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**q9h9pPne** · 02-04-2011, 01:06 AM

You are so right! Even the "friendly realtors" had interest in selling more house than a couple could afford (commissions!), and recommend their best friend the "friendly loan broker" (who only charges $600.00 to get you into a loan!).
It was a multi-level greed feast!. . .and now it is a "blame the victims" game, while the real culprit are holding on to the cheap money instead of making loans to help people stay in their houses!

But that's okay, because the REAL winners of this greed feast are still winning. . .those who have a couple millions $ in the bank can now easily afford to buy 10 income properties, instead of the 5 they could have bought 3 years ago!. . .And, since there are so many people in need of rentals. . .they can make a killing on that too!

I ask you, do you know that Fannie and Freddie purchased the largest percentage of these loans made by bankers. Actually these banker are loan agents for Fannie and Freddie which own, what 70% of all the mortgages.

So it is Fannie and Freddie that dictated the terms of the loans the agent banks could lend and that they would buy up. The term that Fannie and Freddie went to as low as no money down, no credit, and no income. Why because they were pushed by Frank and Dodd to lower the loan standards so that everyone could own a home, The American Dream. It was Fannie and Freddie who purchased the loans once they were brokered.

And did you also know we are still bailing out Fannie and Freddie with tax payer money.

I will also add that it was Bush and McCain who was pushing to reform Fannie and Freddie in 2001.

Now I will say Frannie and Freddie is not the sole reason we had the housing crash, but what Frannie and Freddie started spilled over int Wall Street and sub-prime loans were bundled up and sold to investors. And I criticize Wall Street for this as they knew the loans they were bundling were worthless.

02-04-2011, 01:06 AM	#37
q9h9pPne Join Date Oct 2005 Posts 467 Senior Member	You are so right! Even the "friendly realtors" had interest in selling more house than a couple could afford (commissions!), and recommend their best friend the "friendly loan broker" (who only charges $600.00 to get you into a loan!). It was a multi-level greed feast!. . .and now it is a "blame the victims" game, while the real culprit are holding on to the cheap money instead of making loans to help people stay in their houses! But that's okay, because the REAL winners of this greed feast are still winning. . .those who have a couple millions $ in the bank can now easily afford to buy 10 income properties, instead of the 5 they could have bought 3 years ago!. . .And, since there are so many people in need of rentals. . .they can make a killing on that too! I ask you, do you know that Fannie and Freddie purchased the largest percentage of these loans made by bankers. Actually these banker are loan agents for Fannie and Freddie which own, what 70% of all the mortgages. So it is Fannie and Freddie that dictated the terms of the loans the agent banks could lend and that they would buy up. The term that Fannie and Freddie went to as low as no money down, no credit, and no income. Why because they were pushed by Frank and Dodd to lower the loan standards so that everyone could own a home, The American Dream. It was Fannie and Freddie who purchased the loans once they were brokered. And did you also know we are still bailing out Fannie and Freddie with tax payer money. I will also add that it was Bush and McCain who was pushing to reform Fannie and Freddie in 2001. Now I will say Frannie and Freddie is not the sole reason we had the housing crash, but what Frannie and Freddie started spilled over int Wall Street and sub-prime loans were bundled up and sold to investors. And I criticize Wall Street for this as they knew the loans they were bundling were worthless.
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