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Started By
Message
re: Libs/Dems - what has President Trump done to make your life more miserable
Posted on 5/11/18 at 1:28 pm to texridder
Posted on 5/11/18 at 1:28 pm to texridder
quote:
Wall Street sold crap to Freedie and Fannie.
a. pretty sure this is wrong
b. the bond rating agencies didn't do their job
c. the push for lower-income people under Clinton loosened the lending requirements to allow this fiasco to unfold
quote:
Bush deserves all the blame he can get.
what, specifically, did he do? or his admin?
specifically, i'm talking about the increase in subprime mortgages or banks/investment firms buying the CDOs (and then CDSs)?
and don't act like these could be regulated when the government had no real idea what they were. that's the problem with regulation: it's reactionary and can only make rules after the fact
1
Posted on 5/11/18 at 1:29 pm to texridder
follow up:
how much of the blame for the mortgage crisis do you put on greedy people who borrowed more money than they could afford and/or falsified income documentation to secure that debt?
how much of the blame for the mortgage crisis do you put on greedy people who borrowed more money than they could afford and/or falsified income documentation to secure that debt?
Posted on 5/11/18 at 1:29 pm to texridder
quote:
I'm only considered liberal on here because the average poster thinks Trump is a moderate.
Trump's deregulation of the financial industry will come back to bite us just like it did with Bush.
Greed is not good.
Literally every prediction leftists make on the economy is wrong. History has taught us this time and time again, so consider us ingnoring the frick out of you a history lesson.
Posted on 5/11/18 at 1:30 pm to texridder
quote:
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.
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 Maeand 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.
https://www.google.com/amp/s/www.cnbc.com/amp/2016/05/28/are-the-clintons-the-real-housing-crash-villains.html
Posted on 5/11/18 at 1:30 pm to texridder
As usual, you are woefully misinformed. Bush specifically warned congress about what was about to happen. He was called racist.
Posted on 5/11/18 at 1:33 pm to SDVTiger
quote:
Sorry baw it started with Clinton so just stop
You are clueless.
Even if you tried to blame it on Clinton, those regulations had to do with lending by banks. The vast majority of sub-prime loans that tanked in 2004-2006 were initiated by mortgage companies not banks.
Posted on 5/11/18 at 1:33 pm to bbeck
quote:
Please go ask this on reddit.
You have my permission to borrow the question. I don't do some of the stuff you guys do.
Posted on 5/11/18 at 1:34 pm to texridder
quote:
You are clueless.
I just posted proof. I have been in the industry my entire life and you for sure have no idea what you are talking about
quote:
The vast majority of sub-prime loans that tanked in 2004-2006 were initiated by mortgage companies not bank
What the frick are you talking about. Mortgage companies now make loans?
This post was edited on 5/11/18 at 1:35 pm
Posted on 5/11/18 at 1:35 pm to texridder
quote:
You are clueless.
Even if you tried to blame it on Clinton, those regulations had to do with lending by banks. The vast majority of sub-prime loans that tanked in 2004-2006 were initiated by mortgage companies not banks.
You don’t know wtf you are talking about and you are about to get taken to fricking school.
You sure you want to go there?
Posted on 5/11/18 at 1:40 pm to SlowFlowPro
quote:
b. the bond rating agencies didn't do their job
For sure. But they were pressured/manipulated by the Wall Streeters.
Clinton regulations were related to banks not S&Ls and mortgage companies.
Bush appointed Donaldson as Chairman of the SEC, who then let Walk Streeters basically regulate themselves by self- reporting the value of their assets unchecked, which of course they way overvalued to the very end.
This post was edited on 5/11/18 at 1:41 pm
Posted on 5/11/18 at 1:41 pm to texridder
quote:
Clinton regulations were related to banks not S&Ls and mortgage companies
Each post its get worse for you
Posted on 5/11/18 at 1:43 pm to SDVTiger
Please destroy this fool.
I’m on my phone and don’t feel like pecking out that level of devastation on a 2.5x5 inch surface.
I’m on my phone and don’t feel like pecking out that level of devastation on a 2.5x5 inch surface.
Posted on 5/11/18 at 1:43 pm to Homesick Tiger
According to Pelosi. the people are about to revolt unless someone raises taxes.
Posted on 5/11/18 at 1:45 pm to Vacherie Saint
quote:
Please destroy this fool.
I already posted the article from CNBC hes not worth it
Anyone who says mortgage companies are making loans is a total moron
Posted on 5/11/18 at 1:45 pm to SlowFlowPro
quote:
how much of the blame for the mortgage crisis do you put on greedy people who borrowed more money than they could afford and/or falsified income documentation to secure that debt?
its a bank's responsibility to check the qualifications of a loan prior to issuing the loan.
Anyone who broke the law regarding applying for a loan should be punished. But I won't shed a tear for banks making bad loans.
The crisis was so fricking big that there is no one factor that caused it. Big complicated frick ups rarely have one cause.
Posted on 5/11/18 at 1:47 pm to SlowFlowPro
quote:
how much of the blame for the mortgage crisis do you put on greedy people who borrowed more money than they could afford and/or falsified income documentation to secure that debt?
They didn't come up with that on their own. Those originating the loans concocted those schemes, in many cases by misrepresenting the anticipated increase in the value which would allow for take out financing.
Posted on 5/11/18 at 1:49 pm to brian_wilson
quote:
its a bank's responsibility to check the qualifications of a loan prior to issuing the loan.
Anyone who broke the law regarding applying for a loan should be punished. But I won't shed a tear for banks making bad loans.
Clearly, but you do understand that for two decades the feds 1) created policy to entice lending companies to make riskier loans and 2) created a system to help ensure against losses taken for default on risky loans?
It's not as simple as what you stated.
quote:
The crisis was so fricking big that there is no one factor that caused it. Big complicated frick ups rarely have one cause.
True, basically anyone who knows anything about it agrees with this . . . except, apparently, texridder
Posted on 5/11/18 at 1:52 pm to Vacherie Saint
quote:
You don’t know wtf you are talking about and you are about to get taken to fricking school. You sure you want to go there?
It's a daily occurrence. He isn't bright enough to wrap his mind around what he is being told. Ignorance is bliss, I guess.
Posted on 5/11/18 at 1:53 pm to Homesick Tiger
Who said he's made my life miserable? I just cant stand Repulicans.
Posted on 5/11/18 at 1:53 pm to Antonio Moss
quote:
1) created policy to entice lending companies to make riskier loans and 2) created a system to help ensure against losses taken for default on risky loans?
1) the majority of loans that went bad were not originated by banks, although banks would buy them up after they were originated. They would also insure them without knowing the underlying risk
2) Yes, the gov't failed to regulate bank reserves to cover losses.
Just typing this out pisses me off. We should have seen THOUSANDS or TENS OF THOUSANDS of people go to jail for this mess.
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