Bill Clinton signed S.900 - Financial Services Modernization Act of 1999 into law. This contributed to the subprime housing crisis. He also signed the Commodity Futures Modernization Act of 2000 into law. This caused fuel & food prices to skyrocket.
@riethc First off, the law was signed and supported by Clinton. Second of all, so what? I challenge you to explain how the GLB Act played a role in the meltdown.
@liverleef That's crazy. The problem is subprime mortgages. Period. Don't subdivide them and say it's ok.
That's like the new technique for saying homosexuals aren't more likely to be pedophiles than the general population by dividing the victims into preteen and post-teen, and saying the post-teen victims do not make the predator a "pedophile." I've heard that done, too. It's nonsense.
@wms72 I'm not sure what homosexual pedophiles has to do with mortgages but anyway how else can experts determine the role the CRA and GSEs played in the financial crisis without looking at who issued the bulk of the subprime mortgages leading up to the crisis? Any evidence I show you, you just dismiss because it is not in accordance with your preconceived beliefs. I'm open minded, I'd be glad to buy in to the conclusions the video is trying to offer if there were facts to back it up.
The piece of deregulation im speaking of is the he Gramm–Leach–Bliley act and was spearheaded by republicans such as phil gramm although plenty of democrats had their hand in it. You are correct that little has changed and that you can still purchase securitized mortgages and nobody is trying to prevent this whole thing from happening again. Barack Obama and Congress all receive hefty campaign money from Wall Street, so they don't want to rock the boat.
READ what you wrote: "The govt's own study found that the crash was caused AFTER banking regulations eased." That's what the republicans were trying to prevent, by calling for a regulator with proven accountability!
Visit E trade! You'll not find it possible to invest in mortgages, bad or otherwise, via Wall Street!
Liberals make up this garbage, people like you memorize and repeat it without understanding a bit of what you're saying!
@wms72 Also, Harvard created these statistics based on calculating the total number of subprime mortgages and the number that were associated with the CRA. There is nothing left or right about math, number crunching isn't partisan.
The governments own study found that the crash was caused after banking regulations eased. This allowed deposit banks to sell securitized mortgages to investment banks. Wall street then sold these bad mortgages to investors. Since deposit banks and mortgage companies could sell their mortgages to Wall Street for a hefty profit, they had zero incentive to make sure that their loans were safe. Where was their risk? Of course this created a bubble that eventually burst
@liverleef Why should I believe the "joint center housing studies" you quote (obviously, made-up by some leftist shills to cover-up the truth)? The video shows Congress DISCUSSING A STUDY THAT ALREADY PROVED CORRUPTION at Fannie Mae, that proved to be the tip of the iceberg in the reality that followed. HEAR THE REPUBLICANS WANTING ACCOUNTABILITY, AND WARNING OF A CRASH W/O IT, AND THE DEMONCRATS SAYING "NOTHING'S WRONG!"
If you refuse to believe that, how do YOU explain the crash?
@wms72 The JCHS is a research center within Harvard University. They've been serving as an information resource for policy makers as well as the private sector for over 50 years and their research is widely respected by both businesses and lawmakers. They routinely advise congress on issues related to housing and economics. You can't dismiss them as not being reliable.
@wms72 One more thing, your criticism of Fannie/Freddie has merit. The governments study found that GSEs contributed to the crash, but didnt cause it. They have a bad business model as they are subsidized by the government and have influential lobbyists. Again though, they did not produce enough subprime loans to cause the crisis and, unlike other institutions, their securities maintained their value throughout the crisis.
Listen to what is being said in the video. Both parties are referring to a study on mismanagement in the loan industry, due to government forced sub-prime loans. Don't you hear Cuomo, at the outset, saying, "We expect a higher rate of default????"
Do you know what that means???
I don't want to be condescending, but I feel like I'm conversing with a kindergardener. Please, let this be the last post between us. I wish you well. Goodby. :)
@wms72 I wish you well too but I do wish you would explain how it is that these loans, which represented such a small percentage of subprime loans, caused the crash. Despite what Cuomo said, we know from the joint center of housing stuides that these loans did not have an unusually high default rate and performed well. I'd be glad to consider your argument if you would address the things I pointed out, things that completely invalidate your argument. Cheers.
@wms72 Why do you keep talking about government programs that encourage home ownership when those programs were tied to just a tiny fraction of subprime loans? People have made the claim that these programs were forcing banks to make risky loans for years so the federal reserve conducted a study. It found that such loans performed well, as well as other loans in fact. So where is the evidence that connects such loans to the crisis?
@liverleef Did you note from about 2min30sec, Cuomo, Clinton's HUD Secretary, said they financed 15,000 sub-prime mortgages to families who would not qualify for loans, to the tune of $2.1 BILLION tax dollars?
He said it over and over again.
When liberals can see and hear this, over and over again, and still deny it says what it says, that's why others think liberalism is a mental disorder.
@wms72 only 9% of subprime loans made to low income borrowers were issued by banks that were in CRA Assessment areas. Thats because most subprime mortgages were issued by indepenedent mortgage companies NOT BANKS. These companies were fairly unregulated and issued subprime loans so they could be securitized and sold to investment banks. These companies had no risk by giving out subprime mortgages, they were giving the risk to Goldman Sachs when they took them off the hands of the mortgage co.
@liverleef, You are proving that "Liberalism is a mental disorder," by deciding that the video contains untruth, without even watching it.
Watch it; see and hear for yourself the words the democrats say.
Or are you too brainwashed to evaluate anything for yourself?
This video does NOT contain "made up nonsense."
Bob Hope in a funny '50s movie named "Ghostbusters" heard it said that zombies walked around not thinking, just doing as they're told. Hope asked "Like democrats?" Still true
@wms72 Yeah I watched it. What it does is point out programs to help poor people get homes. It offers no correllation between said programs and the number of sub-prime mortgages. As I pointed out before, very few sub prime mortgages were associated with programs to help low income families such as the CRA. Most institutions issuing subprime loans did not even have to follow CRA guidelines.
I wish you would remove "Liberalism is a mental disorder" from your explanation of this video. That quote shows up when I share it on FB, and so the very liberals who should watch it, get angry and refuse to watch it.
Do you want them to watch your post and vote intelligently, or do you want them to be hurt by your words, and remain liberals?
@fgemmell I'll ask you the same question I asked others. Since CRA related mortgages performed just as well as non cra mortgages, how did this cause the crisis? Also please explain how it is that most subprime loans were made by institutions that did not have to follow CRA guidelines. Also maybe you can explain to me how a program that was started in 1977 and then watered down by the Bush admin in 2000 caused a 2008 crisis. Go ahead and explain.
As much as I hate Clinton and Obama, Bush did initially support this too. But he switched sides and tried to regulate it, but good ol Barney Frank said everything was fine. Now they blame the banks, but exonerate the government. HUD pushed this crap on us and now they want everyone else to bailouts these people out.
FCIC studied this and found that programs to help poor did not cause the crisis. Deregulation of the banks was the primary cause. Don't let facts get in the way of your ignorance though.
@liverleef get a grip on reality,, the CRA is 100% responsible for lighting the fire,, the CRA required the banks to lower its standards for underwriting it forced the banks to fund the loans, it forced fannie mae to buy the loans and it forced the federal government to insure the loans signed by Bill Clinton not Bush
@ikambor After crisis congress formed a bipartisan commission, the Financial Crisis Inquiry Commission to investigate the cause of the crisis. The FCIC study found that CRA related mortgages represented only 6% of risky sub-prime loans. Also a 1997 study by economists at the federal reserve indicated that loans made under the CRA performed consistently with the rest of the banks’ portfolios, suggesting CRA lending was not riskier than the banks’ other portfolios.
@liverleef ffiec. gov /cra / how is that,, piece it back together to form the link,, but how does it happen that thier owns words arent enough?? you are chosing to believe the bullcrap
@liverleef umm,, really? dumbfuck, im not going to read it to you,, but that is the legislation that caused the crisis, you asked for facts... i gave them to you,, it is disturbing how you really are going to great lengths to try and blame others for the what the democrats did,, I feel sorry for you,, I would understand if you were one of them and in trouble personally,,like maybe your going to jail,, but why would you defend them , why do you insist that the criminals are innocent??
@ikambor You arent going to read it to me because it isn't there. You ignore all facts that aren't aligned with your fictional narrative. Heaven forbid your precious ideology become soiled with cold, hard facts and evidence.
@ikambor "These studies found that lending to lower-income individuals and communities has been nearly as profitable and performed similarly to other types of lending done by CRA-covered institutions. Thus, the long-term evidence shows that the CRA has not pushed banks into extending loans that perform out of line with their traditional businesses"
@liverleef wake up,,,fool,, the CRA was written to force banks into creating sub prime loans lie to yourself all you want,, you seem to be going to great lenght to convince yourself,,,,, I assume you cant bring yourself to the conclusion that the the people you championed are responsible,, I understand it,, but get over it,, itsd true
@ikambor Really, it forced banks to create subprime loans? Then I'm sure you can explain why CRA related loans performed just as well as tradional loans and why CRA mortgages represented only 6% of sub-prime loans according to the studies I cited. Go ahead.
Well the next question is how many reneged on these loans..I hardly think 20,000 low income home owners..even if all of them reneged...contributed to the crisis going on today...Give me a break.
Sorry, ikambor, as you can see I have proof in the form of the Bush administration's OWN words. They pushed houses on minorities who couldn't afford it. The Bush administration even bragged about it. On the YouTube page, I posted a damning quotation from a Bush "Fact Sheet" from 2004.
@Handelson71@Handelson71 show me the rule change,, where is the legislation?? there isn't any,, issuing a challenge is not passing a law,, like the CRA Community Re-Investment Act is law,,, you need to open your eyes,, and increasing home ownership isn't the problem,, The Problem was forcing the lenders to to lower the underwriting standards and forcing fannie mae to buy them and having the government promise to bail them out when they fail.. thats exactly what happened
Bush Fact Sheet from Aug. 9, 2004: "President Bush issued a challenge to the real estate and mortgage finance industries to close the gap between homeownership of minorities and non-minorities. The President announced the goal of increasing the number of minority homeowners by at least 5.5 million families. Under his leadership, the overall U.S. homeownership rate in the second quarter of 2004 was at an all time high. Minority homeownership set a new record of 51 percent in the second quarter."
By the way, Bush's policy of increasing home ownership among minorities by 5.5 million families (as part of his "ownership society") totally dwarfs the 15,000 minority families that Cuomo was talking about above. See my post below.
@Handelson71 um no your 100% wrong,, Clinton upgraded the CRA forcing lenders yo lower the underwriting standards. Coumo was talking about one settlement upfront,, the policy was then in place for the risky loans as a matter of law,, I got in the mortgage bushiness in the early 90's and had to understand it all,, Bush made no new policy or laws regarding any ownership society,, your misinformed,, there was an explosion in ownership due to democrats lowering the standards, get over it
The people who made the little "news" segment above totally forget the huge role that Republicans played in causing the mortgage crisis. As part of its "ownership society" policy, the Bush administration bragged about "minority home ownership" and set up a goal of "increasing minority home ownership by 5.5 million before the end of the decade." Plenty of blame to go around.
@Handelson71 no,,, you are just wrong, the bad loans were created by democrats Bush Admin had 0 role in it except to try to stop it and to review the results of the democrats policy only to have all attempts to review it blocked by democrats that were getting lobbied/paid off by those who were profiting from it. wake up,, this is a democrat scandal 100% they made money from it at the expense of the entire nation and you want to blame the people who tried to stop it,, get a clue
political extremists make the human race look bad. Take responsibility for your own lives, whether or not the PRESIDENT is blue or red. I would rather suffer slow economic growth under a democratic administration than slowly turn into the third reich which is what you people who comment on the videos that are linked to this one in the suggestions would like to see happen. right wing = christian evangelical corporate whores
democrat= slow moving bureaucrat, easy to predict at least
Impeach him....Hope the Democrats are smart enough to actually watch the whole video. I blame Obama, the Democrats and Acorn for demolishing the USA. Please do not re-elect this so called President. What President dis-respectfully dances barefoot in the Rose garden on the eve of our AAA being downgraded??? IMPEACH or take the blame.
Instead of treating people as individuals, everything in the USA is based on race. Even credit cards were given to known ILLEGAL aliens! It still goes on today. That's why this country is doomed.
Nobody forced banks to make bad loans. Pressure was applied, but banks made their own decisions out of greed, laziness, and fear of losing government subsidies.
Free cash from the government should be taken with caution. Banks were irresponsible cause they wanted their government cheese.
@ferretburger Of course they made them. If they didn't make the loan, they would be called racists! What would you have done under that kind of pressure?
African americans were denied loan applications twice as much because they were only half as solvent. Not their fault perhaps, but that doesn't mean banks should change their standards or take more risks to accommodate them. That should have been obvious before. It is glaringly obvious now.
Why blame only Democrats? Oh wait, you use Fox news clips so you're used to drinking the koolaid. The truth is that both parties deliberately and knowingly caused this mess in perfect agreement with each other. Search BUSH HOME OWNERSHIP to see just how inline with these Democrats Bush was.
It's almost too beautiful of an excuse the way the actions of the Bush government, as the legislative power for most of decade--and the body that presided over an exponential rise in sub-prime loans, are somehow stricken from the record and it becomes the fault of a lawyer and an advocacy group.
In 2002 george bush mandated a home ownership program where he says that downpayments should be subsidized, the mortgage process should be deregulated and mandates fannie and freddie to increase minority home ownership by 440 billion dollars creating the housing bubble that killed our economy (at the 4 minute mark of the speech). To see the speech he gave back in 2002 , go to youtube, search HOME OWNERSHIP AND PRESIDENT BUSH.
@lmdslam no search home ownership and bill clinton !!!!!! it was even on his webpage !!!! this was a democrat program , ninga loans !!!!! CRA was put in buy jimmy carter !!!!!!!!!!!! and expanded by bill clinton !!!!!!
a major assumption here is that the GSEs were the MAIN cause. Yes they contributed, but at the height of the boom, they were losing market share. They weren't the only ones overleveraged. Bear and Lehman should be 2 obvious examples of firms making huge fees on transactions to satisfy a voracious demand for high interest returns. We've had bubbles before. Somehow we always believe it's different this time--very "Jurassic Park" & "Unsinkable Titanic."
The 2nd contributor, which is infuriating. Is the fact the our economy was wrecked on purpose. Our unemployment was increased on purpose. Our military was in one HELL of a bind. Stop-loss on MOS's that were pages long. They even created a sign on bonus for 25k for 3 year infantry enlistment. Still kept falling short for conducting 2 wars. They tried everything, but it didnt work. Their only choice was the Draft, or make people have no choice but to enlist if they want to provide for their family
Look their intentions were great, but how could they predict all of the calamaties we had to endure starting on 9/11 to the present. Alot of which was unavoidable regardless of how volitile it seems. It boils down to 2 things, Piss Poor Prior Planning for the people who created this. The pressure to make loans to people that are not financially sound should have STOPPED when Unemployment started rising. You could say Bush should have stepped in but NO ONE knew unemployment would keep increasing
We warned you... Now Obama has just about destroyed America. But thankfully, The second American revolution is underway, and the country is being taken back from the Marxist Left wing retards who have been poisoning it with marxist garbage for that past 80+ years.
@Trauncher most under reported event. In 2002 george bush mandated a home ownership program where he says that downpayments should be subsidized, the mortgage process should be deregulated and mandates fannie and freddie to increase minority home ownership by 440 billion dollars creating the housing bubble that killed our economy (at the 4 minute mark of the speech). To see the speech he gave back in 2002 , go to youtube, search HOME OWNERSHIP AND PRESIDENT BUSH.
@Trauncher For Chrissake. If we haven't charged Bush & Cheney with war crimes for their attack on Iraq, do you really think Obama will go to prison for continuing the mistakes of the Bush and Clinton adminstrations? Take your blinders off.
Don't forget Barney Frank (D) & Dodd (D) who also played a HUGE part in the housing crisis (aka: scandel). When Pres. Bush & Sen. McCain asked and sent a letter to Barney Frank in approximately year 2006 inquiring as to the stability of FNMA, Frank responded that everything is fine. I have a copy of the inquirer letter in my saved email files. I personally have it and read it myself. This housing crisis NEVER had anything to do with President Bush. Let's get real and look at the facts.
@Hpachoju most under reported event. In 2002 george bush mandated a home ownership program where he says that downpayments should be subsidized, the mortgage process should be deregulated and mandates fannie and freddie to increase minority home ownership by 440 billion dollars creating the housing bubble that killed our economy (at the 4 minute mark of the speech). To see the speech he gave back in 2002 , go to youtube, search HOME OWNERSHIP AND PRESIDENT BUSH.
NEW YORK (CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.... Could it be there were more to blame than we would like to admit?
Actually, this is a joke. It actually is the fault of the Federal Reserve Act of 1913 (Wilson + congress) which centralized all the United States currency into the billionaire bankers (Rothschild’s, Morgan Stanley’s & Rockefellers to name a few) club to begin with.Then Jimmy Carter + congress passed the Community Re-investment Act which under Clinton + congress placed all small to mid-size banks (Community Banks) on notice that if a bank did not lend to unqualified individuals
@Beeirish1965 I actually like your post. Excellent points were made. On one side (primarily though not all on), the Republicans were big on deregulation. While it was before GWB was in office, it was spear-headed by Phil Gramm (R), but received a majority of the Democrat's support, and the signing of Clinton himself. Then, on the other side, you have forced lending by the Democrats, ACORN, and Obama.
R's on one side, D's on the other, and the majority of Americans screwed over in the middle.
There is no housing boom before ADDI law or Glass Steagal reversal, ADDI is a Quota law, Bush administration ADDI law is telling freddie / Fannie Buy minority loans and he is giving them money for down payments, Just curious what happens, if Freddie/Fannie says no to Bush's 5.5 million minorities loans Goal?
Fannie Mae recently announced a $50 million program to develop 600 homes for the Cherokee Nation in Oklahoma. Franklin, I appreciate that commitment. They also announced $12.7 million investment in a condominium project in Harlem. It’s the beginnings of a series of initiatives to help meet the goal of 5.5 million families. Franklin( Franklin Freddie Mac) told me at the meeting where we kicked this office, he said, I promise you we will help, and he has, like many others in this room have done.
I set an ambitious goal. It’s one that I believe we can achieve. It’s a clear goal, that by the end of this decade we’ll increase the number of minority homeowners by at least 5.5 million families. (Applause.) George Bush 2002
@centenosparky The changes made to the 1977 Community Reinvestment Act were approved by CLINTON in 1995, far before Bush was even in a position to veto the bills. Nice try, but you fail. This is 100% PROVEN, beyond any Liberal BS, to be Dem caused. Only the brainwashed sheep, the ignorant "oh, we don't need facts, we just want to feel good" fools can't accept it, despite the fact that it is historical fact, and proven beyond any debate. Checkmate.
@zulu45 GWB could of change the law while he had control of congress but did he? No he didn't he was to busy invading Afghanistan and Iraq I I blame both parties don't put all the blame on the Democracts. And this isn't chest.
@centenosparky You blame both parties? "George W. Bush caused the crisis he could of veto the bills". Your facts aren't straight. Bush tried. In 2003 and 2005, both attempts to deal with Fannie May were blocked by the Dems.
Bush was a failure; that is something I think we can both agree on. But it is already proven that the Dems are the ones caught red-handed with this housing disaster.
As for Iraq, GWB's admin is all over that. This is why sheep shouldn't blindly vote for a letter (R or D).
But one thing we can both agree on, I think, is that neither side (Dems or Reps) doing what they are supposed to be doing. Both sides are going on a "do as I say, not as I do" mentality, all for political posturing and personal gain. And while they do that, the majority of America gets screwed over.
@zulu45 Whe Democracts took control over congress they passed a lot of bad bills and GWB sign them all he could of could of veto the bad bills but he didn't "So its both parties fault". I do remember that in 2003-2005 republicans controlled the house and the senate.
@centenosparky A slight control doesn't mean the opposite party (with a few in-party dissenters) can't stop a bill. In this case, it was a few Rinos and the Dems.
However, we've been seeing the same thing recently in the current lame-duck sessions. Here, we're having a still GOP minority with some Dem dissenters blocking Democrat legislation.
As I said, both sides (DNC and GOP) are putting their personal goals and politics ahead of actually serving the country. We're in a bad place.
@zulu45 2of 3 subrime loans were written by banks and had Nothing to do with CRA laws of freedie or fanny
changes made to the 1977 Community Reinvestment Act were approved by CLINTON in 1995, You pulled this out of your ass. CRA quota's started in 1992 Bush1 was president........ reference 1995
@mrgetrealpeople So now you want to play the "blame HW Bush game"?
As long as you want to keep going back and back, let's go to the beginning. 1977, Jimmy Carter, who's liberalism is only dwarfed by the current regime. Checkmate.
The fact is that one side, by far, was forcing banks to make these bad loans, the liberals, including your messiah and his Acorn cronies. This is all already a matter of historical record and fact, something that you can't hide your head in the sand from.
We can argue over revisions here and there 'til we're blue in the face, but one thing is a fact: Neither side has been doing us any favors, but it was consistently the LEFT that was forcing these loans.
They were the ones in the streets bitching and whining to make these unsafe loans. And now, they're the ones bitching and whining "Blame the GOP!" for their own actions. And now, they are the ones who want a person who was personally was involved with this scandal to have more power over it.
@zulu45 There was no housing boom /problem until repeal of glass Steagall 1999 and Bush's 5.5 million Minority Quota of The American Dream Downpayment Initiative (ADDI) law which Came from George Bush and was signed into law on December 16, 2003. It required Freddie/Fannie to Buy 5.5 Million Minority home loans, If you did just 5 Minutes of research you might fucking Know something. No housing Boom /Carter /Bush1/Clinton/
George Bush Spending veto's first 4 years in office !!!ZERO!!
@mrgetrealpeople First of all, Obama's spending dwarfs Bush's. Get real!
Next, ADDI is down-payment assistance, not forced loans. Did you read the act? Where did it force loans? Get real!
Then, you blame the repeal of Glass-Steagall. Clinton signed that. Get real!
If you weren't so brainwashed, you'd comprehend that liberal activists, and even your Obama, forced (and even sued) banks to make bad loans. Get real. Blame Bush is OVER! Prove it, or move it!
@zulu45 Homeownership is also an important part of our economic vitality. If – when we meet this project, this goal, according to our Secretary of Housing and Urban Development, we will have added an additional $256 billion to the economy by encouraging 5.5 million new home owners in America;
@zulu45 Freddie Mae – Fannie Mae and Freddie Mac – I see the heads who are here; I want to thank you all for coming – (laughter) – have committed to provide more money for lenders. They’ve committed to help meet the shortage of capital available for minority home buyers.
@zulu45 Glass-Steagall. Clinton, I give Clinton credit for this Asinine law , but if he had vetoed it , it would have been over ridden, No republican senator voted against it, NOt even one.
FYI.......In mid-December 2009, Republican Senator John McCain of Arizona and Democratic Senator Maria Cantwell of Washington State jointly proposed re-enacting the Glass–Steagall Act, to re-impose the separation of commercial and investment banking.
@zulu45 Fannie Mae recently announced a $50 million program to develop 600 homes for the Cherokee Nation in Oklahoma. Franklin, I appreciate that commitment. They also announced $12.7 million investment in a condominium project in Harlem. It’s the beginnings of a series of initiatives to help meet the goal of 5.5 million families. Franklin( Franklin Rains head of Freddie Mac 2002)
@mrgetrealpeople Concerning the Glass-Steagall, you can't go use "would've" to blame that on the GOP. And you're trying to blame the GOP for it repealing it, now mad that they want it back? The deregulation is FROM the left, sorry.
As for Bush's speech, it still does not change the fact that Dems are who protested, sued, and bullied banks into making unpayable loans, something that ACORN, Obama, and extremist liberals made into an art form. Bush was pure fail, but show me where he forced loans.
@zulu45 Bush's hands are up to his Elbow of the ass Of the Housing Mess. You fucking Morons who want to blame The minority party who has no power, is a fucking Joke.I wouldn't vote for Barney Frank as Dog catcher.
Bush's 5.5 Million minority Quota,Is the biggest CRA Housing quota in US history nothing before it, even came close.Read his ADDI speech of 2002, I own 2 properties I would be lucky to get what I paid for them. I've taken up the Ass,Read Bush's ADDI Law speech from 2002/2003.
@zulu45 Every Post is from the Transcript is word for word of Bush's ADDI speech in 2002,Maybe you ass-wipes should read it. BY the way, FYI I take a conservative view on loaning Money to people, who can't even afford down payments, Why don't you do the Math on Bush's goal of 5.5 Million minority homes ,If the average house is 160,000 x 5.5 Million = 880 billion in loans and he is telling Freddie/ Fannie to Buy these risky loans. Bush was a socialist and what about Medicare Part -d ...
@mrgetrealpeople Woah, you're calling Bush a socialist? What would that make Obama? Is there even a word for that extreme of a socialist?
I don't agree with Bush's actions. But helping with a downpayment, and forcing a bad loan are two different things.
FYI, conducting yourself in such a rude, profane manner will not get you any respect, nor will making your only talking point "Blame Bush". Obama tried the blame Bush point, and it has only discredited him more and more.
Your math is wrong, too. you assume that the average home price for a low-income home (which is much higher than any low-income home) is all paid by FM/FM. Even from the own speech, which you think is evidence, says FM/FM announced programs to develop low-income homes AND HELP to cover shortage of capital, not to take it all upon themselves.
@zulu45 Freddie/ Fannie brought over a trillion in Subprime Risky loans after ADDI went in to effect after 2003 for Bush goals of 5.5 million minorities home.
@mrgetrealpeople I'm going to sleep for the night. Since you haven't yet, perhaps this time will give you time to search for proof that the Bush admin forced the actual loans to be made to unqualified people. Good luck, you're gonna need it.
they were to be run out of business by the uneducated special interest groups of this country. What might of happened under BushII, not to sure of this, is that the mortgage backed securities were given the green light (deregulation!?!) to be sold on the secondary market & bundled as worthless securities because many individuals given mortgage loans were unqualified & never going to be able to afford a house (bankruptcy) without a government handout (taxpayer bailout).
@zulu45 There is no housing boom before ADDI law or Glass Steagal reversal, ADDI is a Quota law, Bush administration ADDI law is telling freddie / Fannie Buy minority loans and he is giving them money for down payments, Just curious what happens, if Freddie/Fannie says no to Bush's 5.5 million minorities loans Goal?
@mrgetrealpeople No, I agree with you that Bush was more socialist than conservative. I just think it's ironic that you refuse to speak anything about Obama, the most socialist president (bumping Carter to 2nd) in US history, but you're okay with parroting "blame Bush".
I've already been to HUD.gov. ADDI is designed to help with down-payments and closing costs, NOT the whole thing. One still has to have the capacity to pay, and forcing loans to people who can't causes problems, not solves them.
Look, I agree with you that Bush was a disaster. When he was in office, I was pure anti-Bush. I was against him on his economic policies and against invading Iraq. But you are so blindly obedient to the left's mantra, that you refuse to realize that Democrats aren't angels, and are the ones who forced these loans. Last time I checked, I didn't see the Republicans working with corrupt unions, ACORN, and Obama to force and sue banks into accepting loans that they know will never be paid back.
@zulu45 "And the response to the home owners challenge has been very strong and very gratifying. Twenty-two public and private partners have signed up to help meet our national goal. Partners in the mortgage finance industry are encouraging homeownership by purchasing more loans made by banks to African Americans, Hispanics and other minorities."
@mrgetrealpeople Spamming and copy-and-pasting his speeches isn't going to change what the Dems did, sorry. Not to mention, it still hasn't put any legitimate blame on him for forcing actual loans to unqualified people.
Which as you all know means that the law-abiding and hardworking taxpayers of America will foot the bill. Yes, we have foot the bill for the first $700 billion dollar bailout + the second $787 billion dollar bailout which has done nothing for the law-abiding and hardworking taxpayers of America except make our dollar worth less to purchase less.
@zulu45 Obama ran on a socialist agenda , letting Bush taxes cut expire, nation health care , Keynesian economics government stimulus , he is what he is. He was elected on these ideas. Jesus youtube his pre-election speeches, so why the big surprise ? Do you think he ran as a libertarian?
@zulu45 if you can't afford a downpayment,how do you afford the house,and you greatly underestimate housing prices of the time,Bush's AddI speech Who is Franklin Raines, and if the Government gives money for down payment who is Bush telling to Buy these loans" Last June, I issued a challenge to everyone involved in the housing industry to help increase the number of minority families to be home owners. And what I’m talking about, I’m talking about your bankers and your brokers and developers"
@mrgetrealpeople No surprise to me at all. I knew what Obama was all about before he even announced he was running. His history proves what is is about. I also know about how Obama WITH ACORN were threatening, protesting, intimidating, and suing banks to make these loans, loans that the banks knew would not be repaid. He's been groomed for this type of socialism and takeover from the first time he was exposed to Chicago politics.
Be careful because Carter + congress was just as bad as Eisenhower & FDR. The Community Re-Investment Act, HUD, FEMA and so on are all socialistic if not communistic acts against the economic, civil and moral liberties of this once great nation.
George Bush's .The American Dream Downpayment Initiative (ADDI) was signed into law on December 16, 2003. The American Dream Downpayment Assistance Act authorizes up to $200 million annually for fiscal years 2004 - 2007. ADDI aims to increase the homeownership rate, especially among lower income and minority households, and to revitalize and stabilize communities.
HUD website Using your reason for the Housing Boom
2004-2007 was the housing boom years, what a fucking coincidence
Investment Cdo's created this mess, even if Freddie/Fannie didn't not exist , it would have happened anyway. Get a fucking Brain you ass-wipe Moron. Why I'm I arguing with a guy who mops Jizz off the floor at his local adult book store for a living. Beats me lol
S. 811: American Dream Downpayment Act 108th Congress 2003-2004 Sen. Wayne Allard [R-CO]hide cosponsors Cosponsors: Samuel Brownback [R-KS] Conrad Burns [R-MT] Ben Campbell [R-CO] Michael Crapo [R-ID] Michael Enzi [R-WY] Charles Hagel [R-NE] Lisa Murkowski [R-AK] Richard Santorum [R-PA] Jefferson Sessions [R-AL]
@mrgetrealpeople Sen. Phil Gramm (R, Texas), Rep. Jim Leach (R, Iowa), and Rep. Thomas J. Bliley, Jr. (R, Virginia), the co-sponsors of the Gramm–Leach–Bliley Act.
Gramm–Leach–Bliley Act is the reason for the housing meltdown and Clinton signed this law and he gets no free pass from me. Bullshit I Changed party's so i could vote against Hillary in the primaries because of Bill Clinton's voting record on nafta ,and the Gramm–Leach–Bliley Act.
"I pointed this crisis out to you in the beginning of October. First it was Fannie and Freddie. The next big shoe to drop is the FHA. One quarter of all home loans made this year were through the FHA, and 80% of those loans were to first-time home buyers. But the FHA may be in need of a bailout after suffering losses of $54 billion. And how does this happen? By making loans to people who can't afford to pay them."
@bootyraider George Bush's .The American Dream Down-payment Initiative (ADDI) was signed into law on December 16, 2003. Why no housing Boom before this law ? CRA had been in effect for decades before the housing Boom Starting in 2003,NO housing Boom During, Carter /Reagan/ Bush1/Clinton years.
Why after 2003, What was different?
Answer
1. Historically low interest rates.
2. Bank had their own secondary market( repeal of Glass-steagall and Created CDO's Non-regulated.
"CRA had been in effect for decades before the housing Boom Starting in 2003,"
----
LOL I guess you're not paying attention to the video again, Cuomo is talking about how they put teeth into CRA. Hilarious once again. There were several amendments.
In a bid to boost minority homeownership, President Bush will ask Congress for authority to eliminate the down-payment requirement for Federal Housing Administration loans.In announcing the plan Monday at a home builders show in Las Vegas, Federal Housing Commissioner John Weicher called the proposal the "most significant FHA initiative in more than a decade." It would lead to 150,000 first-time owners annually, he said.
@mrgetrealpeople "That is not an amendment, it's an agreed upon punishment for discriminatory Banking practices."
-----
There are plenty of well documented changes to CRA that you tried to ignore by putting forth the 70's version of the law, while ignoring everything else.
@bootyraider Bush's 2002 ADDI 5.5 million,440 billion law is the biggest government change to CRA law in US history,nothing before it was even remotely close. And he is telling freddie/Fannie you're going to buy these risky no money down loans. So to say this Jackass is trying to regulate them is a fucking joke,regulate them how? By telling Fredie/Fannie don't buy these 5.5 million Risky loan's I just sign into law. Are you Joking?
(440 Billion was just for no money down, down payments.)
"So to say this Jackass is trying to regulate them is a fucking joke,regulate them how"
-----
How many times have I posted this? How many times do I have to re-post this? You can go and find some bullshit comments from a Senator who took campaign contributions from Fannie Mae, but yet you won't even look at what I posted. This is just ridiculous spamming.
"Government-sponsored enterprises Fannie Mae and Freddie Mac were able to obtain a monopoly position in the mortgage market, especially the mortgage-backed securities market, because of the advantages bestowed upon them by the federal government." ---Ron Paul
@bootyraider "Government-sponsored enterprises Fannie Mae and Freddie Mac were able to obtain a monopoly position in the mortgage market, especially the mortgage-backed securities market
That was true until 1999 reversal of Glass-steagll Banks created there own mortgage-backed securities market, And from this came housing CDO's and 2/3 of every sub-prime loan written during this time were CDO's
@bootyraider . Over supply created by a FALSE DEMAND, A FALSE PURCHASING POWER CAUSED THIS.
The demand was For High yielding housing Cdo's ,that created the housing Boom,to have High yielding housing CDO's People Have to buy house's, so what happens when you still have demand for Cdo's,but no one who quailifies for a home loan is left?
Crazy lending standards are created and bank's take more risk. Bankers were making millions in Bonuses for making these bad loans.Simple!!! Fucking GREED.
@bootyraider 1.5 trillion is the amount of loans freddie/ Fannie purchase and a small percentage of this 1.5 trillion were sub-prime Risky loans until the housing Boom and after Bush Law. The George Bush ADDI law is telling Freddie you buy 5.5 million Minority home loans, lets do some math,
Average House 160,000x5.5 million= 880 billion Dollars in sub-prime risky Loans required by ADDI
Compare that to Coumo's 2.1 Billion in 1999 this video is based on. Who's the socialist Bush or Coumo?
@bootyraider Freddie/Fannie Do not have, 1.5 trillion of non-preforming sub-prime loans in 2002, Straw-man Argument
A sub-prime loan is not a CDO. A CDO is a conglomerate of different loans. This is like saying 2/3 of the stocks within the Dow are mutual funds.( LOL!
Repost---- 2/3 Sub-prime loans ended up as a part of a CDO's underwritten by banks investment Houses,
which has nothing to do with CRA, Or Freddie or Fannie. Housing CDO's were Illegal until repeal of Glass- Steagall.
Where was Byron Dorgan when Fannie Mae started to crumble? Hope you have something newer than that? Because Dorgan took campaign contributions from Fannie Mae. LOL!
@bootyraider Another Straw-man you blame Freddie and Fannie for everything, Investment Bank CDO's are major underwriters of the Housing Market Causing the housing Boom, CDO's created the Demand because of High returns. A CD yielded about 1% in 2002 ,CDO's paid.About 6-10%, that created high demand for CDO's, but soon everyone that qualifies for a loan has a loan, but still major demand for CDO"S, so banks relax lending Standards, NO CDO'S 66% OF HOUSING INVESTMENT DEMAND DISAPPEARS.
@bootyraider Where was Byron Dorgan when Fannie Mae started to crumble? YOU OVER RATE FREDDIE ROLE IN THE MELTDOWN.Byron Dorgan1999" IN TEN YEARS will we have to bail out banks if Glass Steagill is repealed" , it took 9.
"... 2/3 of every sub-prime loan written during this time were CDO's"
----------
A sub-prime loan is not a CDO. A CDO is a conglomerate of different loans. This is like saying 2/3 of the stocks within the Dow are mutual funds.( LOL!)
Don't give me this historically low interest rates crap. Rates were already low in 2001; yes they continued to fall during the rest of the decade.
I bought my first home in March of 2001--two months... TWO MONTHS into the Bush administration, and I was offered an FHA loan. I was offered a conventional loan of 3% or an FHA loan, I took the conventional because of the PMI rules.
Banks used to require 20% down, this was going on before Bush. Private banks had to compete with Gov't
Home prices had been on the rise around the w o r l d since 1997 before the bust--rising prices is the beginning of a boom. Climbing prices indicate increase demand. The boom didn't start in 2003, that is crap. You are forgetting the 1.5 Trillion in debt that Fannie Mae before this.
Just more proof of well meaning, clueless phoney liberal Demorats and the damage that they cause.
Lfdjake91 1 week ago
Cuomo is a moron. That is why New Yorkers voted for him.
ellobowolfman 2 weeks ago
Commodities Futures Modernization Act 2000 H.R.5660
YourAnnoying 3 weeks ago
Bill Clinton signed S.900 - Financial Services Modernization Act of 1999 into law. This contributed to the subprime housing crisis. He also signed the Commodity Futures Modernization Act of 2000 into law. This caused fuel & food prices to skyrocket.
YourAnnoying 3 weeks ago
Bill Clinton took down the Glass-Steagall Act. He signed S900 & the Comodities Futures Modernization Act into law.
YourAnnoying 3 weeks ago
And Republicans took down the Glass-Steagall Act. Is there really a difference between corrupt Republicans and corrupt Democrats?
riethc 1 month ago
@riethc First off, the law was signed and supported by Clinton. Second of all, so what? I challenge you to explain how the GLB Act played a role in the meltdown.
waddsworth 3 days ago
Cuomo is a useless maggot that never had a real job! I would LOVE to treat this fools jaw like a pez dispenser!
csoutfitters 1 month ago 2
@liverleef That's crazy. The problem is subprime mortgages. Period. Don't subdivide them and say it's ok.
That's like the new technique for saying homosexuals aren't more likely to be pedophiles than the general population by dividing the victims into preteen and post-teen, and saying the post-teen victims do not make the predator a "pedophile." I've heard that done, too. It's nonsense.
wms72 2 months ago
@wms72 I'm not sure what homosexual pedophiles has to do with mortgages but anyway how else can experts determine the role the CRA and GSEs played in the financial crisis without looking at who issued the bulk of the subprime mortgages leading up to the crisis? Any evidence I show you, you just dismiss because it is not in accordance with your preconceived beliefs. I'm open minded, I'd be glad to buy in to the conclusions the video is trying to offer if there were facts to back it up.
liverleef 2 months ago
The piece of deregulation im speaking of is the he Gramm–Leach–Bliley act and was spearheaded by republicans such as phil gramm although plenty of democrats had their hand in it. You are correct that little has changed and that you can still purchase securitized mortgages and nobody is trying to prevent this whole thing from happening again. Barack Obama and Congress all receive hefty campaign money from Wall Street, so they don't want to rock the boat.
liverleef 2 months ago
@liverleef Harvard is left of center
READ what you wrote: "The govt's own study found that the crash was caused AFTER banking regulations eased." That's what the republicans were trying to prevent, by calling for a regulator with proven accountability!
Visit E trade! You'll not find it possible to invest in mortgages, bad or otherwise, via Wall Street!
Liberals make up this garbage, people like you memorize and repeat it without understanding a bit of what you're saying!
wms72 2 months ago
@wms72 Also, Harvard created these statistics based on calculating the total number of subprime mortgages and the number that were associated with the CRA. There is nothing left or right about math, number crunching isn't partisan.
liverleef 2 months ago
The governments own study found that the crash was caused after banking regulations eased. This allowed deposit banks to sell securitized mortgages to investment banks. Wall street then sold these bad mortgages to investors. Since deposit banks and mortgage companies could sell their mortgages to Wall Street for a hefty profit, they had zero incentive to make sure that their loans were safe. Where was their risk? Of course this created a bubble that eventually burst
liverleef 2 months ago
@liverleef Why should I believe the "joint center housing studies" you quote (obviously, made-up by some leftist shills to cover-up the truth)? The video shows Congress DISCUSSING A STUDY THAT ALREADY PROVED CORRUPTION at Fannie Mae, that proved to be the tip of the iceberg in the reality that followed. HEAR THE REPUBLICANS WANTING ACCOUNTABILITY, AND WARNING OF A CRASH W/O IT, AND THE DEMONCRATS SAYING "NOTHING'S WRONG!"
If you refuse to believe that, how do YOU explain the crash?
wms72 2 months ago
@wms72 The JCHS is a research center within Harvard University. They've been serving as an information resource for policy makers as well as the private sector for over 50 years and their research is widely respected by both businesses and lawmakers. They routinely advise congress on issues related to housing and economics. You can't dismiss them as not being reliable.
liverleef 2 months ago
@wms72 One more thing, your criticism of Fannie/Freddie has merit. The governments study found that GSEs contributed to the crash, but didnt cause it. They have a bad business model as they are subsidized by the government and have influential lobbyists. Again though, they did not produce enough subprime loans to cause the crisis and, unlike other institutions, their securities maintained their value throughout the crisis.
liverleef 2 months ago
@liverleef
Listen to what is being said in the video. Both parties are referring to a study on mismanagement in the loan industry, due to government forced sub-prime loans. Don't you hear Cuomo, at the outset, saying, "We expect a higher rate of default????"
Do you know what that means???
I don't want to be condescending, but I feel like I'm conversing with a kindergardener. Please, let this be the last post between us. I wish you well. Goodby. :)
wms72 2 months ago
@wms72 I wish you well too but I do wish you would explain how it is that these loans, which represented such a small percentage of subprime loans, caused the crash. Despite what Cuomo said, we know from the joint center of housing stuides that these loans did not have an unusually high default rate and performed well. I'd be glad to consider your argument if you would address the things I pointed out, things that completely invalidate your argument. Cheers.
liverleef 2 months ago
@liverleef So, if the democrats force banks to accept unsafe loans, and someone else makes the loans which the banks then buy, you think that's ok?
Liberalism IS a mental disorder.
wms72 2 months ago
@wms72 Why do you keep talking about government programs that encourage home ownership when those programs were tied to just a tiny fraction of subprime loans? People have made the claim that these programs were forcing banks to make risky loans for years so the federal reserve conducted a study. It found that such loans performed well, as well as other loans in fact. So where is the evidence that connects such loans to the crisis?
liverleef 2 months ago
Funny how the left out the part about how Bush supported programs to help low income families and subsidizing fannie may and freddie mac
watch?v=kNqQx7sjoS8
liverleef 2 months ago
@liverleef Did you note from about 2min30sec, Cuomo, Clinton's HUD Secretary, said they financed 15,000 sub-prime mortgages to families who would not qualify for loans, to the tune of $2.1 BILLION tax dollars?
He said it over and over again.
When liberals can see and hear this, over and over again, and still deny it says what it says, that's why others think liberalism is a mental disorder.
wms72 2 months ago
@wms72 only 9% of subprime loans made to low income borrowers were issued by banks that were in CRA Assessment areas. Thats because most subprime mortgages were issued by indepenedent mortgage companies NOT BANKS. These companies were fairly unregulated and issued subprime loans so they could be securitized and sold to investment banks. These companies had no risk by giving out subprime mortgages, they were giving the risk to Goldman Sachs when they took them off the hands of the mortgage co.
liverleef 2 months ago
@liverleef Sorry, "Ghostbusters" was a 1940 movie-- still one of my faves.
wms72 2 months ago
@liverleef, You are proving that "Liberalism is a mental disorder," by deciding that the video contains untruth, without even watching it.
Watch it; see and hear for yourself the words the democrats say.
Or are you too brainwashed to evaluate anything for yourself?
This video does NOT contain "made up nonsense."
Bob Hope in a funny '50s movie named "Ghostbusters" heard it said that zombies walked around not thinking, just doing as they're told. Hope asked "Like democrats?" Still true
wms72 2 months ago
@wms72 Yeah I watched it. What it does is point out programs to help poor people get homes. It offers no correllation between said programs and the number of sub-prime mortgages. As I pointed out before, very few sub prime mortgages were associated with programs to help low income families such as the CRA. Most institutions issuing subprime loans did not even have to follow CRA guidelines.
liverleef 2 months ago
Dear harvardlawgrad,
I wish you would remove "Liberalism is a mental disorder" from your explanation of this video. That quote shows up when I share it on FB, and so the very liberals who should watch it, get angry and refuse to watch it.
Do you want them to watch your post and vote intelligently, or do you want them to be hurt by your words, and remain liberals?
wms72 2 months ago
@wms72 liberals wont watch it because they want facts, evidence and truth. Not made up nonsense like what is in this video.
liverleef 2 months ago
Lol Harvard graduates caused the financial graduates.
OneNationUnderCanada 3 months ago
Obama filed the CRA Lawsuit that forced banks into making bad loans. His action was the beginning of what became the mortgage crisis.
fgemmell 3 months ago
@fgemmell I'll ask you the same question I asked others. Since CRA related mortgages performed just as well as non cra mortgages, how did this cause the crisis? Also please explain how it is that most subprime loans were made by institutions that did not have to follow CRA guidelines. Also maybe you can explain to me how a program that was started in 1977 and then watered down by the Bush admin in 2000 caused a 2008 crisis. Go ahead and explain.
liverleef 2 months ago
As much as I hate Clinton and Obama, Bush did initially support this too. But he switched sides and tried to regulate it, but good ol Barney Frank said everything was fine. Now they blame the banks, but exonerate the government. HUD pushed this crap on us and now they want everyone else to bailouts these people out.
jpzxcvbnm 3 months ago
FCIC studied this and found that programs to help poor did not cause the crisis. Deregulation of the banks was the primary cause. Don't let facts get in the way of your ignorance though.
liverleef 3 months ago
@liverleef get a grip on reality,, the CRA is 100% responsible for lighting the fire,, the CRA required the banks to lower its standards for underwriting it forced the banks to fund the loans, it forced fannie mae to buy the loans and it forced the federal government to insure the loans signed by Bill Clinton not Bush
ikambor 3 months ago
@ikambor After crisis congress formed a bipartisan commission, the Financial Crisis Inquiry Commission to investigate the cause of the crisis. The FCIC study found that CRA related mortgages represented only 6% of risky sub-prime loans. Also a 1997 study by economists at the federal reserve indicated that loans made under the CRA performed consistently with the rest of the banks’ portfolios, suggesting CRA lending was not riskier than the banks’ other portfolios.
liverleef 3 months ago
@ikambor Please present your facts that the CRA caused the housing crisis. Please note I said FACTS not your amateur assumptions or opinions.
liverleef 3 months ago
@liverleef ffiec. gov /cra / how is that,, piece it back together to form the link,, but how does it happen that thier owns words arent enough?? you are chosing to believe the bullcrap
ikambor 3 months ago
@ikambor Where does this website demonstrate that the crisis was caused by the CRA? C'mon you moron, use your words.
liverleef 3 months ago
@liverleef umm,, really? dumbfuck, im not going to read it to you,, but that is the legislation that caused the crisis, you asked for facts... i gave them to you,, it is disturbing how you really are going to great lengths to try and blame others for the what the democrats did,, I feel sorry for you,, I would understand if you were one of them and in trouble personally,,like maybe your going to jail,, but why would you defend them , why do you insist that the criminals are innocent??
ikambor 3 months ago
@ikambor You arent going to read it to me because it isn't there. You ignore all facts that aren't aligned with your fictional narrative. Heaven forbid your precious ideology become soiled with cold, hard facts and evidence.
liverleef 3 months ago
@ikambor "These studies found that lending to lower-income individuals and communities has been nearly as profitable and performed similarly to other types of lending done by CRA-covered institutions. Thus, the long-term evidence shows that the CRA has not pushed banks into extending loans that perform out of line with their traditional businesses"
from federalreserve . gov / newsevents / speech / kroszner20081203a . htm
you are able to read correct?
liverleef 3 months ago
@liverleef wake up,,,fool,, the CRA was written to force banks into creating sub prime loans lie to yourself all you want,, you seem to be going to great lenght to convince yourself,,,,, I assume you cant bring yourself to the conclusion that the the people you championed are responsible,, I understand it,, but get over it,, itsd true
ikambor 3 months ago
@ikambor Really, it forced banks to create subprime loans? Then I'm sure you can explain why CRA related loans performed just as well as tradional loans and why CRA mortgages represented only 6% of sub-prime loans according to the studies I cited. Go ahead.
liverleef 3 months ago
@liverleef hahah and by the way ther is no such thing as FCIC Dummfuck
ikambor 3 months ago
@ikambor gpoaccess . gov / fcic / fcic . pdf
piece it together dumbfuck.
liverleef 3 months ago
Well the next question is how many reneged on these loans..I hardly think 20,000 low income home owners..even if all of them reneged...contributed to the crisis going on today...Give me a break.
dancerboots1 3 months ago
Sorry, ikambor, as you can see I have proof in the form of the Bush administration's OWN words. They pushed houses on minorities who couldn't afford it. The Bush administration even bragged about it. On the YouTube page, I posted a damning quotation from a Bush "Fact Sheet" from 2004.
Handelson71 3 months ago
@Handelson71 @Handelson71 show me the rule change,, where is the legislation?? there isn't any,, issuing a challenge is not passing a law,, like the CRA Community Re-Investment Act is law,,, you need to open your eyes,, and increasing home ownership isn't the problem,, The Problem was forcing the lenders to to lower the underwriting standards and forcing fannie mae to buy them and having the government promise to bail them out when they fail.. thats exactly what happened
ikambor 3 months ago
Bush Fact Sheet from Aug. 9, 2004: "President Bush issued a challenge to the real estate and mortgage finance industries to close the gap between homeownership of minorities and non-minorities. The President announced the goal of increasing the number of minority homeowners by at least 5.5 million families. Under his leadership, the overall U.S. homeownership rate in the second quarter of 2004 was at an all time high. Minority homeownership set a new record of 51 percent in the second quarter."
Handelson71 3 months ago
You have to be a moron to believe this contrived edited piece of trash.
ARCCTV 3 months ago
wh(.)gov/4sL
Go to this website to demand our Tariffs back. We can not compete against slave labor!
jasoncsaki 3 months ago
there all crooks who deserve extensive jail time
TheRoxrich 3 months ago
By the way, Bush's policy of increasing home ownership among minorities by 5.5 million families (as part of his "ownership society") totally dwarfs the 15,000 minority families that Cuomo was talking about above. See my post below.
Handelson71 5 months ago
@Handelson71 You're absolutely right and here is the vid to back you up /watch?v=kNqQx7sjoS8
joshuancts 3 months ago in playlist Housing Crisis
@Handelson71 um no your 100% wrong,, Clinton upgraded the CRA forcing lenders yo lower the underwriting standards. Coumo was talking about one settlement upfront,, the policy was then in place for the risky loans as a matter of law,, I got in the mortgage bushiness in the early 90's and had to understand it all,, Bush made no new policy or laws regarding any ownership society,, your misinformed,, there was an explosion in ownership due to democrats lowering the standards, get over it
ikambor 3 months ago
The people who made the little "news" segment above totally forget the huge role that Republicans played in causing the mortgage crisis. As part of its "ownership society" policy, the Bush administration bragged about "minority home ownership" and set up a goal of "increasing minority home ownership by 5.5 million before the end of the decade." Plenty of blame to go around.
Handelson71 5 months ago 2
@Handelson71 no,,, you are just wrong, the bad loans were created by democrats Bush Admin had 0 role in it except to try to stop it and to review the results of the democrats policy only to have all attempts to review it blocked by democrats that were getting lobbied/paid off by those who were profiting from it. wake up,, this is a democrat scandal 100% they made money from it at the expense of the entire nation and you want to blame the people who tried to stop it,, get a clue
ikambor 3 months ago
political extremists make the human race look bad. Take responsibility for your own lives, whether or not the PRESIDENT is blue or red. I would rather suffer slow economic growth under a democratic administration than slowly turn into the third reich which is what you people who comment on the videos that are linked to this one in the suggestions would like to see happen. right wing = christian evangelical corporate whores
democrat= slow moving bureaucrat, easy to predict at least
cspj12 5 months ago
@cspj12 wow!! you are an idiot,, you have been drinking the koolaid havent you?/ you stupid fucktard,,
ikambor 3 months ago
Subprime lending exploded under BUSH, not Clinton.
search for U.S._Home_Ownership_and_Subprime_Origination_Share.png
ferretburger 5 months ago
Impeach him....Hope the Democrats are smart enough to actually watch the whole video. I blame Obama, the Democrats and Acorn for demolishing the USA. Please do not re-elect this so called President. What President dis-respectfully dances barefoot in the Rose garden on the eve of our AAA being downgraded??? IMPEACH or take the blame.
perception2020 5 months ago
LMAO,,,are you serious ? REally ? Too funny
FoxsNewsReport 5 months ago
Instead of treating people as individuals, everything in the USA is based on race. Even credit cards were given to known ILLEGAL aliens! It still goes on today. That's why this country is doomed.
rtc2one 7 months ago
And you schmucks elected him anyway.....good job America.
critter505 8 months ago
Nobody forced banks to make bad loans. Pressure was applied, but banks made their own decisions out of greed, laziness, and fear of losing government subsidies.
Free cash from the government should be taken with caution. Banks were irresponsible cause they wanted their government cheese.
ferretburger 8 months ago
@ferretburger Of course they made them. If they didn't make the loan, they would be called racists! What would you have done under that kind of pressure?
critter505 8 months ago
@ferretburger , the Democratic politians forced the banks by sueing the banks who refused to issue these loans who could not afford them.
Adinkydude 5 months ago
African americans were denied loan applications twice as much because they were only half as solvent. Not their fault perhaps, but that doesn't mean banks should change their standards or take more risks to accommodate them. That should have been obvious before. It is glaringly obvious now.
Txsray 8 months ago
I really am sorry that this man is Governor! Affirmative banking is one reason for this economic shambles.
800988 9 months ago
Please subscribe to my channel and i will subscribe to yours and will spread the Truth like free money .
Vote for the truth .
Allseeingeye2013 9 months ago
Clips from Fox News...why am I not surprised?
wangsta25 9 months ago
Why blame only Democrats? Oh wait, you use Fox news clips so you're used to drinking the koolaid. The truth is that both parties deliberately and knowingly caused this mess in perfect agreement with each other. Search BUSH HOME OWNERSHIP to see just how inline with these Democrats Bush was.
sterlinguini 9 months ago
It's almost too beautiful of an excuse the way the actions of the Bush government, as the legislative power for most of decade--and the body that presided over an exponential rise in sub-prime loans, are somehow stricken from the record and it becomes the fault of a lawyer and an advocacy group.
Fox: The buck stops anywhere but with the GOP.
arthurneddysmith 9 months ago
Anyone else catch the Aphex Twin song at about 6:15? This video was already one of my favorites; aphex twin 'cliffs' song has made it my favorite...
until the next video of some fat kid body-slamming a bully comes out, LULZ
ilikemitchhedberg 9 months ago
Volume of subprime and nontraditional lending (ARM loans) from the top 25 nonprime lenders originated $105 billion in 2000.
Then after bush’s home ownership society in 2002 (go to youtube, search HOMEOWNERSHIP AND PRESIDENT BUSH)
it rose to $188 billion in 2002. $310 billion in 2003.
$730 billion in 2004.
$1 trillion in 2005.
Wall st made trillions of dollars off of people who could not afford homes from the transactions and repackaging them into derivatives
lmdslam 9 months ago
In 2002 george bush mandated a home ownership program where he says that downpayments should be subsidized, the mortgage process should be deregulated and mandates fannie and freddie to increase minority home ownership by 440 billion dollars creating the housing bubble that killed our economy (at the 4 minute mark of the speech). To see the speech he gave back in 2002 , go to youtube, search HOME OWNERSHIP AND PRESIDENT BUSH.
lmdslam 9 months ago
@lmdslam no search home ownership and bill clinton !!!!!! it was even on his webpage !!!! this was a democrat program , ninga loans !!!!! CRA was put in buy jimmy carter !!!!!!!!!!!! and expanded by bill clinton !!!!!!
karp1941 9 months ago
a major assumption here is that the GSEs were the MAIN cause. Yes they contributed, but at the height of the boom, they were losing market share. They weren't the only ones overleveraged. Bear and Lehman should be 2 obvious examples of firms making huge fees on transactions to satisfy a voracious demand for high interest returns. We've had bubbles before. Somehow we always believe it's different this time--very "Jurassic Park" & "Unsinkable Titanic."
dapawe 10 months ago
The 2nd contributor, which is infuriating. Is the fact the our economy was wrecked on purpose. Our unemployment was increased on purpose. Our military was in one HELL of a bind. Stop-loss on MOS's that were pages long. They even created a sign on bonus for 25k for 3 year infantry enlistment. Still kept falling short for conducting 2 wars. They tried everything, but it didnt work. Their only choice was the Draft, or make people have no choice but to enlist if they want to provide for their family
xinecallaw 10 months ago
@xinecallaw A draft is illegal in the US and no such Draft you speak of exists. You speak nonsense.
SniperViper1000 10 months ago
Look their intentions were great, but how could they predict all of the calamaties we had to endure starting on 9/11 to the present. Alot of which was unavoidable regardless of how volitile it seems. It boils down to 2 things, Piss Poor Prior Planning for the people who created this. The pressure to make loans to people that are not financially sound should have STOPPED when Unemployment started rising. You could say Bush should have stepped in but NO ONE knew unemployment would keep increasing
xinecallaw 10 months ago
We warned you... Now Obama has just about destroyed America. But thankfully, The second American revolution is underway, and the country is being taken back from the Marxist Left wing retards who have been poisoning it with marxist garbage for that past 80+ years.
Trauncher 11 months ago 2
OBAMA is DIRECTLY responsible. That alone is enough to Throw him in Prison for the rest of this life.
Trauncher 11 months ago 15
@Trauncher most under reported event. In 2002 george bush mandated a home ownership program where he says that downpayments should be subsidized, the mortgage process should be deregulated and mandates fannie and freddie to increase minority home ownership by 440 billion dollars creating the housing bubble that killed our economy (at the 4 minute mark of the speech). To see the speech he gave back in 2002 , go to youtube, search HOME OWNERSHIP AND PRESIDENT BUSH.
lmdslam 8 months ago
This has been flagged as spam show
@Trauncher Volume of subprime and nontraditional lending (ARM loans) from the top 25 nonprime lenders originated $105 billion in 2000.
Then after bush’s home ownership society in 2002 (go to youtube, search HOMEOWNERSHIP AND PRESIDENT BUSH)
it rose to $188 billion in 2002. $310 billion in 2003.
$730 billion in 2004.
$1 trillion in 2005.
Wall st made trillions of dollars off of people who could not afford homes from the transactions and repackaging them into derivatives
lmdslam 8 months ago
@Trauncher For Chrissake. If we haven't charged Bush & Cheney with war crimes for their attack on Iraq, do you really think Obama will go to prison for continuing the mistakes of the Bush and Clinton adminstrations? Take your blinders off.
ferretburger 8 months ago
@Trauncher Obama is responsible. Does he have a time travel machine now?
liverleef 2 months ago
Don't forget Barney Frank (D) & Dodd (D) who also played a HUGE part in the housing crisis (aka: scandel). When Pres. Bush & Sen. McCain asked and sent a letter to Barney Frank in approximately year 2006 inquiring as to the stability of FNMA, Frank responded that everything is fine. I have a copy of the inquirer letter in my saved email files. I personally have it and read it myself. This housing crisis NEVER had anything to do with President Bush. Let's get real and look at the facts.
Hpachoju 11 months ago 17
@Hpachoju most under reported event. In 2002 george bush mandated a home ownership program where he says that downpayments should be subsidized, the mortgage process should be deregulated and mandates fannie and freddie to increase minority home ownership by 440 billion dollars creating the housing bubble that killed our economy (at the 4 minute mark of the speech). To see the speech he gave back in 2002 , go to youtube, search HOME OWNERSHIP AND PRESIDENT BUSH.
lmdslam 8 months ago
This has been flagged as spam show
@Hpachoju Volume of subprime and nontraditional lending (ARM loans) from the top 25 nonprime lenders originated $105 billion in 2000.
Then after bush’s home ownership society in 2002 (go to youtube, search HOMEOWNERSHIP AND PRESIDENT BUSH)
it rose to $188 billion in 2002. $310 billion in 2003.
$730 billion in 2004.
$1 trillion in 2005.
Wall st made trillions of dollars off of people who could not afford homes from the transactions and repackaging them into derivatives
lmdslam 8 months ago
Here's an interesting quote
June 17, 2004: 12:24 PM EDT
NEW YORK (CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.... Could it be there were more to blame than we would like to admit?
dapawe 1 year ago
@zulu45 Part 1,
Actually, this is a joke. It actually is the fault of the Federal Reserve Act of 1913 (Wilson + congress) which centralized all the United States currency into the billionaire bankers (Rothschild’s, Morgan Stanley’s & Rockefellers to name a few) club to begin with.Then Jimmy Carter + congress passed the Community Re-investment Act which under Clinton + congress placed all small to mid-size banks (Community Banks) on notice that if a bank did not lend to unqualified individuals
Beeirish1965 1 year ago
@Beeirish1965 I actually like your post. Excellent points were made. On one side (primarily though not all on), the Republicans were big on deregulation. While it was before GWB was in office, it was spear-headed by Phil Gramm (R), but received a majority of the Democrat's support, and the signing of Clinton himself. Then, on the other side, you have forced lending by the Democrats, ACORN, and Obama.
R's on one side, D's on the other, and the majority of Americans screwed over in the middle.
zulu45 1 year ago
Read Bush's ADDI speech and then GO TO HUD WEBSITE AND READ THE LAW.
mrgetrealpeople 1 year ago
There is no housing boom before ADDI law or Glass Steagal reversal, ADDI is a Quota law, Bush administration ADDI law is telling freddie / Fannie Buy minority loans and he is giving them money for down payments, Just curious what happens, if Freddie/Fannie says no to Bush's 5.5 million minorities loans Goal?
mrgetrealpeople 1 year ago
Fannie Mae recently announced a $50 million program to develop 600 homes for the Cherokee Nation in Oklahoma. Franklin, I appreciate that commitment. They also announced $12.7 million investment in a condominium project in Harlem. It’s the beginnings of a series of initiatives to help meet the goal of 5.5 million families. Franklin( Franklin Freddie Mac) told me at the meeting where we kicked this office, he said, I promise you we will help, and he has, like many others in this room have done.
mrgetrealpeople 1 year ago
I set an ambitious goal. It’s one that I believe we can achieve. It’s a clear goal, that by the end of this decade we’ll increase the number of minority homeowners by at least 5.5 million families. (Applause.) George Bush 2002
mrgetrealpeople 1 year ago
George W. Bush caused the crisis he could of veto the bills.
centenosparky 1 year ago
@centenosparky The changes made to the 1977 Community Reinvestment Act were approved by CLINTON in 1995, far before Bush was even in a position to veto the bills. Nice try, but you fail. This is 100% PROVEN, beyond any Liberal BS, to be Dem caused. Only the brainwashed sheep, the ignorant "oh, we don't need facts, we just want to feel good" fools can't accept it, despite the fact that it is historical fact, and proven beyond any debate. Checkmate.
zulu45 1 year ago
@zulu45 GWB could of change the law while he had control of congress but did he? No he didn't he was to busy invading Afghanistan and Iraq I I blame both parties don't put all the blame on the Democracts. And this isn't chest.
centenosparky 1 year ago
@centenosparky You blame both parties? "George W. Bush caused the crisis he could of veto the bills". Your facts aren't straight. Bush tried. In 2003 and 2005, both attempts to deal with Fannie May were blocked by the Dems.
Bush was a failure; that is something I think we can both agree on. But it is already proven that the Dems are the ones caught red-handed with this housing disaster.
As for Iraq, GWB's admin is all over that. This is why sheep shouldn't blindly vote for a letter (R or D).
zulu45 1 year ago
But one thing we can both agree on, I think, is that neither side (Dems or Reps) doing what they are supposed to be doing. Both sides are going on a "do as I say, not as I do" mentality, all for political posturing and personal gain. And while they do that, the majority of America gets screwed over.
zulu45 1 year ago
@zulu45 Whe Democracts took control over congress they passed a lot of bad bills and GWB sign them all he could of could of veto the bad bills but he didn't "So its both parties fault". I do remember that in 2003-2005 republicans controlled the house and the senate.
centenosparky 1 year ago
@centenosparky A slight control doesn't mean the opposite party (with a few in-party dissenters) can't stop a bill. In this case, it was a few Rinos and the Dems.
However, we've been seeing the same thing recently in the current lame-duck sessions. Here, we're having a still GOP minority with some Dem dissenters blocking Democrat legislation.
As I said, both sides (DNC and GOP) are putting their personal goals and politics ahead of actually serving the country. We're in a bad place.
zulu45 1 year ago
@zulu45 2of 3 subrime loans were written by banks and had Nothing to do with CRA laws of freedie or fanny
changes made to the 1977 Community Reinvestment Act were approved by CLINTON in 1995, You pulled this out of your ass. CRA quota's started in 1992 Bush1 was president........ reference 1995
mrgetrealpeople 1 year ago
@mrgetrealpeople So now you want to play the "blame HW Bush game"?
As long as you want to keep going back and back, let's go to the beginning. 1977, Jimmy Carter, who's liberalism is only dwarfed by the current regime. Checkmate.
The fact is that one side, by far, was forcing banks to make these bad loans, the liberals, including your messiah and his Acorn cronies. This is all already a matter of historical record and fact, something that you can't hide your head in the sand from.
zulu45 1 year ago
We can argue over revisions here and there 'til we're blue in the face, but one thing is a fact: Neither side has been doing us any favors, but it was consistently the LEFT that was forcing these loans.
They were the ones in the streets bitching and whining to make these unsafe loans. And now, they're the ones bitching and whining "Blame the GOP!" for their own actions. And now, they are the ones who want a person who was personally was involved with this scandal to have more power over it.
zulu45 1 year ago
@zulu45 There was no housing boom /problem until repeal of glass Steagall 1999 and Bush's 5.5 million Minority Quota of The American Dream Downpayment Initiative (ADDI) law which Came from George Bush and was signed into law on December 16, 2003. It required Freddie/Fannie to Buy 5.5 Million Minority home loans, If you did just 5 Minutes of research you might fucking Know something. No housing Boom /Carter /Bush1/Clinton/
George Bush Spending veto's first 4 years in office !!!ZERO!!
mrgetrealpeople 1 year ago
@mrgetrealpeople First of all, Obama's spending dwarfs Bush's. Get real!
Next, ADDI is down-payment assistance, not forced loans. Did you read the act? Where did it force loans? Get real!
Then, you blame the repeal of Glass-Steagall. Clinton signed that. Get real!
If you weren't so brainwashed, you'd comprehend that liberal activists, and even your Obama, forced (and even sued) banks to make bad loans. Get real. Blame Bush is OVER! Prove it, or move it!
zulu45 1 year ago
@zulu45 Homeownership is also an important part of our economic vitality. If – when we meet this project, this goal, according to our Secretary of Housing and Urban Development, we will have added an additional $256 billion to the economy by encouraging 5.5 million new home owners in America;
mrgetrealpeople 1 year ago
@zulu45 Freddie Mae – Fannie Mae and Freddie Mac – I see the heads who are here; I want to thank you all for coming – (laughter) – have committed to provide more money for lenders. They’ve committed to help meet the shortage of capital available for minority home buyers.
George Bush ADDI speech 2002
mrgetrealpeople 1 year ago
@zulu45 Glass-Steagall. Clinton, I give Clinton credit for this Asinine law , but if he had vetoed it , it would have been over ridden, No republican senator voted against it, NOt even one.
FYI.......In mid-December 2009, Republican Senator John McCain of Arizona and Democratic Senator Maria Cantwell of Washington State jointly proposed re-enacting the Glass–Steagall Act, to re-impose the separation of commercial and investment banking.
mrgetrealpeople 1 year ago
@zulu45 Fannie Mae recently announced a $50 million program to develop 600 homes for the Cherokee Nation in Oklahoma. Franklin, I appreciate that commitment. They also announced $12.7 million investment in a condominium project in Harlem. It’s the beginnings of a series of initiatives to help meet the goal of 5.5 million families. Franklin( Franklin Rains head of Freddie Mac 2002)
mrgetrealpeople 1 year ago
@mrgetrealpeople Concerning the Glass-Steagall, you can't go use "would've" to blame that on the GOP. And you're trying to blame the GOP for it repealing it, now mad that they want it back? The deregulation is FROM the left, sorry.
As for Bush's speech, it still does not change the fact that Dems are who protested, sued, and bullied banks into making unpayable loans, something that ACORN, Obama, and extremist liberals made into an art form. Bush was pure fail, but show me where he forced loans.
zulu45 1 year ago
@zulu45 Bush's hands are up to his Elbow of the ass Of the Housing Mess. You fucking Morons who want to blame The minority party who has no power, is a fucking Joke.I wouldn't vote for Barney Frank as Dog catcher.
Bush's 5.5 Million minority Quota,Is the biggest CRA Housing quota in US history nothing before it, even came close.Read his ADDI speech of 2002, I own 2 properties I would be lucky to get what I paid for them. I've taken up the Ass,Read Bush's ADDI Law speech from 2002/2003.
mrgetrealpeople 1 year ago
@zulu45 Every Post is from the Transcript is word for word of Bush's ADDI speech in 2002,Maybe you ass-wipes should read it. BY the way, FYI I take a conservative view on loaning Money to people, who can't even afford down payments, Why don't you do the Math on Bush's goal of 5.5 Million minority homes ,If the average house is 160,000 x 5.5 Million = 880 billion in loans and he is telling Freddie/ Fannie to Buy these risky loans. Bush was a socialist and what about Medicare Part -d ...
mrgetrealpeople 1 year ago
@mrgetrealpeople Woah, you're calling Bush a socialist? What would that make Obama? Is there even a word for that extreme of a socialist?
I don't agree with Bush's actions. But helping with a downpayment, and forcing a bad loan are two different things.
FYI, conducting yourself in such a rude, profane manner will not get you any respect, nor will making your only talking point "Blame Bush". Obama tried the blame Bush point, and it has only discredited him more and more.
zulu45 1 year ago
Your math is wrong, too. you assume that the average home price for a low-income home (which is much higher than any low-income home) is all paid by FM/FM. Even from the own speech, which you think is evidence, says FM/FM announced programs to develop low-income homes AND HELP to cover shortage of capital, not to take it all upon themselves.
zulu45 1 year ago
@zulu45 Freddie/ Fannie brought over a trillion in Subprime Risky loans after ADDI went in to effect after 2003 for Bush goals of 5.5 million minorities home.
mrgetrealpeople 1 year ago
@mrgetrealpeople I'm going to sleep for the night. Since you haven't yet, perhaps this time will give you time to search for proof that the Bush admin forced the actual loans to be made to unqualified people. Good luck, you're gonna need it.
zulu45 1 year ago
@zulu45 Part 2,
they were to be run out of business by the uneducated special interest groups of this country. What might of happened under BushII, not to sure of this, is that the mortgage backed securities were given the green light (deregulation!?!) to be sold on the secondary market & bundled as worthless securities because many individuals given mortgage loans were unqualified & never going to be able to afford a house (bankruptcy) without a government handout (taxpayer bailout).
Beeirish1965 1 year ago
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@zulu45 There is no housing boom before ADDI law or Glass Steagal reversal, ADDI is a Quota law, Bush administration ADDI law is telling freddie / Fannie Buy minority loans and he is giving them money for down payments, Just curious what happens, if Freddie/Fannie says no to Bush's 5.5 million minorities loans Goal?
mrgetrealpeople 1 year ago
@zulu45 Bush's medicare part-d is that socialism?
mrgetrealpeople 1 year ago
@mrgetrealpeople No, I agree with you that Bush was more socialist than conservative. I just think it's ironic that you refuse to speak anything about Obama, the most socialist president (bumping Carter to 2nd) in US history, but you're okay with parroting "blame Bush".
I've already been to HUD.gov. ADDI is designed to help with down-payments and closing costs, NOT the whole thing. One still has to have the capacity to pay, and forcing loans to people who can't causes problems, not solves them.
zulu45 1 year ago
Look, I agree with you that Bush was a disaster. When he was in office, I was pure anti-Bush. I was against him on his economic policies and against invading Iraq. But you are so blindly obedient to the left's mantra, that you refuse to realize that Democrats aren't angels, and are the ones who forced these loans. Last time I checked, I didn't see the Republicans working with corrupt unions, ACORN, and Obama to force and sue banks into accepting loans that they know will never be paid back.
zulu45 1 year ago
@zulu45 "And the response to the home owners challenge has been very strong and very gratifying. Twenty-two public and private partners have signed up to help meet our national goal. Partners in the mortgage finance industry are encouraging homeownership by purchasing more loans made by banks to African Americans, Hispanics and other minorities."
George Bush, ADDI SPEECH 2002
mrgetrealpeople 1 year ago
@mrgetrealpeople Spamming and copy-and-pasting his speeches isn't going to change what the Dems did, sorry. Not to mention, it still hasn't put any legitimate blame on him for forcing actual loans to unqualified people.
zulu45 1 year ago
@zulu45 Part 3,
Which as you all know means that the law-abiding and hardworking taxpayers of America will foot the bill. Yes, we have foot the bill for the first $700 billion dollar bailout + the second $787 billion dollar bailout which has done nothing for the law-abiding and hardworking taxpayers of America except make our dollar worth less to purchase less.
Beeirish1965 1 year ago
@zulu45 Obama ran on a socialist agenda , letting Bush taxes cut expire, nation health care , Keynesian economics government stimulus , he is what he is. He was elected on these ideas. Jesus youtube his pre-election speeches, so why the big surprise ? Do you think he ran as a libertarian?
mrgetrealpeople 1 year ago
@zulu45 if you can't afford a downpayment,how do you afford the house,and you greatly underestimate housing prices of the time,Bush's AddI speech Who is Franklin Raines, and if the Government gives money for down payment who is Bush telling to Buy these loans" Last June, I issued a challenge to everyone involved in the housing industry to help increase the number of minority families to be home owners. And what I’m talking about, I’m talking about your bankers and your brokers and developers"
mrgetrealpeople 1 year ago
@mrgetrealpeople No surprise to me at all. I knew what Obama was all about before he even announced he was running. His history proves what is is about. I also know about how Obama WITH ACORN were threatening, protesting, intimidating, and suing banks to make these loans, loans that the banks knew would not be repaid. He's been groomed for this type of socialism and takeover from the first time he was exposed to Chicago politics.
zulu45 1 year ago
@zulu45 Dwight David Eisenhower (94% tax rate) and FDR were more socialist (new deal) Then Carter ever was.
mrgetrealpeople 1 year ago
@mrgetrealpeople,
Be careful because Carter + congress was just as bad as Eisenhower & FDR. The Community Re-Investment Act, HUD, FEMA and so on are all socialistic if not communistic acts against the economic, civil and moral liberties of this once great nation.
Beeirish1965 1 year ago
Demand for Banking Investment CDO's high returns Created the housing Boom
CRA/The American Dream Downpayment Initiative (ADDI) Added fuel to a Already burning building.
mrgetrealpeople 1 year ago
This has been flagged as spam show
watch?v=OvnO_SH-4WU&feature=related
Whole Video
Byron Dorgan 1999 he warned of this mess in 1999
mrgetrealpeople 1 year ago
democrats love giveaways and printing money
k3304 1 year ago
George Bush's .The American Dream Downpayment Initiative (ADDI) was signed into law on December 16, 2003. The American Dream Downpayment Assistance Act authorizes up to $200 million annually for fiscal years 2004 - 2007. ADDI aims to increase the homeownership rate, especially among lower income and minority households, and to revitalize and stabilize communities.
HUD website Using your reason for the Housing Boom
2004-2007 was the housing boom years, what a fucking coincidence
mrgetrealpeople 1 year ago
Investment Cdo's created this mess, even if Freddie/Fannie didn't not exist , it would have happened anyway. Get a fucking Brain you ass-wipe Moron. Why I'm I arguing with a guy who mops Jizz off the floor at his local adult book store for a living. Beats me lol
mrgetrealpeople 1 year ago
mrgetrealpeople 1 year ago
@mrgetrealpeople Sen. Phil Gramm (R, Texas), Rep. Jim Leach (R, Iowa), and Rep. Thomas J. Bliley, Jr. (R, Virginia), the co-sponsors of the Gramm–Leach–Bliley Act.
Gramm–Leach–Bliley Act is the reason for the housing meltdown and Clinton signed this law and he gets no free pass from me. Bullshit I Changed party's so i could vote against Hillary in the primaries because of Bill Clinton's voting record on nafta ,and the Gramm–Leach–Bliley Act.
mrgetrealpeople 1 year ago
@mrgetrealpeople
"I pointed this crisis out to you in the beginning of October. First it was Fannie and Freddie. The next big shoe to drop is the FHA. One quarter of all home loans made this year were through the FHA, and 80% of those loans were to first-time home buyers. But the FHA may be in need of a bailout after suffering losses of $54 billion. And how does this happen? By making loans to people who can't afford to pay them."
"Sounds familiar, doesn't it? "
--NEAL BOORTZ (Libertarian)
bootyraider 1 year ago
@bootyraider George Bush's .The American Dream Down-payment Initiative (ADDI) was signed into law on December 16, 2003. Why no housing Boom before this law ? CRA had been in effect for decades before the housing Boom Starting in 2003,NO housing Boom During, Carter /Reagan/ Bush1/Clinton years.
Why after 2003, What was different?
Answer
1. Historically low interest rates.
2. Bank had their own secondary market( repeal of Glass-steagall and Created CDO's Non-regulated.
3 . Bush's ADDI law
mrgetrealpeople 1 year ago
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@mrgetrealpeople
"CRA had been in effect for decades before the housing Boom Starting in 2003,"
----
LOL I guess you're not paying attention to the video again, Cuomo is talking about how they put teeth into CRA. Hilarious once again. There were several amendments.
bootyraider 1 year ago
@bootyraider USA TODAY 1/20/2004
In a bid to boost minority homeownership, President Bush will ask Congress for authority to eliminate the down-payment requirement for Federal Housing Administration loans.In announcing the plan Monday at a home builders show in Las Vegas, Federal Housing Commissioner John Weicher called the proposal the "most significant FHA initiative in more than a decade." It would lead to 150,000 first-time owners annually, he said.
mrgetrealpeople 1 year ago
@bootyraider who is spamming your post?
mrgetrealpeople 1 year ago
@bootyraider That is not an amendment, it's an agreed upon punishment for discriminatory Banking practices.
mrgetrealpeople 1 year ago
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@mrgetrealpeople "That is not an amendment, it's an agreed upon punishment for discriminatory Banking practices."
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There are plenty of well documented changes to CRA that you tried to ignore by putting forth the 70's version of the law, while ignoring everything else.
bootyraider 1 year ago
@bootyraider Bush's 2002 ADDI 5.5 million,440 billion law is the biggest government change to CRA law in US history,nothing before it was even remotely close. And he is telling freddie/Fannie you're going to buy these risky no money down loans. So to say this Jackass is trying to regulate them is a fucking joke,regulate them how? By telling Fredie/Fannie don't buy these 5.5 million Risky loan's I just sign into law. Are you Joking?
(440 Billion was just for no money down, down payments.)
mrgetrealpeople 1 year ago
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@mrgetrealpeople
"So to say this Jackass is trying to regulate them is a fucking joke,regulate them how"
-----
How many times have I posted this? How many times do I have to re-post this? You can go and find some bullshit comments from a Senator who took campaign contributions from Fannie Mae, but yet you won't even look at what I posted. This is just ridiculous spamming.
bootyraider 1 year ago
@mrgetrealpeople
"Government-sponsored enterprises Fannie Mae and Freddie Mac were able to obtain a monopoly position in the mortgage market, especially the mortgage-backed securities market, because of the advantages bestowed upon them by the federal government." ---Ron Paul
bootyraider 1 year ago
@bootyraider "Government-sponsored enterprises Fannie Mae and Freddie Mac were able to obtain a monopoly position in the mortgage market, especially the mortgage-backed securities market
That was true until 1999 reversal of Glass-steagll Banks created there own mortgage-backed securities market, And from this came housing CDO's and 2/3 of every sub-prime loan written during this time were CDO's
Supply and demand created this mess.
Freddie never had to compete with CDO's before.
mrgetrealpeople 1 year ago
@mrgetrealpeople
CDO's are only as good as the loans put in them.
---
"Supply and demand created this mess."
Spoken like a "libertarian". WRONG. Over supply created by a FALSE DEMAND, A FALSE PURCHASING POWER CAUSED THIS. Lefty!!
bootyraider 1 year ago
@bootyraider . Over supply created by a FALSE DEMAND, A FALSE PURCHASING POWER CAUSED THIS.
The demand was For High yielding housing Cdo's ,that created the housing Boom,to have High yielding housing CDO's People Have to buy house's, so what happens when you still have demand for Cdo's,but no one who quailifies for a home loan is left?
Crazy lending standards are created and bank's take more risk. Bankers were making millions in Bonuses for making these bad loans.Simple!!! Fucking GREED.
mrgetrealpeople 1 year ago
@bootyraider There is no comparing Andrew Cuomo's 1. 2 billion/15,000 homes for minorities, that banks paid for .
VS
George Bush's 440 billion/5.5 million homes for minorities ADDI law of 2003, that tax payers paid for.
Bush's ADDI law is the largest Minority housing quota in US history. It makes any CRA quota before it a joke
Are you sure you want to go there?
But I don't agree with either Bush or Cuomo,you don't give Loan's, if you can't pay for them.
mrgetrealpeople 1 year ago
@mrgetrealpeople
There's no comparing to the 1.5 Trillion already on the books.
bootyraider 1 year ago
@bootyraider
Who is spamming you? It's not me. Someone's actually reading our rants. ha ha.
bootyraider 1 year ago
@bootyraider 1.5 trillion is the amount of loans freddie/ Fannie purchase and a small percentage of this 1.5 trillion were sub-prime Risky loans until the housing Boom and after Bush Law. The George Bush ADDI law is telling Freddie you buy 5.5 million Minority home loans, lets do some math,
Average House 160,000x5.5 million= 880 billion Dollars in sub-prime risky Loans required by ADDI
Compare that to Coumo's 2.1 Billion in 1999 this video is based on. Who's the socialist Bush or Coumo?
mrgetrealpeople 1 year ago
@bootyraider Freddie/Fannie Do not have, 1.5 trillion of non-preforming sub-prime loans in 2002, Straw-man Argument
A sub-prime loan is not a CDO. A CDO is a conglomerate of different loans. This is like saying 2/3 of the stocks within the Dow are mutual funds.( LOL!
Repost---- 2/3 Sub-prime loans ended up as a part of a CDO's underwritten by banks investment Houses,
which has nothing to do with CRA, Or Freddie or Fannie. Housing CDO's were Illegal until repeal of Glass- Steagall.
mrgetrealpeople 1 year ago
@bootyraider You said there were no democrats , Listen to Byron Dorgan Nov 1999
watch?v=w2nZbo8SKbg
watch?v=veAOoQEy0PI&feature=related
mrgetrealpeople 1 year ago
@mrgetrealpeople
Where was Byron Dorgan when Fannie Mae started to crumble? Hope you have something newer than that? Because Dorgan took campaign contributions from Fannie Mae. LOL!
bootyraider 1 year ago
@bootyraider Another Straw-man you blame Freddie and Fannie for everything, Investment Bank CDO's are major underwriters of the Housing Market Causing the housing Boom, CDO's created the Demand because of High returns. A CD yielded about 1% in 2002 ,CDO's paid.About 6-10%, that created high demand for CDO's, but soon everyone that qualifies for a loan has a loan, but still major demand for CDO"S, so banks relax lending Standards, NO CDO'S 66% OF HOUSING INVESTMENT DEMAND DISAPPEARS.
mrgetrealpeople 1 year ago
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@bootyraider Where was Byron Dorgan when Fannie Mae started to crumble? YOU OVER RATE FREDDIE ROLE IN THE MELTDOWN.Byron Dorgan1999" IN TEN YEARS will we have to bail out banks if Glass Steagill is repealed" , it took 9.
mrgetrealpeople 1 year ago
@mrgetrealpeople
"... 2/3 of every sub-prime loan written during this time were CDO's"
----------
A sub-prime loan is not a CDO. A CDO is a conglomerate of different loans. This is like saying 2/3 of the stocks within the Dow are mutual funds.( LOL!)
bootyraider 1 year ago
@mrgetrealpeople Who is spamming you? It's not me. Someone's actually reading our rants. ha ha.
bootyraider 1 year ago
@mrgetrealpeople
Don't give me this historically low interest rates crap. Rates were already low in 2001; yes they continued to fall during the rest of the decade.
I bought my first home in March of 2001--two months... TWO MONTHS into the Bush administration, and I was offered an FHA loan. I was offered a conventional loan of 3% or an FHA loan, I took the conventional because of the PMI rules.
Banks used to require 20% down, this was going on before Bush. Private banks had to compete with Gov't
bootyraider 1 year ago
@mrgetrealpeople
Home prices had been on the rise around the w o r l d since 1997 before the bust--rising prices is the beginning of a boom. Climbing prices indicate increase demand. The boom didn't start in 2003, that is crap. You are forgetting the 1.5 Trillion in debt that Fannie Mae before this.
bootyraider 1 year ago