This is change?

carpro · Nov 24, 2008

Crabtownboy said:

You are on the wrong side of economics and history on this one.
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Hardly.

http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260

Fannie Mae Eases Credit To Aid Mortgage Lending

By STEVEN A. HOLMES
Published: September 30, 1999

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

Crabtownboy · Nov 24, 2008

carpro said:

Hardly.

http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260

Fannie Mae Eases Credit To Aid Mortgage Lending

By STEVEN A. HOLMES
Published: September 30, 1999

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.
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That is right ... but it is only one piece in the puzzle. And Bush did nothing to change the problem. There is blame to go round to a whole bunch of people in both parties including conservatives and democrats.

carpro · Nov 24, 2008

Even Clinton admits democrats caused the current crises.

Going very much against the media meme that the current financial crisis is all George W. Bush and the Republicans' fault, Bill Clinton on Thursday told ABC's Chris Cuomo that Democrats for years have been "resisting any efforts by Republicans in the Congress or by me when I was President to put some standards and tighten up a little on Fannie Mae and Freddie Mac"
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carpro · Nov 24, 2008

Crabtownboy said:

That is right ... but it is only one piece in the puzzle. And Bush did nothing to change the problem.
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Congress was approached several times to reign in fanniemae and freddie mac. Democrats stonewalled every try.

In 2000, then-Rep. Richard Baker proposed a bill to reform Fannie and Freddie's oversight. Mr. Frank dismissed the idea, saying concerns about the two were "overblown" and that there was "no federal liability there whatsoever."

Two years later, Mr. Frank was at it again. "I do not regard Fannie Mae and Freddie Mac as problems," he said in response to another reform push. And then: "I regard them as great assets." Great or not, we'll give Mr. Frank this: Their assets are now Uncle Sam's assets, even if those come along with $5.4 trillion in debt and other liabilities.

Again in June 2003, the favorite of the Beltway press corps assured the public that "there is no federal guarantee" of Fan and Fred obligations.

A month later, Freddie Mac's multibillion-dollar accounting scandal broke into the open. But Mr. Frank was sanguine. "I do not think we are facing any kind of a crisis," he said at the time.

Three months later he repeated the claim that Fannie and Freddie posed no "threat to the Treasury." Even suggesting that heresy, he added, could become "a self-fulfilling prophecy."

In April 2004, Fannie announced a multibillion-dollar financial "misstatement" of its own. Mr. Frank was back for the defense. Fannie and Freddie posed no risk to taxpayers, he said, adding that "I think Wall Street will get over it" if the two collapsed. Yes, they're certainly "over it" on the Street now that Uncle Sam is guaranteeing their Fannie paper, and even Fannie's subordinated debt.
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carpro · Nov 24, 2008

Crabtownboy said:

And Bush did nothing to change the problem.
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You simply don't know what you are talking about.

http://query.nytimes.com/gst/fullpa...2575AC0A9659C8B63&sec=&spon=&pagewanted=print

September 11, 2003

New Agency Proposed to Oversee Freddie Mac and Fannie Mae
By STEPHEN LABATON

The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

SNIP

Significant details must still be worked out before Congress can approve a bill. Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.

''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''

Representative Melvin L. Watt, Democrat of North Carolina, agreed.
''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt said.
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Crabtownboy · Nov 24, 2008

In September 2003 the Republicians controlled both the House of Representatives and the Senate. So Democrats opposed the plan ... but some Republicians must have opposed it also else they could have pushed reforms through. But Bush ultimately opposed the reforms ... and like I have said, there is enough blame to go around to all sides, all parties. See the quote below:

108th Congress, 2003 - 2004 (Republican Majority)
H.R. 2575, Secondary Mortgage Market Enterprises Regulatory Improvement Act
Introduced by Rep. Richard Baker (R-LA) on June 24, 2003

The bill would have created a strong, independent regulator to oversee the companies’ mission and their safety and soundness, and provided the regulator with the same authority as the bank regulators to establish risk and capital standards. It also gave the regulator authority to take corrective action including receivership authority.

While a Financial Services Committee markup session (at which the committee would consider amendments and vote on the bill) was scheduled for October 8, 2003, the day before the markup, the Administration objected to the bill and the Committee action was postponed.

Because of Bush Administration opposition, neither the committee nor the full House voted on the bill.

The Library of Congress’s Congressional Research Service, a non-partisan entity, noted in a January 6, 2005 report the following:

“In addition, the House Financial Services Committee released a manager’s amendment in preparation for a markup originally scheduled for October 8, 2003. However, on October 7, 2003, the Department of the Treasury announced its opposition to the manager’s amendment, claiming the bill “falls short of real reform.” Subsequently, the markup was postponed and the current status of the manager’s amendment remains uncertain.

“On March 26, 2004, Chairman Shelby of the Senate Banking Committee released a draft GSE reform bill. On April 1, 2004, the draft was offered at committee markup as an amendment in the nature of a substitute for S. 1508, and was passed with several further amendments. No further legislative action was taken on this or any other GSE reform bill before the adjournment of the 108th Congress.”

(“Improving the Effectiveness of GSE Oversight: Legislative Proposals in the 108th Congress, Congressional Research Service,” -- Updated January 6, 2005)

Because of Bush Administration opposition, neither the committee nor the full House voted on the bill, and there was no action on Fannie and Freddie reform in the 108th Congress.

2004 -- New Housing Goals Contribute to Fannie and Freddie’s Financial Woes:

In 2004, HUD proposed new housing goals for Fannie and Freddie, to cover the period 2005 – 2008. The proposal was considered by many observers to be unrealistically high, with the potential to lead Fannie and Freddie to unwisely expand their purchase of subprime mortgages.

Congressman Frank raised questions about these proposed goals, as reported in a June 17, 2004 Bloomberg News article:

“Fannie Mae and Freddie Mac would suffer financially under a Bush administration requirement that they channel more mortgage financing to people with low incomes, said the senior Democrat on a congressional panel that sets regulations for the companies.

“The new rule compels the companies to put 57 percent of their mortgage financing by 2008 toward homes for people with incomes no greater than area median income. Fannie Mae and Freddie, the two largest U.S. mortgage finance companies, must currently meet a 50 percent threshold.

“The White House ‘could do some harm if you don’t refine the goals,’ said Representative Barney Frank, a member from Massachusetts on the House Financial Services Committee.

“Frank’s comments echo concerns of executives at the government-chartered companies that the new goals will undermine profits and put new homeowners into dwellings they can’t afford.”

(“Fannie, Freddie to Suffer Under New Rules, Frank Says,” by Jim Tyson, Bloomberg, June 17, 2004)

The Bush Administration ignored these concerns and issued a press release finalizing the new goals the day before the 2004 Presidential election. In order to meet these higher goals, and with the approval of the Bush Administration, Fannie and Freddie began to aggressively purchase large amounts of subprime mortgage backed securities, a practice which also brought them higher profits. This approach was a departure from Fannie’s and Freddie’s primary purpose of buying lower risk, prime mortgage loans directly from lending institutions. This practice, based in part on the new goals, led to extensive losses and ultimately to the takeover of the two companies by the Treasury Department in 2008.

The impact of the Administration’s efforts to push Fannie and Freddie to lend to more lower income people was discussed by economist Mark Zandi – an advisor to Senator John McCain’s Presidential campaign -- in his 2008 book Financial Shock:
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http://209.85.129.132/search?q=cach...3+republican+support&hl=cs&ct=clnk&cd=1&gl=cz

JustChristian · Nov 24, 2008

righteousdude2 said:

You are so correct, sir! People are once again being hosed off "big time". The Obama slogan, "Change We Can Believe In" was another lie, and nearly 53% of the public bought into it because they thought there;d be a check in the mail in 2009 [another empty promise].

The only thing I can believe in at this point in time is that we are about to experience a major dose of political de-ja-vu.......
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GREAT! Exactly what we need (seriously).

carpro · Nov 24, 2008

Crabtownboy said:

In September 2003 the Republicians controlled both the House of Representatives and the Senate. So Democrats opposed the plan ... but some Republicians must have opposed it also else they could have pushed reforms through. But Bush ultimately opposed the reforms ... and like I have said, there is enough blame to go around to all sides, all parties.
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Oh please. Your source is a joke. Barney Frank for Congress propaganda. LOL

Even Clinton admits democrats caused the current crises.

Quote:
Going very much against the media meme that the current financial crisis is all George W. Bush and the Republicans' fault, Bill Clinton on Thursday told ABC's Chris Cuomo that Democrats for years have been "resisting any efforts by Republicans in the Congress or by me when I was President to put some standards and tighten up a little on Fannie Mae and Freddie Mac"
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Scrambling again to cover your lie that Bush did nothing to reign in fannie mae and the democrats.

The democrats are 100% responsible for the mortgage meltdown.

Lies , whining and misdirection will not change that basic fact.

Mexdeaf · Nov 24, 2008

dragonfly said:

Reagan was almost a total failure as president.

BTW, Reagan did nothing to stop the USSR except be president at the time their economic system crashed. This is just another Reagan lie that has survived his horrible presidency.
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You're so biased that you can"t find them with both hands.

Crabtownboy · Nov 24, 2008

carpro said:

Oh please. Your source is a joke. Barney Frank for Congress propaganda. LOL
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You may not like Barney Frank, I may not like Barney frank ... that is not the point ... look at the sources quoted ... they are very credible.

108th Congress, 2003 - 2004 (Republican Majority)
H.R. 2575, Secondary Mortgage Market Enterprises Regulatory Improvement Act
Introduced by Rep. Richard Baker (R-LA) on June 24, 2003
Click to expand...

The Library of Congress’s Congressional Research Service, a non-partisan entity, noted in a January 6, 2005
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(“Improving the Effectiveness of GSE Oversight: Legislative Proposals in the 108th Congress, Congressional Research Service,” -- Updated January 6, 2005
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I would say these are pretty good sources.

webdog · Nov 24, 2008

Crabtownboy said:

That is right ... but it is only one piece in the puzzle. And Bush did nothing to change the problem. There is blame to go round to a whole bunch of people in both parties including conservatives and democrats.
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Bush did nothing? What about the democratic majority house and senate?

carpro · Nov 24, 2008

Crabtownboy said:

You may not like Barney Frank, I may not like Barney frank ... that is not the point ... look at the sources quoted ... they are very credible.
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You're right. I don't like Barney Frank. I don't like anything about him, especially the fact that'he's a sexual deviate and all the while he was protecting fannie mae, he was in a sodomite relationship with it's leader.

I woudn't believe anything that comes out of his mouth or anything he puts in print.

He's a liar and the "Patron saint" of fannie mae and freddie mac.

Democrats , as a whole , are totally responsible for the mortgage meltdown. Barney Frank exemplifies their obstructionism and corruption.

Besides:

Even Clinton admits democrats caused the current crises.

Quote:
Going very much against the media meme that the current financial crisis is all George W. Bush and the Republicans' fault, Bill Clinton on Thursday told ABC's Chris Cuomo that Democrats for years have been "resisting any efforts by Republicans in the Congress or by me when I was President to put some standards and tighten up a little on Fannie Mae and Freddie Mac"
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And Clinton, being the democrat godfather, just wouldn't lie about this, would he?

Typically,since he just had to lie about something, he lied about his role in it.

Crabtownboy · Nov 24, 2008

carpro said:

You're right. I don't like Barney Frank. I don't like anything about him, especially the fact that'he's a sexual deviate and all the while he was protecting fannie mae, he was in a sodomite relationship with it's leader.

I woudn't believe anything that comes out of his mouth or anything he puts in print.

He's a liar and the "Patron saint" of fannie mae and freddie mac.

Democrats , as a whole , are totally responsible for the mortgage meltdown. Barney Frank exemplifies their obstructionism and corruption.

Besides:

Even Clinton admits democrats caused the current crises.

And Clinton, being the democrat godfather, just wouldn't lie about this, would he?

Typically,since he just had to lie about something, he lied about his role in it.
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It was government publications that linked Bush to the fiasco. There is blame on both sides.

carpro · Nov 24, 2008

Barney Frank is cretinous slime. I csn't believe any self respecting human being would even visiot his website, let alone quote from it.

FOX News
Frank met Moses in 1987, the same year he became the first openly gay member of Congress.

"I am the only member of the congressional gay spouse caucus," Moses wrote in the Washington Post in 1991. "On Capitol Hill, Barney always introduces me as his lover."

The two lived together in a Washington home until they broke up in 1998, a few months after Moses ended his seven-year tenure at Fannie Mae, where he was the assistant director of product initiatives. According to National Mortgage News, Moses "helped develop many of Fannie Mae’s affordable housing and home improvement lending programs."

Critics say such programs led to the mortgage meltdown that prompted last month’s government takeover of Fannie Mae and its financial cousin, Freddie Mac. The giant firms are blamed for spreading bad mortgages throughout the private financial sector.

Although Frank now blames Republicans for the failure of Fannie and Freddie, he spent years blocking GOP lawmakers from imposing tougher regulations on the mortgage giants. In 1991, the year Moses was hired by Fannie, the Boston Globe reported that Frank pushed the agency to loosen regulations on mortgages for two- and three-family homes, even though they were defaulting at twice and five times the rate of single homes, respectively.

Three years later, President Clinton’s Department of Housing and Urban Development tried to impose a new regulation on Fannie, but was thwarted by Frank. Clinton now blames such Democrats for planting the seeds of today’s economic crisis.

"I think the responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was president, to put some standards and tighten up a little on Fannie Mae and Freddie Mac," Clinton said recently
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.

Crabtownboy · Nov 24, 2008

carpro said:

Barney Frank is cretinous slime. I csn't believe any self respecting human being would even visiot his website, let alone quote from it.

.
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The quotes are from government documents that happen to be on his web site. Why don't you do some research, find the documents from the agencies web site and read them there.

carpro · Nov 24, 2008

Crabtownboy said:

The quotes are from government documents that happen to be on his web site. Why don't you do some research, find the documents from the agencies web site and read them there.
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Follow your own advice.

The evidence is overwhelming, as you've illustrated by your inability to counter it.

Democrats are almost totally at fault for the mortgage meltdown that began this financial mess.

And your buddy Barney, and his partner in sodomy, are right there leading the way to disaster.

saturneptune · Nov 24, 2008

The entire government over the last year has been a disaster, both parties failing to accomplish anything or provide leadership. Bush did one thing that stands out from the rest of the ruins. He appointed two conservative justices to the Supreme Court, true conservatives, unlike Bush the First.

dragonfly · Nov 24, 2008

Mexdeaf said:

You're so biased that you can"t find them with both hands.
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Can't find what?

This is change?

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