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Message
What Happen with the Sub-Prime Mortgage Crisis
Posted on 3/4/19 at 8:59 pm
Posted on 3/4/19 at 8:59 pm
Watching a Documentary and seems to blame Bush. I thought it was mainly Clinton.
35
Posted on 3/4/19 at 9:01 pm to Tigahhs97
it was primarily people who couldn't afford homes taking out mortgages on those homes
2nd was the ratings agencies for committing fraud by intentionally overrated the MBS's
3rd was the banks for loaning people the money for the mortgages
2nd was the ratings agencies for committing fraud by intentionally overrated the MBS's
3rd was the banks for loaning people the money for the mortgages
Posted on 3/4/19 at 9:02 pm to Tigahhs97
Barney Frank
Posted on 3/4/19 at 9:03 pm to Cosmo
quote:
Barney Frank
Posted on 3/4/19 at 9:03 pm to Tigahhs97
Bush tried to tell them that everyone did not deserve a home. Everyone couldn’t have a mortgage. They called him racist when he said this. Barney. Frank raised hell about Bush being a racist They we’re giving illegals mortgages with no social security number or any real job. They were giving minorities with no real job or way to pay back the loan mortgages to be fair. That is why we got fricked with the recession.
Posted on 3/4/19 at 9:05 pm to SlowFlowPro
quote:
it was primarily people who couldn't afford homes taking out mortgages on those homes 2nd was the ratings agencies for committing fraud by intentionally overrated the MBS's 3rd was the banks for loaning people the money for the mortgages
Meh, Banks and Borrowers on equal footing and fault here. Two willing parties to those contracts..
Posted on 3/4/19 at 9:06 pm to SmackoverHawg
quote:
Barney Frank
And Franklin Reines.
Posted on 3/4/19 at 9:06 pm to Tigahhs97
Banks did exactly what they were told do, which is finance anyone who could sign for it. Barney Frank was in charge of oversight at the time.
Posted on 3/4/19 at 9:07 pm to Cosmo
quote:
Barney Frank
Barney Frank and Chris Dodd fixed the legacy loan problem.
Posted on 3/4/19 at 9:09 pm to SlowFlowPro
quote:
it was primarily people who couldn't afford homes taking out mortgages on those homes
Who gave them those loans?
Posted on 3/4/19 at 9:14 pm to tarzana
Lol. What problem was that that they fixed?
Posted on 3/4/19 at 9:16 pm to Tigahhs97
Clinton got the ball rolling when he made Fannie Mae and Freddy Mac increase the percentage of sub prime loans taken in order to boost his minority housing initiatives.
Posted on 3/4/19 at 9:16 pm to Tigahhs97
Bush wanted a higher GDP and everyone to have the American Dream of homeownership. Rating agencies wanted more fees. Barney Frank wanted every underprivileged person to be able to buy a home. Bankers wanted bigger bonuses. Mortgage lenders wanted bigger commission. Home buyers wanted to get rich quick flipping homes. Lots of blame to go around.
Posted on 3/4/19 at 9:18 pm to Tigahhs97
There's plenty of blame to go around on all sides.
Posted on 3/4/19 at 9:18 pm to Tigahhs97
Barney's Frank in Freddie's Fannie.
Posted on 3/4/19 at 9:19 pm to Cosmo
quote:That's what I thought. "Everyone deserves a home that they can't afford."
Barney Frank
Posted on 3/4/19 at 9:25 pm to Tigahhs97
quote:
Watching a Documentary and seems to blame Bush. I thought it was mainly Clinton
That documentary is categorically false. I’ll shite on Bush all day every day for a million reasons but Clinton signed the legislation that made banks lend money
LINK
LINK
Most damning
Posted on 3/4/19 at 9:27 pm to Tigahhs97
It was neither of their faults.
It was due to the fact that foreign investors see American real estate as something that always goes up. In order to feed the global investment beast, brokers had to keep pushing the limits by creating the risky securities. It eventually crashed.
FYI...it’s happening all over again.
It was due to the fact that foreign investors see American real estate as something that always goes up. In order to feed the global investment beast, brokers had to keep pushing the limits by creating the risky securities. It eventually crashed.
FYI...it’s happening all over again.
This post was edited on 3/4/19 at 11:33 pm
Posted on 3/4/19 at 9:29 pm to Tigahhs97
The Financial Crisis Inquiry Commission came to 9 central conclusions:
FCIC Report
FCIC Report
quote:
We conclude this financial crisis was avoidable
quote:
We conclude widespread failures in financial regulation and supervision proved devastating to the stability of the nation’s financial markets.
quote:
We conclude dramatic failures of corporate governance and risk management at many systemically important financial institutions were a key cause of this crisis.
quote:
Weconcludeacombinationofexcessiveborrowing,riskyinvestments,andlack of transparency put the financial system on a collision course with crisis
quote:
Weconcludethegovernmentwasillpreparedforthecrisis,anditsinconsistent response added to the uncertainty and panic in the financial markets.
quote:
We conclude there was a systemic breakdown in accountability and ethics
quote:
We conclude collapsing mortgage-lending standards and the mortgage securi- tization pipeline lit and spread the flame of contagion and crisis
quote:
We conclude over-the-counter derivatives contributed significantly to this crisis
quote:
We conclude the failures of credit rating agencies were essential cogs in the wheel of financial destruction.
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