer was caused by loans in poor areas, then why are the foreclosure capitals of the country overwelming white spec markets like Vegas and Phoenix?

Because the free money drove up the housing prices everywhere.

That's kinda why it's called a "bubble"

 

[Sam1]

and why hasn't anyone gone to jail from Freddie/Fanny?


who ever came up with this fantasy that its a right to own a home? nuts

Because The Obama administration said we have to look to the future and leave the past behind us.

 

[NeverEndingMe]

Because The Obama administration said we have to look to the future and leave the past behind us.

yet, the two faced obama goes after BofA. hum.....

thinking there is more corruption and fraud at freddie/fanny than BofA but being a friend of the obama, is a good thing

 

[off2bed]

Because The Obama administration said we have to look to the future and leave the past behind us.

But everything is Bush's fault...

 

[Sean Renaud]

and why hasn't anyone gone to jail from Freddie/Fanny?


who ever came up with this fantasy that its a right to own a home? nuts

The idea you should have a place to live is a fantasy. I just want to know how well you intend to treat your slaves when we get back to having them.