On Oct 23, 12:12*pm, wrote:
...
Stick that in your ass.
'In analyzing the mortgage crisis, economist Walter E. Williams has
written: “Starting with the Community Reinvestment Act of 1977, that
was
given more teeth during the Clinton administration, Congress
started
intimidating banks and other financial institutions into
making loans,
so-called sub-prime loans, to high-risk homebuyers and
businesses.
“The carrot offered was that these high-risk loans would be purchased
by
the government-sponsored enterprises Fannie Mae and Freddie Mac..
Anyone
with an ounce of brains would have known that this was a
prescription
for disaster but there was a congressional chorus of
denial,” he added.
“The financial collapse of Fannie Mae and Freddie Mac is not a
failure
of the free market because lending institutions in a free
market would
not have taken on the high-risk loans,” said Williams.
“They were forced
to by the heavy hand of government.” '
"In 1992, Congress mandated that Fannie and Freddie increase their
purchases
of mortgages for low-income and medium-income borrowers.
Operating under
that requirement, Fannie Mae, in particular, has been
aggressive and
creative in stimulating minority gains."
"The two companies are now required to devote 42% of their portfolios
to
loans for low- and moderate-income borrowers"
http://articles.latimes.com/1999/may/31/news/mn-42807
http://www.youtube.com/watch?v=usvG-s_Ssb0
http://www.youtube.com/watch?v=9nU3f...eature=related
http://www.youtube.com/watch?v=qfoTo...eature=related
http://www.youtube.com/watch?v=LSqhr...1&feature=fvwp
http://www.youtube.com/watch?v=usvG-s_Ssb0
and
http://www.youtube.com/watch?v=6CgJq...layer_embedded
http://www.youtube.com/watch?v=cMnSp...eature=related
http://www.youtube.com/watch?v=RYz1rbB5V1s
http://www.youtube.com/watch?v=cMnSp4qEXNM&NR=1
http://www.youtube.com/watch?v=ivmL-...eature=related
http://www.youtube.com/watch?v=ALAIEYq5Y00
http://www.youtube.com/watch?v=XjYDzyQNqX8
http://www.youtube.com/watch?v=_CcFdjXvjvE&NR=1
http://www.youtube.com/watch?v=o6ZHOxJLUGI&NR=1
http://query.nytimes.com/gst/fullpag...123BF932A2575A...
http://query.nytimes.com/gst/fullpag...153EF933A0575A...
http://americanfuturefund.com/2008/0...locks-reform-a...
• 1) Securitization for residential mortgages was invented in 1970 by
Ginnie Mae. It was expanded by government sponsored enterprises (e.g.,
Fannie Mae and Freddie Mac) and private institutions through the 1980s
and '90s to include a wide range of financial assets. 2) Congress has
consistently eliminated regulatory obstacles to securitization with
the Secondary Mortgage Market Enhancement Act (SMMEA), Real Estate
Mortgage Investment Conduits (REMICs), Financial Asset Securitization
Investment Trusts (FASITs), and Riegle Community Development and
Regulatory Improvement Act.
3) The Riegle Act also instructed federal
regulators to reduce risk-based capital requirements for bank holdings
of small business loan securities.
http://www.nado.org/loansales/securitization1.html
political donations
* * * * * *Democrats * * * * * * *Republicans
2010 * * *69% * * * * * * * * * * * * *31%
2008 * * *75 % * * * * * * * * * * * * 25%
2006 * * *63% * * * * * * * * * * * * *37%
2004 * * *62% * * * * * * * * * * * * *38%
2002 * * *66% * * * * * * * * * * * * *34%
http://www.opensecrets.org/orgs/summ...?id=d000000085
regulation derivatives
http://www.thenation.com/blogs/edcut/370925
http://www.youtube.com/watch?v=syN3r...eature=related
Find out moe about the CRA
http://www.cato.org/pubs/regulation/...4/vmck4-94.pdf
--
The CRA tells a financial institution that if
it moves into such an area, financial regu
latory agencies and community groups will
dictate how its “community” will be
defined, how its performance will be
judged, and most importantly, how it will
make its lending decisions.
http://www.youtube.com/watch?v=ivmL-...x t=1&index=2
http://www.subprimemortgageplan.com/...e_Crisi s.php