How we really got into this mess...THE TRUTH

[rolltide]

since the Liberals on this forum, and the president himself, decided to point fingers across party lines to blame the Bush Administration for this mess let's actually look at how we got here.

We can all agree that the housing bubble, providing loans to Americans that should not have qualified, and putting together programs like Fanny and Freddie were the major catalyst behind bank failures and the collapse of the economy. Well, do the liberals on this forum have any idea what the genesis, then catalyst, of these policies was? of course you don't so I'll give you the information so you can understand how the Bush Administration did not hand Barack Hussein Obama this economy.

Freddie and Fannie were essentially born in 1977 when Jimmy Carter and his gang passed the Community Reinvestment Act to open up mortgage financing to people who would normally be unable to get loans.

The real igniter for these policies was amendments in 1996 from Bill Clinton which really opened the flood gates to Freddie and Fannie. What these amendments did was allow subprime mortgages to be put into mortgage backed securities pools. Prior to these amendments the only way you could finance subprime mortgages was through the FHA (Federal Housing Authority). When subprime loans from Freddie and Fannie are packaged up and pooled and sold to Lehman Brothers, Merrill Lynch they absolutely did not know what was in that paperwork, only Freddie and Fannie plus the ratings services knew that.

Bush tried numerous times through 2003 to regulate Freddie and Fannie, and have them brought back under the US Treasury...and guess what? This legislation was blocked EVERY TIME by lobbyists of the Homebuilders Association, lobbyists from Mortgage lenders, and led on the left by Barney Frank and Christopher Dodd.

By the time the housing crisis began in 2006 it was too late.

So, the very brief time liberals have had executive control in the past 40 years allowed them to create this social engineering project which has collapsed this economy. These are the facts folks...perhaps you can explain this to Obama for me? He obviously has not been briefed on the subject. This entire mess was created by the government meddling in the mortgage market and these are the same people you want controlling how we will recover?
~~:<<

 

[Ricboff]

since the Liberals on this forum, and the president himself, decided to point fingers across party lines to blame the Bush Administration for this mess let's actually look at how we got here.

We can all agree that the housing bubble, providing loans to Americans that should not have qualified, and putting together programs like Fanny and Freddie were the major catalyst behind bank failures and the collapse of the economy. Well, do the liberals on this forum have any idea what the genesis, then catalyst, of these policies was? of course you don't so I'll give you the information so you can understand how the Bush Administration did not hand Barack Hussein Obama this economy.

Freddie and Fannie were essentially born in 1977 when Jimmy Carter and his gang passed the Community Reinvestment Act to open up mortgage financing to people who would normally be unable to get loans.

The real igniter for these policies was amendments in 1996 from Bill Clinton which really opened the flood gates to Freddie and Fannie. What these amendments did was allow subprime mortgages to be put into mortgage backed securities pools. Prior to these amendments the only way you could finance subprime mortgages was through the FHA (Federal Housing Authority). When subprime loans from Freddie and Fannie are packaged up and pooled and sold to Lehman Brothers, Merrill Lynch they absolutely did not know what was in that paperwork, only Freddie and Fannie plus the ratings services knew that.

Bush tried numerous times through 2003 to regulate Freddie and Fannie, and have them brought back under the US Treasury...and guess what? This legislation was blocked EVERY TIME by lobbyists of the Homebuilders Association, lobbyists from Mortgage lenders, and led on the left by Barney Frank and Christopher Dodd.

By the time the housing crisis began in 2006 it was too late.

So, the very brief time liberals have had executive control in the past 40 years allowed them to create this social engineering project which has collapsed this economy. These are the facts folks...perhaps you can explain this to Obama for me? He obviously has not been briefed on the subject. This entire mess was created by the government meddling in the mortgage market and these are the same people you want controlling how we will recover?
~~:<<

your not implying immunity to Lehman, Merrill and the like, are you? They didn't do their due diligence, and paid dearly for it. They also helped to move these 'investment vehicles'--- kinda crazy to sell a product that you don't 'understand', no?

second part in bold---absolutely. Deregulation gone bad.

 

[3peet]

the only way you could finance subprime mortgages was through the FHA (Federal Housing Authority). When subprime loans from Freddie and Fannie are packaged up and pooled and sold to Lehman Brothers, Merrill Lynch they absolutely did not know what was in that paperwork, only Freddie and Fannie plus the ratings services knew that.

Prove it. Prove to me how an investment bank is just gonna blindly buy up C and D grade loans without knowing their bad loans.

 

[rolltide]

Lehman, Merrill, etc are not able to do the due diligence when the subprimes from freddie and fannie were pooled with mortgage-backed securities. They literally had no idea what they were taking on but, since the rating agencies gave these loans AAA status, the assumption was they were excellent loans.

So I'm only giving them a pass on the loans they took on from Freddie and Fannie, not the loans they brought on themselves where they were able to do the due diligence on.

 

[punter]

If you were going to point at one man to blame I would pick Sen Phil Graham of Texas. When he was head of the Senate banking committee.

 

[Coldweather]

I think it happened cause the people borrowed the money and spent it to feed their children so they don't get sick and now they have no money to pay it back. This caused the businesses to loose money and they had to lay the people off and the Government had to pay them unemployment benefits and this made the situation worseer. This cause this here problem in my opinion. Hope this helps.

:toast:

 

[3peet]

And a second thing. This whole industry was TOTALLY UNREGULATED. It was the fucking Wild Wild West. Lehman and Merrill set their own rules. They weren't going by FHA ,FDMA or FNMA guidlines. They were the note holders to begin with. They're the ones who offered up the exotic, no doc , stated, loans. Fannie and Freddie never offered up option arm, teaser rate, monthly adjustable loans. The banks wrote the rules not the government. Tell me how deregulation helped?

If deregulation helped, then why did this industry run wild with amateurs and crooks during the 3 year craze? Everyone and their mother became a loan officer touting themselves as experts NO EXPERIENCE NECESSARY. Fuckin high school drop outs, thugs and greasballs off the street flashed a business cards saying they were a "loan consultant". These douchebags didn't know shit other than it was easy to get a deal approved and funded and hence collect a ridiculous 5% commission check month after month.

Does that sound like a goverment regulated industry? Gimmie a fuckin break. And I'm just giving you the tip of the iceberg.

 

[TheRightSide]

If you were going to point at one man to blame I would pick Sen Phil Graham of Texas. When he was head of the Senate banking committee.

WOW blame a republican. LOL you libs never learn.
Shurmer, Dodd, Frank. LOL no they had nothing to do with it.

 

[TheRightSide]

And a second thing. This whole industry was TOTALLY UNREGULATED. It was the fucking Wild Wild West. Lehman and Merrill set their own rules. They weren't going by FHA ,FDMA or FNMA guidlines. They were the note holders to begin with. They're the ones who offered up the exotic, no doc , stated, loans. Fannie and Freddie never offered up option arm, teaser rate, monthly adjustable loans. The banks wrote the rules not the government. Tell me how deregulation helped?

If deregulation helped, then why did this industry run wild with amateurs and crooks during the 3 year craze? Everyone and their mother became a loan officer touting themselves as experts NO EXPERIENCE NECESSARY. Fuckin high school drop outs, thugs and greasballs off the street flashed a business cardS saying they were a "loan consultant". These douchebags didn't know shit other than it was easy to get a deal approved and funded and hence collect a ridiculous 5% commission check month after month.

Does that sound like a goverment regulated industry? Gimmie a fuckin break.

Good point it sounds like they should go out of business like all businesses should from poor management. Nothing is to big to fail. They need to all lose thier jobs.

 

[tocco05]

I think that there is enough blame to go around. Both parties contributed to this mess.

 

[fletchisrhsm]

WOW blame a republican. LOL you libs never learn.
Shurmer, Dodd, Frank. LOL no they had nothing to do with it.

You do the same to the other side TRS, so stop the faux surprise.

 

[tiznow]

why you guys continue to bicker amongst yourself and do the righty/lefty shit is beyond me

until all you guys wake up and start blaming them all nothing will change and it'll be a bunch of liberals pointing fingers at each other as we continue to get fucked

granted i suppose do blame "liberalism" in general for our problems but at least i have the awareness to realize that today's "conservatives" as far as our elected officials go are liberals through and through

true conservatives don't want bank bailouts, don't want stimulus packages....

granted the bank thing is a sticky issue since we created the ponzi scheme in the past...and if we don't save it...than everybody will get cleaned out madoff style on not just a US basis but global basis at which point its a fuckin ridiculous mess....but as far as the stimulus shit goes

all the conservatives right now are bickering about is how it should be done.....not that it SHOULDN'T be done

 

[Ricboff]

Prove it. Prove to me how an investment bank is just gonna blindly buy up C and D grade loans without knowing their bad loans.

exactly. I like to see proof of this.

for simplicity, you get 1,000 mortgages, put them in a bag. Your clever, put the grade 'a' and 'b' mortgages on the top, leave the trash (subprime) buried near the bottom, hundreds of pages later.

Lehman, Merril etc just gobbled it up. Hey look, Moody (ah, needless to say all credibilty down the tubes with these 'rating' services) has it double aa rated , we are good to go!!!!

rubbish. These 'investment banks' got what they deserved. Unless, there's proof. There is none of course, or else they would have screamed foul play a long time ago.

 

[fletchisrhsm]

why you guys continue to bicker amongst yourself and do the righty/lefty shit is beyond me

until all you guys wake up and start blaming them all nothing will change and it'll be a bunch of liberals pointing fingers at each other as we continue to get fucked

granted i suppose do blame "liberalism" in general for our problems but at least i have the awareness to realize that today's "conservatives" as far as our elected officials go are liberals through and through

true conservatives don't want bank bailouts, don't want stimulus packages....

granted the bank thing is a sticky issue since we created the ponzi scheme in the past...and if we don't save it...than everybody will get whiped out....but as far as the stimulus shit goes

all the conservatives right now are bickering about is how it should be done.....not that it SHOULDN'T be done

Im with you Tiz. Good shit.

 

[3peet]

why you guys continue to bicker amongst yourself and do the righty/lefty shit is beyond me

until all you guys wake up and start blaming them all nothing will change and it'll be a bunch of liberals pointing fingers at each other as we continue to get fucked

granted i suppose do blame "liberalism" in general for our problems but at least i have the awareness to realize that today's "conservatives" as far as our elected officials go are liberals through and through

true conservatives don't want bank bailouts, don't want stimulus packages....

granted the bank thing is a sticky issue since we created the ponzi scheme in the past...and if we don't save it...than everybody will get cleaned out madoff style on not just a US basis but global basis at which point its a fuckin ridiculous mess....but as far as the stimulus shit goes

all the conservatives right now are bickering about is how it should be done.....not that it SHOULDN'T be done

I'm just saying, don't come in here pounding that "Regulation
Failed the Housing/Mortgage Industry" crap cause i'll squash that bullshit real fast.

Carry on.

 

[TheRightSide]

You do the same to the other side TRS, so stop the faux surprise.

I blam all of them Flatch. I am my own person. I do know that the liberal mindset is just crazy. They never call out all the single moms out there just popping out kids. Or all the union members that are killing thier own companies. All the UAW people not working a full day. All the "poor" teachers that just throw thier vote away without demanding much from the libs.

 

[mamatried]

exactly. I like to see proof of this.

for simplicity, you get 1,000 mortgages, put them in a bag. Your clever, put the grade 'a' and 'b' mortgages on the top, leave the trash (subprime) buried near the bottom, hundreds of pages later.

Lehman, Merril etc just gobbled it up. Hey look, Moody (ah, needless to say all credibilty down the tubes with these 'rating' services) has it double aa rated , we are good to go!!!!

rubbish. These 'investment banks' got what they deserved. Unless, there's proof. There is none of course, or else they would have screamed foul play a long time ago.

This is much closer to the TRUTH than Barry's OP. The investment banks couldn't buy up the mortgages and resell the tranches fast enough to satisfy their need for greed. Fannie and Freddie were latecomers just trying to get a cameo role in the act.

 

[3peet]

This is much closer to the TRUTH than Barry's OP. The investment banks couldn't buy up the mortgages and resell the tranches fast enough to satisfy their need for greed. Fannie and Freddie were latecomers just trying to get a cameo role in the act.

Ex-fuckin-actly. Thank you!

 

[RoofTop]

I blame the citizens of the USA.

The ones that are too damn lazy to get out and earn a wage. The ones that will not do manual labor that business and farmers have to resort to hire immigrants to do it.

The ones that cant save a freakin cent.

The ones that have to live beyond their means. The ones that need a freakin 50" flat screen but cant afford to pay the fukin light bill.

The ones that try to cheat the system with unemployment, food stamps, bankrupt protection, etc.

The CEO's and board of directors that think put themselves above the shareholders.

The politcians that put special interests above the people.

The trial lawyers that have screwed up the legal system.

Religion. Don't get me started on that.

The dope pushers.

The men and women that cant keep their cocks and twats in check.


Please add more if you like

 

[betedgeonly]

And a second thing. This whole industry was TOTALLY UNREGULATED. It was the fucking Wild Wild West. Lehman and Merrill set their own rules. They weren't going by FHA ,FDMA or FNMA guidlines. They were the note holders to begin with. They're the ones who offered up the exotic, no doc , stated, loans. Fannie and Freddie never offered up option arm, teaser rate, monthly adjustable loans. The banks wrote the rules not the government. Tell me how deregulation helped?

If deregulation helped, then why did this industry run wild with amateurs and crooks during the 3 year craze? Everyone and their mother became a loan officer touting themselves as experts NO EXPERIENCE NECESSARY. Fuckin high school drop outs, thugs and greasballs off the street flashed a business cards saying they were a "loan consultant". These douchebags didn't know shit other than it was easy to get a deal approved and funded and hence collect a ridiculous 5% commission check month after month.

Does that sound like a goverment regulated industry? Gimmie a fuckin break. And I'm just giving you the tip of the iceberg.

You could'nt of hit the nail on the head any more square there my friend. Everybody and their mother still has me lmao....Wasn't that the truth. I have done alot of remodeling for these clowns turning bedroom's into their "office". funny shit my friend....


edge