[gariharlj]

Go look up the 1994 revisions to the Community Reinvestment Act made by Clinton and Al Sharpton and his NAACP ilk.

The notion that lenders would seriously lend to clowns that have little to no income without being forced is downright absurd.

Nice of you to defend the bankers and insurance companies. let me expand on how this happened, I did this in another forum some time ago. Say Joe Blow wants to get a 300K loan from Countrycide, a national lender. A high school grad is writing his paperwork, but Joe only makes 50K a year, he won't qualify. The kid asks, do you have any other income? Joe says I mowed a lawn for $20 last weekend, the kid, a trained "professional" say's we'll just write that down as $200 a week, another $10K a year easily making the requirements. And the good news is, we'll put you in an ARM so your payments are low for 5 years, by that time your housing value will double and you can refi into a fixed! Joe signs the paperwork, the kid makes $3000K that day, he calls his upline on the golfcourse, who now makes $500 added to the 10 other guys under him, he decides to play another round. The office makes $300, PLUS that loan put them over the top, because, you see, Countrycide has a bonus program for that "product", and all winning sales in that office go to Hawaii! The district manager has met his quota with the 10 "stores" in has district and gets a $50K bonus for that quarter, his boss gets a $250K bonus in preferred stock which he quickly converts to offshore stocks. Countrycide must now have to have a 12% holdback to cover these loans, so they get loan insurance from AIG. AIG also must have a % to cover, so they insure their exposure from a re-insurance company, easy to do because THEY own it! Meanwhile to write more loans, Countrycide sells it's loans as fast as they can to lets say, Bank of UnAmerica. Bof U immediately bundles the loans and sell what they can to limit exposure, and what they cannot sell that way they either use AIG or split the loans up into "derivatives"-selling part of each loan since Morningstar has given a AAA rating to the loans and securities. Can you see it now, Nick? Not one of these companies cared if the loans were good, all of the individuals knew most were bad, but what was the incentive to tell the truth? Joe Blow was advised by a trained professional, he's a goddamn truckdriver, he thought he was doing what everybody else was doing (rightly so). The bankers, insurance execs, and countrycide execs all got off scott free, the high school kid is working at mcDonalds and is spitting in your burger as we speak, having spent all his money on surfboards and cronic. Almost 3 trillion dollars dissappeared from the economy, do you think we could use that money now, Nick? We were just days from the stone age, money would have meant nothing because all the major banks would have failed.

[Gedominew]

I just did substantiate the fucking claim - the "1994 revision of the Community Reinvestment act."

WTF..

No.

You provide a link to the document, and quote the part that supports what you're saying. Otherwise, saying "this 1000 page document supports me" is just as valid as "God spoke to me and told me so."

[Khcyhshq]

Go look up the 1994 revisions to the Community Reinvestment Act made by Clinton and Al Sharpton and his NAACP ilk.

The notion that lenders would seriously lend to clowns that have little to no income without being forced is downright absurd.

oh lordy...ahoy Mr.Nick,

please, cease and desist with this kinda propaganda.

its not true, it was never true...the CRA exists now exactly as it existed in December 2007, the start 'o the "great recession". nothin' hath been changed about it.

ask yerself, "why isn't the CRA continuein' to wreak havoc on our economy if it was the wellspring 'o our fiscal horrors?".

the reason is, 'twas never the cause of it.

- MeadHallPirate

[pupyississido]

oh lordy...ahoy Mr.Nick,

please, cease and desist with this kinda propaganda.

its not true, it was never true...the CRA act exists now exactly as it existed in December 2007, the start 'o the "great recession". nothing hath been changed about it.

ask yerself, "why isn't the CRA continuein' to wreak havoc on our economy?".

the reason is, 'twas never the cause of it.

- MeadHallPirate

I just love your style! You're just a "no BS, straight talk" kind of guy, and you still manage to be nice!

[Khcyhshq]

*blushes and high fives Sadanie*

ahoy lass!

praise from the praiseworthy always be a mighty thing.

aye!

- MeadHallPirate

[Marinausa]

oh lordy...ahoy Mr.Nick,

please, cease and desist with this kinda propaganda.

its not true, it was never true...the CRA exists now exactly as it existed in December 2007, the start 'o the "great recession". nothin' hath been changed about it.

ask yerself, "why isn't the CRA continuein' to wreak havoc on our economy if it was the wellspring 'o our fiscal horrors?".

the reason is, 'twas never the cause of it.

- MeadHallPirate

Got 500 bucks you can lend me?


Oh yeah - I'm wrong.

I love how liberals try to explain themselves.

of course you're not hurting anyone....

[flowersnewacq]

Get thee to a school! This unintelligible gibberish will only convince people that more funding for our schools is vital - look at what they're churning out!

unlike you i have multiple college degrees and unlike you this is not that important to me, i come here for fun and if the only thing you have in rebutal is bad typing or punctuation then you have nothing.

[flowersnewacq]

Have you done the work?

You think you know how easy it is? Why don't you go sub for a while? Easy money, right?

i have subbed that is why i know that teachers are given time to grade papers during school hours, and it was one of the easiest jobs i ever did.

[Marinausa]

1994...............

[BgpOoGI2]

GoldmanSex and their ilk took advantage of the whole debacle(see my thread on the housing mkt collapse),

packaging failed mortgaes and inventing derivatives,

after Fanny, Freddie, Obama, Clinton, Frank,Dodge, Bush, Carter did their thing!

Wait,, the SOCIALIST leftist resident PIRATE speaks --barf!


pram,,, Mr Nick is schooling you---HAAAAAAAAAAAAAAAAA

[Hdzcxqoi]

There was regulation. It was called the Glass Steagall Act, and worked fine for over 50 years until Clinton repealed it.

While Clinton did sign it and bears some responsibility this little annoying fact might throw a wrench into your blame game:

Respective versions of the legislation were introduced in the U.S. Senate by Phil Gramm (Republican of Texas) and in the U.S. House of Representatives by Jim Leach (R-Iowa). The third lawmaker associated with the bill was Rep. Thomas J. Bliley, Jr. (R-Virginia), Chairman of the House Commerce Committee from 1995 to 2001. Introduced and championed by Republicans. In hindsight obviously this was stupid and blame can be shared (for you Matt). I just have one question:

Who is still championing deregulation today? I'll give you a hint: It's not the Democrats.

[AromeWahmaron]

Did you ever read the article about who voted for Graham - Leach - Bliley and the receipt of campaign donations, Danny?

It won't advance your partisanship, but it will advance your understanding of what happened and who benefited.

Here's the article : http://www.opensecrets.org/news/2008...ed-in-con.html

Matt

[RgtrsKfR]

We are in a very slow recovery, jobs may never be the same. There is no arguement that the Banks and Financial institutions caused this debacle and cost this nation (and the world) trillions of dollars, nothing really was done to bring them to justice. How did the Teachers and public employees, who represent only a fraction of the lost riches, get the blame and punition way out of proportion to their situation? To be sure, some contracts are excessive, and a third party should negociate them instead of politicians, but the actual employees are taxpayers just like us, and most work just as hard despite the disparaging diatribe of some malcontents.

If we need anything it's higher tariffs, less regulation and more right to work states.

[Marinausa]

Nice of you to defend the bankers and insurance companies. let me expand on how this happened, I did this in another forum some time ago. Say Joe Blow wants to get a 300K loan from Countrycide, a national lender. A high school grad is writing his paperwork, but Joe only makes 50K a year, he won't qualify. The kid asks, do you have any other income? Joe says I mowed a lawn for $20 last weekend, the kid, a trained "professional" say's we'll just write that down as $200 a week, another $10K a year easily making the requirements. And the good news is, we'll put you in an ARM so your payments are low for 5 years, by that time your housing value will double and you can refi into a fixed! Joe signs the paperwork, the kid makes $3000K that day, he calls his upline on the golfcourse, who now makes $500 added to the 10 other guys under him, he decides to play another round. The office makes $300, PLUS that loan put them over the top, because, you see, Countrycide has a bonus program for that "product", and all winning sales in that office go to Hawaii! The district manager has met his quota with the 10 "stores" in has district and gets a $50K bonus for that quarter, his boss gets a $250K bonus in preferred stock which he quickly converts to offshore stocks. Countrycide must now have to have a 12% holdback to cover these loans, so they get loan insurance from AIG. AIG also must have a % to cover, so they insure their exposure from a re-insurance company, easy to do because THEY own it! Meanwhile to write more loans, Countrycide sells it's loans as fast as they can to lets say, Bank of UnAmerica. Bof U immediately bundles the loans and sell what they can to limit exposure, and what they cannot sell that way they either use AIG or split the loans up into "derivatives"-selling part of each loan since Morningstar has given a AAA rating to the loans and securities. Can you see it now, Nick? Not one of these companies cared if the loans were good, all of the individuals knew most were bad, but what was the incentive to tell the truth? Joe Blow was advised by a trained professional, he's a goddamn truckdriver, he thought he was doing what everybody else was doing (rightly so). The bankers, insurance execs, and countrycide execs all got off scott free, the high school kid is working at mcDonalds and is spitting in your burger as we speak, having spent all his money on surfboards and cronic. Almost 3 trillion dollars dissappeared from the economy, do you think we could use that money now, Nick? We were just days from the stone age, money would have meant nothing because all the major banks would have failed.

My turn..

Banks are forced to lend, shit take advantage, and of course said clowns cant pay the money back. er their soap is not paid for,,

^ difficult sentence....

[pupyississido]

Nice of you to defend the bankers and insurance companies. let me expand on how this happened, I did this in another forum some time ago. Say Joe Blow wants to get a 300K loan from Countrycide, a national lender. A high school grad is writing his paperwork, but Joe only makes 50K a year, he won't qualify. The kid asks, do you have any other income? Joe says I mowed a lawn for $20 last weekend, the kid, a trained "professional" say's we'll just write that down as $200 a week, another $10K a year easily making the requirements. And the good news is, we'll put you in an ARM so your payments are low for 5 years, by that time your housing value will double and you can refi into a fixed! Joe signs the paperwork, the kid makes $3000K that day, he calls his upline on the golfcourse, who now makes $500 added to the 10 other guys under him, he decides to play another round. The office makes $300, PLUS that loan put them over the top, because, you see, Countrycide has a bonus program for that "product", and all winning sales in that office go to Hawaii! The district manager has met his quota with the 10 "stores" in has district and gets a $50K bonus for that quarter, his boss gets a $250K bonus in preferred stock which he quickly converts to offshore stocks. Countrycide must now have to have a 12% holdback to cover these loans, so they get loan insurance from AIG. AIG also must have a % to cover, so they insure their exposure from a re-insurance company, easy to do because THEY own it! Meanwhile to write more loans, Countrycide sells it's loans as fast as they can to lets say, Bank of UnAmerica. Bof U immediately bundles the loans and sell what they can to limit exposure, and what they cannot sell that way they either use AIG or split the loans up into "derivatives"-selling part of each loan since Morningstar has given a AAA rating to the loans and securities. Can you see it now, Nick? Not one of these companies cared if the loans were good, all of the individuals knew most were bad, but what was the incentive to tell the truth? Joe Blow was advised by a trained professional, he's a goddamn truckdriver, he thought he was doing what everybody else was doing (rightly so). The bankers, insurance execs, and countrycide execs all got off scott free, the high school kid is working at mcDonalds and is spitting in your burger as we speak, having spent all his money on surfboards and cronic. Almost 3 trillion dollars dissappeared from the economy, do you think we could use that money now, Nick? We were just days from the stone age, money would have meant nothing because all the major banks would have failed.

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!

[nvideoe]

Nice of you to defend the bankers and insurance companies. let me expand on how this happened, I did this in another forum some time ago. Say Joe Blow wants to get a 300K loan from Countrycide, a national lender. A high school grad is writing his paperwork, but Joe only makes 50K a year, he won't qualify. The kid asks, do you have any other income? Joe says I mowed a lawn for $20 last weekend, the kid, a trained "professional" say's we'll just write that down as $200 a week, another $10K a year easily making the requirements. And the good news is, we'll put you in an ARM so your payments are low for 5 years, by that time your housing value will double and you can refi into a fixed! Joe signs the paperwork, the kid makes $3000K that day, he calls his upline on the golfcourse, who now makes $500 added to the 10 other guys under him, he decides to play another round. The office makes $300, PLUS that loan put them over the top, because, you see, Countrycide has a bonus program for that "product", and all winning sales in that office go to Hawaii! The district manager has met his quota with the 10 "stores" in has district and gets a $50K bonus for that quarter, his boss gets a $250K bonus in preferred stock which he quickly converts to offshore stocks. Countrycide must now have to have a 12% holdback to cover these loans, so they get loan insurance from AIG. AIG also must have a % to cover, so they insure their exposure from a re-insurance company, easy to do because THEY own it! Meanwhile to write more loans, Countrycide sells it's loans as fast as they can to lets say, Bank of UnAmerica. Bof U immediately bundles the loans and sell what they can to limit exposure, and what they cannot sell that way they either use AIG or split the loans up into "derivatives"-selling part of each loan since Morningstar has given a AAA rating to the loans and securities. Can you see it now, Nick? Not one of these companies cared if the loans were good, all of the individuals knew most were bad, but what was the incentive to tell the truth? Joe Blow was advised by a trained professional, he's a goddamn truckdriver, he thought he was doing what everybody else was doing (rightly so). The bankers, insurance execs, and countrycide execs all got off scott free, the high school kid is working at mcDonalds and is spitting in your burger as we speak, having spent all his money on surfboards and cronic. Almost 3 trillion dollars dissappeared from the economy, do you think we could use that money now, Nick? We were just days from the stone age, money would have meant nothing because all the major banks would have failed.

That's a pretty fair rundown of the procedure but you left out one factor. Those derivatives that Moodys rated AAA could be rated as such because of two clearinghouses....Fannie and Freddie. The GSE's functioned with the implicit understanding that if the whole shithouse burned down it would be covered by the "full faith and credit" of the US government....the taxpayers. There's a whole slew of Congressmen and Senators who should have had their necks stretched for backstopping this madness and the ONLY reason it happened is because the watchdogs - appointed by government - turned a blind eye to the whole scheme because their benefactors in congress were more interested in getting votes than looking out for the interests of this country and the people that they were supposed to represent.

[q9h9pPne]

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.

[RgtrsKfR]

Another radical idea to fix the economy is to make people take delivery of any producst they buy on the market. No more corn or oil speculation.

[Gedominew]

unlike you i have multiple college degrees and unlike you this is not that important to me, i come here for fun and if the only thing you have in rebutal is bad typing or punctuation then you have nothing.

Ahh, yes, the ol' "I just don't care enough to write a coherent sentence" approach.

I can't rebut you because you aren't writing anything to rebut. You're writing gibberish. I can't rebut a 14 month old's babbling, either, though the failing isn't on my part.

[Gedominew]

GoldmanSex and their ilk took advantage of the whole debacle(see my thread on the housing mkt collapse),

packaging failed mortgaes and inventing derivatives,

after Fanny, Freddie, Obama, Clinton, Frank,Dodge, Bush, Carter did their thing!

Wait,, the SOCIALIST leftist resident PIRATE speaks --barf!


pram,,, Mr Nick is schooling you---HAAAAAAAAAAAAAAAAA

George, I'm really not interested in your drug-addled trolling. Find someone else to badger.

And if Mr Nick's knob is the one you want to slobber, please feel free, but leave me the hell out of it.