Guest Guest Posted March 9, 2009 Report Share Posted March 9, 2009 Actually, you are wrong. The Bush administration proposed to move oversight of the two lending giants - Fannie Mae and Freddie Mac - out of the hands of Congress and HUD because they feared that the sitution was growing unstable. Barnie Frank disagreed vehemently and is quoted in many articles stating that there is no crisis. Unfortunately, not many paid attention and look at what has happened. Where is your evidence suggesting that the last admin. didn't do anything to stop it after a warning? A warning from whom? The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown. http://seattlepi.nwsource.com/business/390...meltdown02.html Fannie and Freddie held about 6% of these loans, so don't blame them. Link to comment Share on other sites More sharing options...
Guest Guest Posted March 9, 2009 Report Share Posted March 9, 2009 I disagree with you about the growth. Where was the growth we saw in the last 8 years primarily? Real Estate? People borrowing money on the cheap (low interest rates) and flipping the property. The price of gasoline was based on the futures of that commodity on Wall Street. I believe a large part of the derivatives were held by AIG, and that's why they are asking for money - time and time again. This whole mess, in my opinion can be based on one word. Greed. And the people who have made the most conservative decisions over the years are now going to be paying for this mess the most. The stock market rode some very high highs. AIG holds the pensions for congress...that is why gov't keeps bailing their butts out. Link to comment Share on other sites More sharing options...
Guest Guest Posted March 9, 2009 Report Share Posted March 9, 2009 Is that your way of dancing around the subject? Dancing around what? That the market has been in a downward spiral since October of 2008 and the recession started in December 2007 and you are blaming it on Obama? Please. Link to comment Share on other sites More sharing options...
Guest Dick Posted March 9, 2009 Report Share Posted March 9, 2009 I disagree with you about the growth. Where was the growth we saw in the last 8 years primarily? Real Estate? People borrowing money on the cheap (low interest rates) and flipping the property. The price of gasoline was based on the futures of that commodity on Wall Street. I believe a large part of the derivatives were held by AIG, and that's why they are asking for money - time and time again. This whole mess, in my opinion can be based on one word. Greed. And the people who have made the most conservative decisions over the years are now going to be paying for this mess the most. You are correct about the flipping, but don't ignore the construction component. Not only in the housing industry.... You may indeed be correct on AIG as I admit that I don't know much about the company but do follow your logic. Greed is certainly one of the problems. But, with greed comes power and I truly believe that if both of these administrations looked for an alternate solution to this problem, we would all be better off. As far as conservative decisions, conservative in terms of not changing the status quo? If so, I agree. The decisions made by Congress and HUD in terms of getting involved in the lending industry has crippled the banks. No one is paying back what they owe and their assets are in the toilet. Tell me more, you're more intelligent than many here. Link to comment Share on other sites More sharing options...
Guest Guest Posted March 9, 2009 Report Share Posted March 9, 2009 Dancing around what? That the market has been in a downward spiral since October of 2008 and the recession started in December 2007 and you are blaming it on Obama? Please. It started when he got elected...fear....his far left leaning....the Pelosi and Reed duo....people knew this country was doomed. Link to comment Share on other sites More sharing options...
Guest Guest Posted March 9, 2009 Report Share Posted March 9, 2009 You are correct about the flipping, but don't ignore the construction component. Not only in the housing industry.... You may indeed be correct on AIG as I admit that I don't know much about the company but do follow your logic. Greed is certainly one of the problems. But, with greed comes power and I truly believe that if both of these administrations looked for an alternate solution to this problem, we would all be better off. As far as conservative decisions, conservative in terms of not changing the status quo? If so, I agree. The decisions made by Congress and HUD in terms of getting involved in the lending industry has crippled the banks. No one is paying back what they owe and their assets are in the toilet. Tell me more, you're more intelligent than many here. The construction component of industry was based primarily on....housing! Which people bought and flipped. I wouldn't blame the lending program. It had good intentions for helping people with lower income afford housing based on their real ability to pay them back. I'm sure it wasn't intended to be abused by lenders who would intentionally lie regarding the lenders abilities just to make fees and a commission (greed), or to talk them into the "no interest loans" or ARM's that they wouldn't be able to afford at a future date. Does part of the responsibility lie with the borrower? Absolutely. But a lot of these people were steered into loans that they could not afford by the brokers who deceived them. Link to comment Share on other sites More sharing options...
Guest Dick Posted March 9, 2009 Report Share Posted March 9, 2009 The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown. http://seattlepi.nwsource.com/business/390...meltdown02.html Fannie and Freddie held about 6% of these loans, so don't blame them. I'm no apologist for the Bush administration, but read a little more into this and tell me, who are the "regulators"? Link to comment Share on other sites More sharing options...
Guest Guest Posted March 9, 2009 Report Share Posted March 9, 2009 I'm no apologist for the Bush administration, but read a little more into this and tell me, who are the "regulators"? You tell me. I looked into it already. Link to comment Share on other sites More sharing options...
Guest Guest Posted March 9, 2009 Report Share Posted March 9, 2009 Dancing around what? That the market has been in a downward spiral since October of 2008 and the recession started in December 2007 and you are blaming it on Obama? Please. you are trying to make a poor attempt at taking the blame away from Obama. The post you commented on was referring only to what happened since inauguration day and when he took office, that has NOTHING to do with anybody but him. Link to comment Share on other sites More sharing options...
Ignorant Poster Posted March 9, 2009 Report Share Posted March 9, 2009 Legislation to stop it? What legislation would that be? The last administration was warned about this in January of 2006 and did nothing to stop it. The shit had already hit the fan by the current administration got in office. Stop what? Here's a hint, one of the presidential candidates raised warning signs and his name is not Obama. http://politicalpyro.blogsome.com/2008/09/...-to-the-senate/ The second link is the actual legislation that McCain cosponsored, which was filibustered. Link to comment Share on other sites More sharing options...
Guest Guest Posted March 9, 2009 Report Share Posted March 9, 2009 You tell me. I looked into it already. For someone trying to make a point.....that is the attitude of someone who THINKS they know something but infact know NOTHING. Link to comment Share on other sites More sharing options...
Ignorant Poster Posted March 9, 2009 Report Share Posted March 9, 2009 I'm no apologist for the Bush administration, but read a little more into this and tell me, who are the "regulators"? "Solid" Barney Frank and Sen. Dodd were the overseers on the committee tasked with regulating Fannie Mae and Freddie Mac. Link to comment Share on other sites More sharing options...
Guest Dick Posted March 9, 2009 Report Share Posted March 9, 2009 The construction component of industry was based primarily on....housing! Which people bought and flipped. I wouldn't blame the lending program. It had good intentions for helping people with lower income afford housing based on their real ability to pay them back. I'm sure it wasn't intended to be abused by lenders who would intentionally lie regarding the lenders abilities just to make fees and a commission (greed), or to talk them into the "no interest loans" or ARM's that they wouldn't be able to afford at a future date. Does part of the responsibility lie with the borrower? Absolutely. But a lot of these people were steered into loans that they could not afford by the brokers who deceived them. Yes. That is true. And some people couldn't afford them and never should have been able to obtain a mortgage. Whether you're talking about the millionaire who flipped condos in Florida or the poor schmuck from the inner-city who really couldn't afford a house, I don't believe the government should be bailing anyone out, mainly the banks. And, the construction was primarily in housing but I simply put that in there to contradict your statement about the only people making money were those flipping. Simply not true! Construction jobs peeked in the hot spots and grew unexpectedly in the northeast. While you state that these lower income people shouldn't be blamed, weren't they represented by attorney's during real estate transactions? Are real estate attorneys representing buyers looking out for the banks best interest? Link to comment Share on other sites More sharing options...
Guest Dick Posted March 9, 2009 Report Share Posted March 9, 2009 You tell me. I looked into it already. Oh, I see. Another genious. Nice. Write back when you grow a set...and become a little more educated. Link to comment Share on other sites More sharing options...
Ignorant Poster Posted March 9, 2009 Report Share Posted March 9, 2009 Yes. That is true. And some people couldn't afford them and never should have been able to obtain a mortgage. Whether you're talking about the millionaire who flipped condos in Florida or the poor schmuck from the inner-city who really couldn't afford a house, I don't believe the government should be bailing anyone out, mainly the banks. And, the construction was primarily in housing but I simply put that in there to contradict your statement about the only people making money were those flipping. Simply not true! Construction jobs peeked in the hot spots and grew unexpectedly in the northeast. While you state that these lower income people shouldn't be blamed, weren't they represented by attorney's during real estate transactions? Are real estate attorneys representing buyers looking out for the banks best interest? Where is the personal responsibility? Yes, the banks played the biggest role out of anyone, but why give a lot of people a free ride because they couldn't handle their loan obligations? Link to comment Share on other sites More sharing options...
Guest Guest Posted March 9, 2009 Report Share Posted March 9, 2009 For someone trying to make a point.....that is the attitude of someone who THINKS they know something but infact know NOTHING. Wrong again, kid - Don't believe everything you are told - http://www.sec.gov/answers/bankreg.htm Link to comment Share on other sites More sharing options...
Guest Dick Posted March 9, 2009 Report Share Posted March 9, 2009 "Solid" Barney Frank and Sen. Dodd were the overseers on the committee tasked with regulating Fannie Mae and Freddie Mac. Well said, Ignorant Poster. Thank you for lending a hand in educating one of our finest local yahoos. Link to comment Share on other sites More sharing options...
Guest Guest Posted March 9, 2009 Report Share Posted March 9, 2009 Oh, I see. Another genious. Nice. Write back when you grow a set...and become a little more educated. Wrong again, kid - Don't believe everything you are told - http://www.sec.gov/answers/bankreg.htm Link to comment Share on other sites More sharing options...
Guest Guest Posted March 9, 2009 Report Share Posted March 9, 2009 Where is the personal responsibility? Yes, the banks played the biggest role out of anyone, but why give a lot of people a free ride because they couldn't handle their loan obligations? If I am correct...a few weeks ago they said the mortgage bailouts were mainly for 5 states....and can we guess as to what people will be bailed out by Obama? Link to comment Share on other sites More sharing options...
Guest Dick Posted March 9, 2009 Report Share Posted March 9, 2009 Where is the personal responsibility? Yes, the banks played the biggest role out of anyone, but why give a lot of people a free ride because they couldn't handle their loan obligations? Agreed. Personal responsibility is nowhere to be found. ...just what the liberals want. Link to comment Share on other sites More sharing options...
Guest Guest Posted March 9, 2009 Report Share Posted March 9, 2009 Where is the personal responsibility? Yes, the banks played the biggest role out of anyone, but why give a lot of people a free ride because they couldn't handle their loan obligations? Free ride? They got duped and lied to because of their stupidity,and the lack of oversight of the industry. Link to comment Share on other sites More sharing options...
Guest Dick Posted March 9, 2009 Report Share Posted March 9, 2009 Wrong again, kid - Don't believe everything you are told - http://www.sec.gov/answers/bankreg.htm Do us all a favor. Go to Wiki... and look up info on Barney Frank. Just please read and try to understand. This man is a danger to the Constitution and economic health of this great nation of ours. Don't be a liberal schmuck. Link to comment Share on other sites More sharing options...
Guest Guest Posted March 9, 2009 Report Share Posted March 9, 2009 Free ride? They got duped and lied to because of their stupidity,and the lack of oversight of the industry. And many of them played the system...knowing full well they should not be buying a house. @ Link to comment Share on other sites More sharing options...
Guest Dick Posted March 9, 2009 Report Share Posted March 9, 2009 And many of them played the system...knowing full well they should not be buying a house. Yes! Yes! Yes! @ Link to comment Share on other sites More sharing options...
Guest Guest Posted March 9, 2009 Report Share Posted March 9, 2009 Do us all a favor. Go to Wiki... and look up info on Barney Frank. Just please read and try to understand. This man is a danger to the Constitution and economic health of this great nation of ours. Don't be a liberal schmuck. The dangers lie in the Frank, Reed, Pelosi and Obama combination. Link to comment Share on other sites More sharing options...
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