[big0mar]

WTF did Bachman give a speech? Is Paul Ryan too liberal now?!

[Facepunch]

name a single legislation the democrats supposedly blocked.

i cant watch the clinton clip since no flash on my phone. but is it the full interview or the chopped version? if its the latter then its useless. just another neocon trick of taking videos and speeches out of context for the sole purposes of a smear campaign.

just like back in 2008 where an email was circulated with obama's quote saying he would stand behind his muslim brothers. it was obviously taken out of context because what he said was if due to 9/11 all muslim americans were rounded up and put in internment camps just like the japanese during ww2 then he would stand by them. which i think most americans would do. but of course neocons purposefully took it out of context to paint him as a muslim and a terrorist.

S. 190:

Federal Housing Enterprise Regulatory Reform Act of 2005

Link

Follow the money

Link

[Facepunch]

The FHERRA of 2005 was panned by democrats as racist, and un-needed because of the financial stability of both the housing markets, fannie, and Freddie.

As Per The Second Video above (YouTube, should work on a cell phone).

[Facepunch]

The Prior legislation that was created to give minorities a chance to own homes, and to raise African American home ownership was a great idea at heart, but once these "subprime" loans started being chopped and packaged to hedge funds etc. there was great concern that a monster had been created out of well meaning legislation.

In 2005 when it was most likely too late anyway. Republicans brought Federal Housing Enterprise Regulatory Reform Act of 2005 up for debate, and it was met with vitriol from the left and discarded. Nobody could say that this would have prevented the collapse, but it would have addressed the symptoms of the fall ahead of any probable impending collapse.

You might also want to ask yourself why these practices of packaging subprime loans has not been stopped, and why they are still essentially backed by U.S. taxpayer dollars?

[philswin]

[quote=Shafted69;8537333]As all educated voting Americans should know, the party in power completely controls the legislative and oversight agenda in Congress through chairmanships of, and majorities on, all congressional committees. The Republican party controlled both houses of Congress from 1994 until early 2007.

Also, it is not the Congress but the secretary of HUD, an appointee of the President, who sets the lending standards and dollar cap on morgages Fannie and Freddie are allowed to buy. George Bush's HUD secretary Mel Martinez set those limits after February 2001.

So it was the GOP, not the Democrats, who were overseers of Fannie and Freddie during the 2001-2007 housing bubble. And it was under a Repulican appointed HUD director who initiated for the 1st time ever zero down payment loans to low income borrowers with low credit ratings. And let's not forget the biggest housing welfare program( The American Dream Down Payment Act) in U.S. history was crafted by the GOP congress & signed into law in 2003 by GWB

And when Bubba left office in January 2001, the lowest standards left in place by the Democrats for Fannie and Freddie were those mandated for affordable housing. The standards for these "sub-prime" loans, called alt-A, were a minimum of 3% down, a debt to income ratio less than 45%, and a loan limit of $240,000. And significantly, the Democratic HUD secretary Andrew Cuomo had also capped Fannie and Freddie's triple A prime loan limit at $240,000.[/quote


These rules would not apply if you were in one of the hundreds off "affordable Lending" programs created in the 90's. When community housing groups "ACORN" and other sprouted up to put people in these programs and to assist them in falsifying docs to fit into certain programs. How about all the rules thrown on Fannie Mae and Freddie Mac in the 90's regarding what percentages they must lend in inner citites and "underserved" borrowers. Forcing then to give loans to un-qualified borrowers or face massive Govt fines. How about Obama buddy and fellow Chicago liberal Franklin Raines as head of Fannie Mae and his trillion dollar commitment to serve under-served borrowers in 1994. Then the subsequest 2 trillion commitment in 2000 to increase home ownership to underserved markets.

[crustyme]

S. 190:

Federal Housing Enterprise Regulatory Reform Act of 2005

Link

Follow the money

Link

i knew you were going to bring this up, so predictable.

but how can you blame the democrats when the bill never made it past the senate banking, housing, and urban affairs committee which was controlled by the republicans?????

and this was in 2005 when the damage had already been done by bush who passed the american dream downpayment law in 2003 and reversed the anti-predatory law in 2004!

btw the first housing reform bill was introduced in 2003 by senator john corzine, a DEMOCRAT. but it also was defeated by the republican controlled senate committee.

[philswin]

Also the guidelines you quote were the standard guidelines issues in Fannie and Freddie Guides. Every Affordable Lending contracts (hundreds of them) as well as the trillion dollar commitments had seperate programs, guidelines and waivers that were granted to meet the Govt mandates and these commitments basically rules did not apply.

[DwightShrute]

...

[Facepunch]

i knew you were going to bring this up, so predictable.

but how can you blame the democrats when the bill never made it past the senate banking, housing, and urban affairs committee which was controlled by the republicans?????

and this was in 2005 when the damage had already been done by bush who passed the american dream downpayment law in 2003 and reversed the anti-predatory law in 2004!

btw the first housing reform bill was introduced in 2003 by senator john corzine, a DEMOCRAT. but it also was defeated by the republican controlled senate committee.

The bill is representative of debates that had gone on long before, I am not relying solely on the bill and who killed it. I am looking at the decade of rhetoric from both sides on regulation of FNM and FRE. I am talking about the clear corruption that existed within these entities and our Govt for numerous DECADES.



Check out the sworn testimony of Armando Falcon (knew of systemic risks prior to the collapse)
LInk

Check out this article from 2003 (Bush wanting regulations)
Link

[philswin]

The Prior legislation that was created to give minorities a chance to own homes, and to raise African American home ownership was a great idea at heart, but once these "subprime" loans started being chopped and packaged to hedge funds etc. there was great concern that a monster had been created out of well meaning legislation.

In 2005 when it was most likely too late anyway. Republicans brought Federal Housing Enterprise Regulatory Reform Act of 2005 up for debate, and it was met with vitriol from the left and discarded. Nobody could say that this would have prevented the collapse, but it would have addressed the symptoms of the fall ahead of any probable impending collapse.

You might also want to ask yourself why these practices of packaging subprime loans has not been stopped, and why they are still essentially backed by U.S. taxpayer dollars?

Yes and why do we still have human Underwriters, with all the Automated underwriting system in place you either qualify or you do not. A single underwriting system needs to be adopted (Freddie and Fannies almost identical). These loans are packaged into securities and we do not need Underwriters listening to peoples sob stories, claims of racism with groups like ACORN behind them threatening to sue everytime someone is turned down for a mortgage. You either qualify as investment grade or you do not, absolutly no exceptions. This would also save hundreds of dollars for the consumer in real estate transaction costs. One system, one answer, no exceptions. The consumer is provided with data indicating where the deficiencies are.

[Facepunch]

Did you watch the second video that showed Democrats attacking people that sought regulation??

[BigdaddyQH]

As far as the speech went, I can sum it up in one word. "Meaningless".

[Facepunch]

Yes and why do we still have human Underwriters, with all the Automated underwriting system in place you either qualify or you do not. A single underwriting system needs to be adopted (Freddie and Fannies almost identical). These loans are packaged into securities and we do not need Underwriters listening to peoples sob stories, claims of racism with groups like ACORN behind them threatening to sue everytime someone is turned down for a mortgage. You either qualify as investment grade or you do not, absolutly no exceptions. This would also save hundreds of dollars for the consumer in real estate transaction costs. One system, one answer, no exceptions. The consumer is provided with data indicating where the deficiencies are.

Agreed.

[DwightShrute]

...

[King Mayan]

[itchypickle]

obamas to blame for high gas prices now? lol

opec has gone on record as saying they love the inflated prices that bush brought them and will do everything in their power to keep it above $3, including manipulating pricing by cutting oil production. they actually said this.

blaming obama for this is like blaming john fox for the broncos failures.

Current prices at the pump are a direct correlation to the reduction in drilling offshore since the BP crisis...13% LESS oil being retrieved domestically will do that to the supply/demand aspect of the product. Add that to the severe cold being experienced (heating prices) and just when that ends...summer driving season starts...congrats to all those who jumped into the oil futures when they were discounted between $70-$78

[crustyme]

Current prices at the pump are a direct correlation to the reduction in drilling offshore since the BP crisis...13% LESS oil being retrieved domestically will do that to the supply/demand aspect of the product. Add that to the severe cold being experienced (heating prices) and just when that ends...summer driving season starts...congrats to all those who jumped into the oil futures when they were discounted between $70-$78

um no.

heres opec manipulating prices by cutting production:
http://www.time.com/time/business/ar...867160,00.html

heres opec openly rooting for >$100 a barrel and refusing to increase production:
http://thenewschronicle.com/worries-...el/1225010404/

[ttwarrior1]

i pray everyday to god that i could be a black man

[crustyme]

The bill is representative of debates that had gone on long before, I am not relying solely on the bill and who killed it. I am looking at the decade of rhetoric from both sides on regulation of FNM and FRE. I am talking about the clear corruption that existed within these entities and our Govt for numerous DECADES.



Check out the sworn testimony of Armando Falcon (knew of systemic risks prior to the collapse)
LInk

Check out this article from 2003 (Bush wanting regulations)
Link

huh?????????

you were blaming the dems for supposedly "blocking reform legislations" and when asked to name em, you referenced a bill that was killed by the republicans. and now knowing the truth you dont care who killed it? lol

why am i not surprised you didnt bring up the 2003 reform bill... let me guess, because it was from a democrat.

rhetoric means nothing. politicians always say one thing and vote the other way. actions speak louder than words.

remember this?

"READ MY LIPS NO NEW TAXES!"

so posting videos of politicians grandstanding means absolutely nothing.

the fact is, republicans controlled the senate, the house of reps, white house, committees and d.c. yet they couldnt pass a reform bill let alone bring one to the floor for a vote? yeah right. the fact is they had no interest in reforms!

so lets see what bush's actions were since being elected:

2002 replaces/fires regulators critical of fannie mae
2003 signs into law the largest housing welfare law in history
2004 reverses the anti-predatory law and numerous other banking regulations

as you can see his actions are direct opposite to whatever rhetoric he supposedly spewed.

bush had no interest in reforms. he wanted to appease his political donors by making risky subprime loans a commonplace and hopefully buy some votes from the poor by handing them downpayments.

[LordVodka]

At first I thought you were joking but no I see you're being serious with your posts. You are one dumb F UKKKK.

[DwightShrute]

yes I am exaggerating.

Same to you BTW!

[itchypickle]

um no.

heres opec manipulating prices by cutting production:
http://www.time.com/time/business/ar...867160,00.html

heres opec openly rooting for >$100 a barrel and refusing to increase production:
http://thenewschronicle.com/worries-...el/1225010404/

Not saying OPEC aren't doing their part....just saying it's a broader issue. I'm talking systematic price shifts...considering that we get our crude imports from others than OPEC (Canada and Mexico) as well as domestic. The production cuts in the Gulf haven't even fully peaked yet...that's where the $3.60-$3.70 pump price will be in April/May if things don't get negotiated out.