I don't get people who say, "Oh that site is no good."

Are you saying this isn't correct: Treasury Secretary Hank Paulson told Congress its implementation was required to stem a worldwide economic collapse.

Is that not true?

Or this:

Formally called the Emergency Economic Stabilization Act, the measure bailed out banks in the wake of the subprime mortgage debacle. It authorized the Treasury to spend as much as $700 billion in taxpayer funds to buy mortgage-backed securities and other distressed assets as a means of restoring confidence in badly shaken credit markets. Initially, a coalition of conservative free-market Republicans and liberal anti-Wall Street Democrats greeted Paulson’s proposal with skepticism. On Sept. 29, the House unexpectedly rejected the plan by a vote of 205-228, shaking the financial markets. Four days later, after some minor changes, the House voted 263–171 to pass the bill into law."

Is that not true?

Act like an adult.

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Posted by SDVTiger

Cabo San Lucas

Member since Nov 2011

75124 posts

Posted on 4/3/17 at 9:02 am to WhiskeyPapa

Just stop embarrassing yourself

quote:
Seeds of mortgage meltdown

The seeds of the mortgage meltdown were planted during Bill Clinton's presidency.
Under Clinton's Housing and Urban Development (HUD) secretary, Andrew Cuomo, Community Reinvestment Act regulators gave banks higher ratings for home loans made in "credit-deprived" areas. Banks were effectively rewarded for throwing out sound underwriting standards and writing loans to those who were at high risk of defaulting. If banks didn't comply with these rules, regulators reined in their ability to expand lending and deposits.

quote:
These new HUD rules lowered down payments from the traditional 20 percent to 3 percent by 1995 and zero down-payments by 2000. What's more, in the Clinton push to issue home loans to lower income borrowers, Fannie Mae and Freddie Mac made a common practice to virtually end credit documentation, low credit scores were disregarded, and income and job history was also thrown aside. The phrase "subprime" became commonplace. What an understatement.

quote:
Next, the Clinton administration's rules ordered the taxpayer-backed Fannie and Freddie to expand their quotas of risky loans from 30 percent of portfolio to 50 percent as part of a big push to expand home ownership.
Fannie and Freddie were securitizing these home loans and offering 100 percent taxpayer guarantees of repayment. So now taxpayers were on the hook for these risky, low down-payment loans.

https://www.google.com/amp/www.cnbc.com/amp/2016/05/28/are-the-clintons-the-real-housing-crash-villains.html

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