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Thread: wanna read crazy??

  1. #9
    Join Date
    Jan 2000
    Posts
    14,676

    Post Re: wanna read crazy??

    What a neat little package to boil it all down into.
    "The middle class overspent".
    No wonder the crimes of the mortgage banking industry are being overlooked.
    Obviously, the misguided notion of William Blum is alive and well in this country.
    What a shame.


    "The "trickle-down" theory: the principle that the poor, who must subsist on table scraps dropped by the rich, can best be served by giving the rich bigger meals." ~William Blum

  2. #10
    Join Date
    Oct 2004
    Posts
    747

    Re: wanna read crazy??

    do you debate that they DIDN'T overspend? Did the gov't not overspend as well? In most cases, as I have already said, the mortgage industry was forced to provide these products. That doesn't mean that people were not aggressively sold to by mortage brokers, but the banks themselves had demands put on them by congress to make funds available to those that should NOT have qualified. People are free to make their own choices and a gun wasn't put to their heads. Greed in the middle/lower class was a part of this equation.

  3. #11
    Join Date
    Jan 2000
    Posts
    14,676

    Post Re: wanna read crazy??

    The mortgage industry was FORCED to provide these products?
    That is laughable.
    But hey, let's blame it all on the middle class and let the greedy mortgage lenders off with no blame on them.

  4. #12
    Join Date
    Oct 2004
    Posts
    747

    Re: wanna read crazy??

    laughable? check out the record. its fact.

    when the bush admin warned of this frank responded:

    "'These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis. The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''

    the Federal Housing Enterprise Regulatory Reform Act of 2005 (S. 190) -- was Republican legislation introduced by Sen. Charles Hagel [R-NE] in January of 2005. And it was the Democrats who opposed it in committee, fearing that its restrictions and portfolio caps might impair mortgage market liquidity, and subsequently, affordable housing. Despite the "nay" votes of all 9 Democrats on the Senate Committee on Banking, Housing, and Urban Affairs, the bill moved to the Senate floor, where it died in limbo lacking a filibuster-proof majority. The Bill was reintroduced in the 110th Congress as S. 1100, but was kept on ice by committee chairman Chris Dodd, who, coincidently, received $133,900 in grease from Fannie and Freddie over the past decade.

    Maxine Waters' H.R.1852 passed the House. As proudly emphasized by co-sponsor Frank at the time, the Bill authorized "zero and lower down payment loans for borrowers that can afford mortgage payments, but lack the cash for a required down payment." It also "more than doubled" funding to counsel "subprime homebuyers and borrowers late on mortgage loan payments" and directed the FHA "to provide mortgage loans to higher risk (but qualified) borrowers, without authorizing unnecessary fee hikes on such borrowers." It also raised "FHA single family loan limits, which now bar loans above 95% of the median home price in each local area and shut FHA out of higher cost home markets."

    Check out the Community Reinvestment Act (CRA).

    Seriously...some people just think with their heart and what they want to believe.

  5. #13
    Join Date
    Oct 2004
    Posts
    747

    Re: wanna read crazy??

    what's the retort?

    "ha..not true"?

  6. #14
    Join Date
    Oct 2004
    Posts
    747

    Re: wanna read crazy??

    In 2005, President Bush tried to get Fannie and Freddie reform legislation through Congress and in 2006, Senator John McCain(R) co-signed new reform legislation, which could have prevented this mortgage meltdown. Each time Frank and Dodd, with the solid support of the Democrats in congress, killed the legislation. Representative Barney Frank’s response was, “They are worried about the “tiny little matter of safety and soundness, rather than concern about housing.”

    Fox guarding the henhouse and now all the liberals want to blame someone else.

  7. #15
    Join Date
    Oct 2004
    Posts
    747

    Re: wanna read crazy??

    strangely enough..wall st has given MORE MONEY to Obama than ANY OTHER president in the last 20 yrs...go figure..

  8. #16
    Join Date
    Apr 1999
    Posts
    1,947

    Re: wanna read crazy??

    There are so many mixed messages in this movement I don't know that the protesters even know what they are protesting. I read an article today that said in Boston they protested screaming fund education not corporations. Where do these students think they are going to work once they graduate? ITA that the education system in this country is broken, it costs way to much to get a college education. But seriously?

    If there's this much energy against corporations then where is the small start up business to take on big corporations? How about solutions where banks and VC's release their strangle hold on the capital in this country? Once the funds flow again movement happens. People read headlines like "corporate profits on the rise" and think a handful of people are pocketing the money. But the general public don't know how to read a balance sheet to realize those profits are being used, in some cases, to payback lines of credit or other aged payables/receivables. And the media doesn't cover that side of the equation because it doesn't sell web hits or click throughs.

    Not saying we don't need solutions, just saying this Occupy Wallstreet seems, IMO to create more discord.

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