Failure of Fannie Mae and Freddie Mac-Not Bush's Fault?

Re: Failure of Fannie Mae and Freddie Mac-Not Bush's Fault?

PostBy: Devil505 On: Tue Sep 16, 2008 10:28 am

spc wrote:”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee.



Have a link to that alleged quote Stephen? (not from Fox News or Rush Limbaugh either ;) )
When was this supposedly said?.......1985? :lol:
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Re: Failure of Fannie Mae and Freddie Mac-Not Bush's Fault?

PostBy: spc On: Tue Sep 16, 2008 10:32 am

Devil505 wrote:Have a link to that alleged quote Stephen? (not from Fox News or Rush Limbaugh either ;) )


http://www.nytimes.com/2003/09/11/busin ... e-mae.html
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Re: Failure of Fannie Mae and Freddie Mac-Not Bush's Fault?

PostBy: spc On: Tue Sep 16, 2008 10:35 am

Devil505 wrote:When was this supposedly said?.......1985? :lol:


September 11, 2003 :lol:
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Re: Failure of Fannie Mae and Freddie Mac-Not Bush's Fault?

PostBy: Devil505 On: Tue Sep 16, 2008 10:35 am

Thanks...Missed it the first time.........2003
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Re: Failure of Fannie Mae and Freddie Mac-Not Bush's Fault?

PostBy: spc On: Tue Sep 16, 2008 11:12 am

Devil505 wrote:I can't wait to hear how this is somehow Bill Clinton's or even Jimmy Carter's fault! (come on...let's hear some real creativity!)


Some creativity. :lol:

"But it was the Clinton administration, obsessed with multiculturalism, that dictated where mortgage lenders could lend, and originally helped create the market for the high-risk subprime loans now infecting like a retrovirus the balance sheets of many of Wall Street’s most revered institutions.
The untold story in this whole national crisis is that President Clinton put on steroids the Community Redevelopment Act, a well-intended Carter-era law designed to encourage minority homeownership. And in so doing, he helped create the market for the risky subprime loans that he and Democrats now decry as not only greedy but “predatory.”
"And it was the Clinton administration that mismanaged the quasi-governmental agencies that over the decades have come to manage the real estate market in America."

http://ibdeditorial.com/IBDArticles.aspx?id=306370789279709
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Re: Failure of Fannie Mae and Freddie Mac-Not Bush's Fault?

PostBy: LsFarm On: Tue Sep 16, 2008 12:47 pm

Thanks spc,, I was looking for that info.. I knew it was Jimmy Carters fault, and even more-so Bill Clinton's fault.. There was a big push to give mortgages to marginal buyers.. and then even more creatively, to allow second mortagages and home 'equity' loans to 120% of the home's current appraised value... What 'equity' ?? The house of cards collapsed..

Greg L
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Re: Failure of Fannie Mae and Freddie Mac-Not Bush's Fault?

PostBy: Devil505 On: Tue Sep 16, 2008 12:57 pm

It's OK.....These two will solve all the economic problems like Fannie & Freddie...They just need a little more time.....Like four more years! ;)
Last edited by Richard S. on Tue Dec 17, 2013 4:59 am, edited 1 time in total.
Reason: Removed Copyrighted File
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Re: Failure of Fannie Mae and Freddie Mac-Not Bush's Fault?

PostBy: spc On: Tue Sep 16, 2008 5:09 pm

You guys ever here of a ninja loan?
And people wonder how things collapsed, absolutely nuts. :shock:

No Income, No Job, (and) no Assets.

"A ninja loan is a type of subprime loan issued to borrowers with No Income, No Job, (and) no Assets. The phrase was coined by HCL Finance as a name for one of their finance products. They were especially prominent during the United States housing bubble of the 2000s but have gained wider notoriety due to the subprime mortgage crisis in July/August 2007 as a prime example of poor lending practices."

http://en.wikipedia.org/wiki/Ninja_loans#Ninja_loan
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Re: Failure of Fannie Mae and Freddie Mac-Not Bush's Fault?

PostBy: LsFarm On: Tue Sep 16, 2008 5:45 pm

So lets try this.. back in say,,, 2003,, Bush and his advisors decides that there is going to be a big credit problem if the lax mortgage lending rules continue. So legislation is enacted and Bush pushes it through congress and it gets enacted..

So would he be a 'hero' hell no!! The Liberals would have been screaming bloody murder from the first inkling of a tightening of mortgage requirements, why?? Because that would be discriminatory of course!! The only people that a the Liberals think would be denied a mortgage because of the new tightened rules would be the poor, downtrodden, minorities, and those on welfare.. Not the social climbers and dupes of the 'use your equity' sales pitch..

So what polititian would slit his/her own political throat and suggest such an awful thing such as responsible rules for mortgage lending?? The politician would be burnt at the stake..

But fast forward to 2008, the house of cards has collapsed, and who's to blame??? Certainly not Carter and Clinton, the namby-pamby kiss-everyone's butt politicians who pander for every vote.. NOPE, not them..

It's just GOT TO BE BUSH'S fault !!

Can't have it both ways..

Greg L
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Re: Failure of Fannie Mae and Freddie Mac-Not Bush's Fault?

PostBy: Devil505 On: Tue Sep 16, 2008 5:57 pm

LsFarm wrote:But fast forward to 2008, the house of cards has collapsed, and who's to blame??? Certainly not Carter and Clinton, the namby-pamby kiss-everyone's butt politicians who pander for every vote.. NOPE, not them..

It's just GOT TO BE BUSH'S fault !!



No matter how they obfuscate, spin, rationalize, or make up fairy tales.......Bush & McCain can't change the truth:

Bush has been President for the last 8 years & his party has had control of Congress for 12 of the last 14 years. Even if there were problems from previous administrations, they've had EIGHT YEARS TO FIX THEM! No, what's happening to our economy right now is due to their failure to govern effectively,honestly or even ethically!
(& John McCain has voted for Bush's failed policies 95% of the time & still agrees with him on every major policy...No Changes)
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Re: Failure of Fannie Mae and Freddie Mac-Not Bush's Fault?

PostBy: LsFarm On: Tue Sep 16, 2008 6:24 pm

You aren't listening [reading] once the liberal policies for mortgage lending were set in motion, to revoke them would be political suicide.. like the constant 'tax breaks for the rich' BS from the Dems and Libs..

There is no way that once put in place will the rules be tightened without political bloodshed.

Greg L.
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Re: Failure of Fannie Mae and Freddie Mac-Not Bush's Fault?

PostBy: coalmeister On: Tue Sep 16, 2008 6:56 pm

spc wrote:
Devil505 wrote:I can't wait to hear how this is somehow Bill Clinton's or even Jimmy Carter's fault! (come on...let's hear some real creativity!)


Some creativity. :lol:

"But it was the Clinton administration, obsessed with multiculturalism, that dictated where mortgage lenders could lend, and originally helped create the market for the high-risk subprime loans now infecting like a retrovirus the balance sheets of many of Wall Street’s most revered institutions.
The untold story in this whole national crisis is that President Clinton put on steroids the Community Redevelopment Act, a well-intended Carter-era law designed to encourage minority home ownership. And in so doing, he helped create the market for the risky subprime loans that he and Democrats now decry as not only greedy but “predatory.”
"And it was the Clinton administration that mismanaged the quasi-governmental agencies that over the decades have come to manage the real estate market in America."

http://ibdeditorial.com/IBDArticles.aspx?id=306370789279709


Amazing, but typical Washington lib behavior, Bury the time bomb, and when it finally explodes be nowhere in sight. Don't they call those IED's? And what do they call those guys that do that stuff? :oops2:
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Re: Failure of Fannie Mae and Freddie Mac-Not Bush's Fault?

PostBy: Devil505 On: Tue Sep 16, 2008 7:28 pm

LsFarm wrote:You aren't listening [reading] once the liberal policies for mortgage lending were set in motion, to revoke them would be political suicide.. like the constant 'tax breaks for the rich' BS from the Dems and Libs..

There is no way that once put in place will the rules be tightened without political bloodshed.

Greg L.


First of all I don't buy the White House "finger pointing" that this mess was caused by unassailable liberal policies under Presidents over 8 years ago & under Congresses over 14 years ago., but even if I did accept that, then the failure of the Bush administration to correct these "Problems" in over 8 years can only be attribute to either:
1. Gross Incompetence

or

2. Willful (& probable criminal ) collusion



Which is it? (& either choice means they should be thrown out of office)


Are you really going to stand by the argument that in over 8 years, GW Bush has no responsibility in regards to our current economic crisis? (if anyone reading my arguments really believes that, then there are obviously no combination of words in the English language that will change your mind so feel free to not read or respond to any of my arguments....They are meant for those whose heads are not buried so deeply............ in the sand) ;)

(the way I & many economists.....(& just plain common sense) see it is that if you stop all Congressional oversight & let greed overtake the business culture in this country, what you see was inevitable!...You can't give the keys to the hen house to the fox....... & then feign surprise that all the hens are missing, or try to blame it on the dog next door!)
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Re: Failure of Fannie Mae and Freddie Mac-Not Bush's Fault?

PostBy: coaledsweat On: Tue Sep 16, 2008 9:56 pm

Hey Devil, check this out. John McCain, economic genius and he's modest too. :D

http://209.157.64.201/focus/f-news/2083758/posts
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Re: Failure of Fannie Mae and Freddie Mac-Not Bush's Fault?

PostBy: coalmeister On: Tue Sep 16, 2008 11:10 pm

Coaledsweat, you outdid yourself on this one! Boy does that tell it all

Break out the popcorn & get comfortable, Gotta hear da' Devil's response to this one :devil: :cry2:
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