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#1
October 23rd 10, 06:05 PM
posted to rec.radio.shortwave,alt.news-media,alt.fan.rush-limbaugh,alt.politics.economics,alt.politics.liberalism
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Burning Down The House: BARNEY FRANK CAUSED ECONOMIC CRISES
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 |
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#2
October 23rd 10, 07:15 PM
posted to rec.radio.shortwave,alt.news-media,alt.fan.rush-limbaugh,alt.politics.economics,alt.politics.liberalism
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Burning Down The House: BARNEY FRANK CAUSED ECONOMIC CRISES
Werner wrote:
On Oct 23, 12:12 pm, wrote: ... Stick that in your ass. 'In analyzing the mortgage crisis, economist Walter E. Williams has One of Limbaugh's butt boys. LMAO!!! |
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#3
October 24th 10, 04:37 AM
posted to rec.radio.shortwave,alt.news-media,alt.fan.rush-limbaugh,alt.politics.economics,alt.politics.liberalism
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Burning Down The House: BARNEY FRANK CAUSED ECONOMIC CRISES
On Oct 23, 6:30*pm, China Blue Police Box
wrote: In article , *Werner wrote: written: Starting with the Community Reinvestment Act of 1977, that was You mean the law that outlawed racism in lending. -- No, it would be the law that outlawed sensible lending and borrowing. Now you see the consequences of Politics as Usual. http://www.EndIt.info |
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#4
October 25th 10, 07:49 AM
posted to rec.radio.shortwave,alt.news-media,alt.fan.rush-limbaugh,alt.politics.economics,alt.politics.liberalism
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Burning Down The House: BARNEY FRANK CAUSED ECONOMIC CRISES
On Oct 24, 3:13*pm, wrote:
On Sat, 23 Oct 2010 20:37:36 -0700 (PDT), Werner wrote: On Oct 23, 6:30*pm, China Blue Police Box wrote: In article , *Werner wrote: written: Starting with the Community Reinvestment Act of 1977, that was You mean the law that outlawed racism in lending. -- No, it would be the law that outlawed sensible lending and borrowing. Any "law" articulated and pushed by Frank was geared to lowering CREDIT RATINGS that were so stringently calculated that no one could get a home loan in a degrading community. That IS a sensible lending/borrowing policy What you fail to mention is: a) the GOP deregulated Fannie/Freddie AFTER they came to power b) the Major borrowers were Developers, banks, speculators, and Wall street who concocted the massive "Derivities" schemes c) that ONE (1) hearing held was immediatly shut down when a regulator testified of the disaster that would happen if the Oversight was not conducted. (In 2005) All of the above were REPUBLICAN faults. That is a major Understatement... |
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#5
October 26th 10, 12:16 AM
posted to rec.radio.shortwave,alt.news-media,alt.fan.rush-limbaugh,alt.politics.economics,alt.politics.liberalism
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Burning Down The House: BARNEY FRANK CAUSED ECONOMIC CRISES
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