Has anything really changed? Have Fanny Mae and Freddie Mac been reformed, or is it the same game as usual?
In this video the lady says something that I know is not true. She states that without Fanny and Freddie the banks are not making loans for the most part. But the fact is that they will make the loans, but they are requiring a large down payment and they are checking out your background and ability to pay back the loan like they haven't done since the day when they used to have to keep the loans that they gave; when they had more skin in the loan game.
If you want a loan now without a government entity being involved, then you will need to come up with at least 25% down ands show in detail your financial situation and ability to pay back the loan. I know this from first hand experience. What the banks want to do is to sell the loans like they've always done, but now the buyers are demanding proof that they are sound loans. Is that a bad thing?
So basically the buyers of the loans want to know that it is a sound loan, or that it is backed up by the government and the sucker taxpayers.
jbranstetter04
"Hell is empty, and
all the devils are here."
-Shakespeare, The Tempest
As soon as the financial crisis erupted, the finger-pointing began. Should the blame fall on Wall Street, Main Street, or Pennsylvania Avenue? On greedy traders, misguided regulators, sleazy subprime companies, cowardly legislators, or clueless home buyers?
According to Bethany McLean and Joe Nocera, two of America's most acclaimed business journalists, the real answer is all of the above-and more. Many devils helped bring hell to the economy. And the full story, in all of its complexity and detail, is like the legend of the blind men and the elephant. Almost everyone has missed the big picture. Almost no one has put all the pieces together.
All the Devils Are Here goes back several decades to weave the hidden history of the financial crisis in a way no previous book has done. It explores the motivations of everyone from famous CEOs, cabinet secretaries, and politicians to anonymous lenders, borrowers, analysts, and Wall Street traders. It delves into the powerful American mythology of homeownership. And it proves that the crisis ultimately wasn't about finance at all; it was about human nature.
Among the devils you'll meet in vivid detail:
• Angelo Mozilo, the CEO of Countrywide, who dreamed of spreading homeownership to the masses, only to succumb to the peer pressure-and the outsized profits-of the sleaziest subprime lending.
• Roland Arnall, a respected philanthropist and diplomat, who made his fortune building Ameriquest, a subprime lending empire that relied on blatantly deceptive lending practices.
• Hank Greenberg, who built AIG into a Rube Goldberg contraption with an undeserved triple-A rating, and who ran it so tightly that he was the only one who knew where all the bodies were buried.
• Stan O'Neal of Merrill Lynch, aloof and suspicious, who suffered from "Goldman envy" and drove a proud old firm into the ground by promoting cronies and pushing out his smartest lieutenants.
• Lloyd Blankfein, who helped turn Goldman Sachs from a culture that famously put clients first to one that made clients secondary to its own bottom line.
• Franklin Raines of Fannie Mae, who (like his predecessors) bullied regulators into submission and let his firm drift away from its original, noble mission.
• Brian Clarkson of Moody's, who aggressively pushed to increase his rating agency's market share and stock price, at the cost of its integrity.
• Alan Greenspan, the legendary maestro of the Federal Reserve, who ignored the evidence of a growing housing bubble and turned a blind eye to the lending practices that ultimately brought down Wall Street-and inflicted enormous pain on the country.
http://www.amazon.com/All-Devils-Are-Here-Financial/dp/1591843634
Loading...
2:31
Angelo Mozilo: #1 Person Most Responsible For Financial Crisisby libogg222,846 views
That kind of govt/corporate partnership is called "Fascism".
CurtHowland 3 months ago
Strange to hear these GSE's actually considered themselves real businesses, comparing themselves to Wall Street (not that I can really consider Wall Street real businesses). In a true free market, Fannie and Freddie wouldn't have lasted a week, because business would see no need for them. It's about time we force private business to take the burden of risk back onto itself, and stop allowing government to shift risk to the public. This form of government and economy is unacceptable.
bweazel 3 months ago
what would make me VERY HAPPY is
if COUNTRYWIDE would be takened 2JAIL VERY SOON!!!
rosieyposie7 9 months ago
It isn't difficult at all actually to determine their purpose. They're doing it !!! The purpose is to replace the real fair housing market with a totalitarian one. Normal Americans see this as a problem, but to collectivists, destroying the private housing market is a good thing! This was designed people!!!! Please youtube search for "demoralization of America" to find out why people like don't have the common sense to arrive at such a simple conclusion.
heyheymonkees 1 year ago
Nice work McLean
theelbowfromthesky 1 year ago 2
"already agree anyway"... I love you, God bless
MrAstro888 1 year ago