View Full Version : Fannie Mae Eases Credit To Aid Mortgage Lending
From 1999...
8 years on, one of the pieces that's making the poop hit the fan.
http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F9582 60&sec=&spon=&pagewanted=1
Bronco Bob
10-02-2008, 09:12 PM
The problem wasn't moving ordinary working class folks into their own home.
The problem was predatory, unregulated lenders moving these folks into
home they couldn't afford and making them think they could afford it.
Caveat emptor.
But thanks for supplying the standard left-wing excuse for a total lack of responsibility. It's always someone else's fault, isn't it?
Bronco Bob
10-02-2008, 10:23 PM
What's irresponsible about wanting your own home?
And taking a nicer one than you thought you could
get when it was offered to you? These were low
income people, many with just probably a high school
education, or maybe even just a GED. They weren't
the freaking geniuses you fashion yourself to be.
These are people that work for a living, some two
jobs. They don't have time to wade through all the
legal mumbo jumbo. Someone says, hey I can get
you into your own home, they say cool, where do
I sign.
But thanks for supplying the standard right wing
excuse when corporate greed screws over the
working man. It's always the fault of the unwashed.
ak1971
10-03-2008, 04:30 AM
What's irresponsible about wanting your own home?
And taking a nicer one than you thought you could
get when it was offered to you? These were low
income people, many with just probably a high school
education, or maybe even just a GED. They weren't
the freaking geniuses you fashion yourself to be.
These are people that work for a living, some two
jobs. They don't have time to wade through all the
legal mumbo jumbo. Someone says, hey I can get
you into your own home, they say cool, where do
I sign.
But thanks for supplying the standard right wing
excuse when corporate greed screws over the
working man. It's always the fault of the unwashed.
There isnt anything wrong with wanting your own home. The problem is theat people have to understand that if you make $30K a year, you cant afford a $500K home. How hard is that? So yes, some of the 'blame' has to start with the borrower.
Unfortunaltely there were a number of these loans made, so yeah the lenders should have TD them, but hey, in the era of CDOs etc, you can move off the liablily of debt, and get paid, so then the CDO, MBS issuers etc should be to blame. Like I have said ad nauseum, there can be blame pointed at every corner..now just fix the issue and get on with it....
What's irresponsible about wanting your own home?
Nothing - but living outside your means, regardless of the sales pitch, is irresponsible.
And taking a nicer one than you thought you could get when it was offered to you? These were low income people, many with just probably a high school education, or maybe even just a GED. They weren't the freaking geniuses you fashion yourself to be. These are people that work for a living, some two jobs. They don't have time to wade through all the legal mumbo jumbo. Someone says, hey I can get you into your own home, they say cool, where do I sign.
In other words, they're too stupid to figure it out. And gullible, too.
Nice.
But thanks for supplying the standard right wing excuse when corporate greed screws over the working man. It's always the fault of the unwashed.
Thanks for the populist nonsense.
L.A. BRONCOS FAN
10-03-2008, 06:55 AM
But thanks for supplying the standard right wing
excuse when corporate greed screws over the
working man. It's always the fault of the unwashed.
Yep.
You can always count on Corporate Socialists like akawhack and Whigs to defend the ideology of privatization of profits/socialization of losses.
http://www.bartcop.com/ws-stick-up.jpg
Rohirrim
10-03-2008, 07:22 AM
Caveat emptor.
But thanks for supplying the standard left-wing excuse for a total lack of responsibility. It's always someone else's fault, isn't it?
Wiggsy: The one trick pony.
barryr
10-03-2008, 07:25 AM
Don't worry, Obama plans to provide more handout programs that will bite everyone in the butt down the road as well.
L.A. BRONCOS FAN
10-03-2008, 07:26 AM
Sarah?
Is that you?
Garcia Bronco
10-03-2008, 07:27 AM
What's irresponsible about wanting your own home?
And taking a nicer one than you thought you could
get when it was offered to you? These were low
income people, many with just probably a high school
education, or maybe even just a GED. They weren't
the freaking geniuses you fashion yourself to be.
These are people that work for a living, some two
jobs. They don't have time to wade through all the
legal mumbo jumbo. Someone says, hey I can get
you into your own home, they say cool, where do
I sign.
But thanks for supplying the standard right wing
excuse when corporate greed screws over the
working man. It's always the fault of the unwashed.
Come on Bob.
barryr
10-03-2008, 07:30 AM
Sarah?
Is that you?
Marx, is that you?
L.A. BRONCOS FAN
10-03-2008, 07:32 AM
It must be Sarah - same political IQ. :laugh:
You can always count on Corporate Socialists like akawhack and Whigs to defend the ideology of privatization of profits/socialization of losses.
You can't help lying, can you?
Seek professional help.
alkemical
10-03-2008, 08:54 AM
Don't worry, Obama plans to provide more handout programs that will bite everyone in the butt down the road as well.
You mean like...bailing out corporations?
Bronco Bob
10-03-2008, 03:59 PM
In other words, they're too stupid to figure it out. And gullible, too.
Never said they weren't. In fact that's my whole point. These people
were innocent and naive and were taken advantage of by some
slick loan shysters.
L.A. BRONCOS FAN
10-03-2008, 06:25 PM
Never said they weren't. In fact that's my whole point. These people
were innocent and naive and were taken advantage of by some
slick loan shysters.
But you can always count on W*GS and the rest of the Corporate Socialist Party to blame the victims.
http://www.bartcop.com/actions-contributed2.JPG
cutthemdown
10-03-2008, 06:32 PM
The problem wasn't moving ordinary working class folks into their own home.
The problem was predatory, unregulated lenders moving these folks into
home they couldn't afford and making them think they could afford it.
I agree in the sense they should have explained better what would happen if housing prices fell and they couldn't refinance.
The little homeowner though is not blameless. You have to take responsibility for anything like a loan or contract.
How did they make them think they could afford it. People know how much money they make and only a fool would not realize housing doesn't always go up. Any simple research will show lulls every decade.
cutthemdown
10-03-2008, 06:33 PM
But you can always count on W*GS and the rest of the Corporate Socialist Party to blame the victims.
http://www.bartcop.com/actions-contributed2.JPG
It's not that black and white IMO. I'm sure some people were duped but others just gambled and lost.
L.A. BRONCOS FAN
10-03-2008, 06:36 PM
It's not that black and white IMO. I'm sure some people were duped but others just gambled and lost.
True - but none of those people are getting bailed out by the government.
You have to be a really BIG gambler/crook for that.
cutthemdown
10-03-2008, 06:46 PM
True - but none of those people are getting bailed out by the government.
You have to be a really BIG gambler/crook for that.
I totally understand the frustrations that big companies matter more then small ones. And that little ole ladies who made bad loans aren't going to get helped.
Let's face it sometimes the world is just unfair. That doesn't mean we should let the economy crash by not doing anything.
I guess there is a chance that by doing nothing things would also work out. Or by bailing out homeowners it couldn't also still work out. I just understand that govt is heartless and it probably won't be any different fundamentally under Obama.
maybe little changes and a different type of justice dept. Different objectives for DEA, FBI, CIA etc. But for us little guys I would think we will still have to work and make our own decisions when it comes to borrowing money for a home or running up credit card debt.
I'm not too worried I sold my house and live in one owned by family. My rent in pretty much nil. My car is 10 yrs old and paid for and I don't care it's old. I have 0 credit card debt. 0 debt period. Trust me I wish my tax dollars didn't have to go for a bailout.
L.A. BRONCOS FAN
10-03-2008, 06:50 PM
I totally understand the frustrations that big companies matter more then small ones. And that little ole ladies who made bad loans aren't going to get helped.
Let's face it sometimes the world is just unfair. That doesn't mean we should let the economy crash by not doing anything.
:oyvey:
That's the same trickle-down thinking that got us into this mess in the first place.
How many Red Ink Reagans and George W. Bushes will it take for the righties to understand that you can't grow the economy from the top down?
cutthemdown
10-03-2008, 06:54 PM
:oyvey:
That's the same trickle-down thinking that got us into this mess in the first place.
How many Red Ink Reagans and George W. Bushes will it take for the righties to understand that you can't grow the economy from the top down?
I think you have to grow the economy from all directions. If the Democrats want to try and help small business with tax cuts I am all for it. What I am not for is tons of money for unemployment and welfare.
How do you propose to create jobs?
L.A. BRONCOS FAN
10-03-2008, 07:13 PM
I think you have to grow the economy from all directions. If the Democrats want to try and help small business with tax cuts I am all for it. What I am not for is tons of money for unemployment and welfare.
How do you propose to create jobs?
By investing in the rebuilding of our crumbling infrastructure and by making the transition to alternative energy sources, for starters.
By punishing corporations that outsource jobs and move their operations overseas.
Bronco Bob
10-03-2008, 07:20 PM
Energy, that's the way to create jobs.
I have no problem with building nuclear power plants either. That
would create a lot of jobs too. As would getting serious about
wind, solar, and biomass. I'm still not convinced clean coal is
as clean as they make it out to be. Ethanol made from corn
is a fool's errand, but I guess it keeps the farmers employed.
cutthemdown
10-03-2008, 07:36 PM
Energy, that's the way to create jobs.
I have no problem with building nuclear power plants either. That
would create a lot of jobs too. As would getting serious about
wind, solar, and biomass. I'm still not convinced clean coal is
as clean as they make it out to be. Ethanol made from corn
is a fool's errand, but I guess it keeps the farmers employed.
wouldn't more oil drilling on our own soil also create jobs?
I'm all for smart energy legislation to use all of our resources and put us to work.
IMO the western USA deserts should be cactus to cactus solar and wind plants.
Also I totally agree that we should be build about 100 or so nuclear power plants.
cutthemdown
10-03-2008, 07:40 PM
By investing in the rebuilding of our crumbling infrastructure and by making the transition to alternative energy sources, for starters.
By punishing corporations that outsource jobs and move their operations overseas.
I can go with all of that. How do we punish them with higher tax? or tax breaks for companies that don't outsource? Are we not doing that? I'm asking not being sarcastic.
I'm also for putting money into infrastructure. If you go back a few yrs you would remember my we need more money for freeways, trains, high speed rail, subways, public transportation.
If the govt convinced me the money was going to be spent on American infrastructure and not given away to free loaders I would be agreeable to no tax cut, or some sort of way to pay for it through less spending somewhere else.
Either way govt pays when banks go under so we were paying for it either way.
Never said they weren't.
I'd like to see how well they would take it when you told them that they were stupid and gullible.
In fact that's my whole point. These people were innocent and naive and were taken advantage of by some slick loan shysters.
Sorta like folks who fall for the Nigerian scam, eh?
Aren't the people who thought they could afford far more house than they actually could also guilty of being greedy?
But you can always count on W*GS and the rest of the Corporate Socialist Party to blame the victims.
Do you own a house?
Bronco Bob
10-03-2008, 08:22 PM
I'd like to see how well they would take it when you told them that they were stupid and gullible.
I think some of them are starting to realize this all on their own,
judging by some of the interviews I have seen on the news.
Sorta like folks who fall for the Nigerian scam, eh?
So you are equating the Mortgage Brokers to the Nigerian scam artists.
Glad we agree on something.
Aren't the people who thought they could afford far more house than they actually could also guilty of being greedy?
Wasn't it W C Fields who once said "You can't cheat an honest man."
He also said "Never give a sucker an even break, or smarten up a chump."
Sounds sort of like the philosophy of the Mortgage Brokers.
Basically we had some dupes who were getting a deal that was too good
to be true, and some Mortgage Brokers who didn't bother to tell them
it was too good to be true. Now we all get to pay for it with our
tax dollars.
I think some of them are starting to realize this all on their own, judging by some of the interviews I have seen on the news.
So, we should reward stupidity with our tax dollars? No wonder left-wingers like stupid people!
So you are equating the Mortgage Brokers to the Nigerian scam artists. Glad we agree on something.
Not what I said - it's the folks who are so greedy that they think they can get something for nothing, either via falling for the Nigerian scam or believing that a NINJA loan will actually work out, that are the problem.
Basically we had some dupes who were getting a deal that was too good to be true, and some Mortgage Brokers who didn't bother to tell them it was too good to be true. Now we all get to pay for it with our
tax dollars.
Ergo, the correct solution is not to reward either via our taxes. No bailout, either of financial firms or of mortgage holders.
Glad we agree on something.
L.A. BRONCOS FAN
10-05-2008, 07:04 AM
A Country in Shambles, Under GOP Rule: by Glenn Greenwald (http://www.salon.com/opinion/greenwald/2008/10/04/election/index.html)
That the Right believes in the fundamental stupidity of the American voter while simultaneously pretending to revere and speak for them them is reflected in their belief that they can successfully blame the financial crisis and the country's woes generally on Democrats, who -- while hardly covering themselves with glory -- haven't had any meaningful power in this country for as long as one can remember. Ponder how stupid you must think Americans are to believe that you can blame the financial crisis on the 2004 statements of House Democrats about Fannie Mae and Freddie Mac when that was a time when the GOP controlled all branches of the Government and nothing could have been more inconsequential than what Barney Frank or Maxine Waters, languishing in the minority in Tom DeLay's tyrannical House, said or did about anything. In sum, Americans hate the way the country has been ruled, the economic crisis is making them hate that more by the minute, and the country has been dominated by Republican rule for the last eight years -- at least.
Rohirrim
10-05-2008, 08:46 AM
Ponder how stupid you must think Americans are to believe that you can blame the financial crisis on the 2004 statements of House Democrats about Fannie Mae and Freddie Mac when that was a time when the GOP controlled all branches of the Government and nothing could have been more inconsequential than what Barney Frank or Maxine Waters, languishing in the minority in Tom DeLay's tyrannical House, said or did about anything.
Those on the Right want to conveniently forget about Reagan and Stockman (where did he end up? http://www.bloomberg.com/apps/news?pid=20601103&sid=adfH6qwori34&refer=us), or Dick Cheney ("Reagan proved that deficits don't matter") the originators of "trickle down," and Gingrich, Lott and DeLay, the Three Stooges of political impeachment and government lock-down/gridlock, and Bush, Frist and Hastert of the "Midnight Bills" and the strategy of switching committee rooms on the Dems so they miss the meeting, and the half hour opportunity for the Dems to review a bill before the vote, and etc. etc. etc. Who has had the true political power in this country since 1980? To say anything other than "GOP" only reveals ignorance.
So, we should give credit to the GOP for the Clinton-era good times?
Rohirrim
10-05-2008, 09:08 AM
So, we should give credit to the GOP for the Clinton-era good times?
I would think even you would be sick of your tiresome deflections by now.
Who has had the true political power in this country since 1980? To say anything other than "GOP" only reveals ignorance.
So, the mid- to late-1980s and mid- to late-1990s booms, in which the tide lifted all boats, and things were hunky-dory, are to the GOP's credit?
Or is this just more partisan silliness, in which the Dems get credit for the good times, and the GOP the blame for the bad times?
Methinks the latter...
PS - Your act of calling everything I write that isn't to your liking a "deflection" is tiresome. Especially when it's so transparently wrong.
Spider
10-05-2008, 09:21 AM
So, we should give credit to the GOP for the Clinton-era good times?
Just a suggestion to help you out ........ find a grown up , like mom or dad to read your post before hitting send , maybe this will help clear up our confusion about your consistent deflecting and you not being a republican .............
L.A. BRONCOS FAN
10-05-2008, 05:39 PM
Just a suggestion to help you out ........ find a grown up , like mom or dad to read your post before hitting send , maybe this will help clear up our confusion about your consistent deflecting and you not being a republican .............
:D :thumbsup: ^5
Explain how the good periods since 1980 aren't because of the GOP if the following
Who has had the true political power in this country since 1980? To say anything other than "GOP" only reveals ignorance.
is true.
Both historical fact and Ro's assertion cannot both be true. Since fact cannot be false, then Ro's assertion is false.
L.A. BRONCOS FAN
10-05-2008, 07:02 PM
Ha ha ha! :laugh:
For a guy who has built his rep on blaming Clinton for Bush's failures, W*GS doesn't remember the Clinton years as well as one would expect.
Think back on all the battles with the house repugs that Clinton won...
Rohirrim
10-05-2008, 07:32 PM
Explain how the good periods since 1980 aren't because of the GOP if the following
is true.
Both historical fact and Ro's assertion cannot both be true. Since fact cannot be false, then Ro's assertion is false.
Define "good."
Think back on all the battles with the house repugs that Clinton won...
Meaning Clinton exercised true political power over the GOP? Meaning Ro's statement is hyperbole, and not correct.
Define "good."
Between ~1984 and 1991, and 1993-1999. The former, with Reagan/GHWB as President and Congress under the control of the Dems, the latter, with Clinton as President (ask LABF for details, he might have a few) and Congress under control of the GOP.
Rohirrim
10-06-2008, 07:05 AM
Here was my statement: Who has had the true political power in this country since 1980? To say anything other than "GOP" only reveals ignorance.
Has the general policy been anything other than supply-side economics for 28 years? Was Clinton anything more than a moderate/Right president either due to his own politics or the constrictions of Congress, keep in mind that he spent the majority of his 8 years in office fighting Congress to the death - almost literally (how soon we forget the rabid venom of the Right during that period of time). NAFTA? Welfare reform? Were those "liberal" policies? Did the deregulation of Wall Street started during the Reagan years decrease during the Clinton years? And once Bush came in, didn't it ratchet up exponentially? No. The Right has controlled the dialogue and the direction of this country for 28 years. And we are now reaping the fruits of their philosophy.